There was a strong message for tyre makers with Modi suggesting that they source rubber locally, by engaging more with the farming communities.”Think out of the box and think in collaboration,” he told a gathering of businessmen and executives at Bharat Mobility Global Expo. The PM said India stands at the cusp of a massive demand curve which should lead to greener and cleaner vehicles.
“India is on the move and is moving fast… You should make sure that there is no street in the world where Made in India is not running.”
He underlined that the Indian economy is expanding at a fast pace and the country is set to become the third-largest economy in the world. “During the last decade, approximately 25 crore people have risen out of poverty. When a citizen breaks out of poverty, the means of transportation – be it a cycle, two-wheeler or a four-wheeler – becomes their first requirement.”
Highlighting the emergence of a neo-middle class, the PM underscored the need to fulfil their mobility aspirations to open up a massive market. “The growing income of the middle class will give strength to the mobility sector of India. The numbers of the growing economy and the growing income are bound to infuse new confidence in the mobility sector.”
The PM also encouraged the industry to explore research avenues that use India’s abundant raw materials for battery manufacturing and delve into areas such as green hydrogen and ethanol. “Why not conduct research to manufacture batteries using raw materials available in India? The auto sector should also explore research in green hydrogen and ethanol.”
He said that in the last 10 years, the number of passenger vehicles saw an increase of 60% while two-wheelers went up by 70%. “Car sales in January broke all previous records. The mobility sector is witnessing an unprecedented atmosphere in the country and you must capitalise on it.”
He said that India is now on the threshold of becoming a global economic powerhouse, with the auto and automotive component industry playing a significant role. “Today, India is the world’s third-largest market for passenger vehicles and among the top three countries globally manufacturing commercial vehicles. The govt is committed to supporting the sector through initiatives such as the Production Linked Incentive (PLI) Schemes, including that for batteries.”