Over 800 exhibitors from 50+ countries participated at Global Expo 2024
Prime Minister Narendra Modi has underlined the pivotal role of the mobility sector in the realization of the goal of Viksit Bharat by 2047, and the significant role of India’s automobile industry in placing India on the threshold of becoming a global economic powerhouse. Addressing India’s largest and first-of-its-kind mobility exhibition – Bharat Mobility Global Expo 2024 at Bharat Mandapam on Friday, the Prime Minister noted that India’s mobility sector was witnessing an unprecedented atmosphere in the country and called on the industry to capitalize on it. “Today we want to break old barriers and bring the whole world together. We want to expand India’s role in the global supply chain. There is a sky of possibilities in front of the Indian auto Industry,” the Prime Minister asserted, repeating his call from the ramparts of the Red Fort — ‘Yeh Hi Samay Hai, Sahi Samay Hai’ (this is the right time).
With over 800 exhibitors from 50+ countries, the Expo highlights cutting-edge technologies, sustainable solutions, and breakthroughs in mobility with the participation of over 28 vehicle manufacturers, more than 600 auto component manufacturers and over 1000 brands from over 13 global markets showcasing their products, technologies, and services at the event.
Highlighting that “India is on the move and moving fast, Modi said the present era is the beginning of the golden period for the mobility sector,” said Modi, highlighting the efforts of the Government in the last 10 years to bring approximately 25 crore people out of poverty and noted that the first requirement of a citizen who breaks out of poverty, was a means of transportation — be it a cycle, two-wheeler or a four-wheeler. Recognising the expanding spheres and growing income of the middle class of the country, Modi saw in the trend a source of strength to the mobility sector of India.
“In the last 10 years, the number of passenger vehicles saw an increase of 60 per cent while two-wheelers increased by 70 per cent. The latest statistics of car sales in January have broken all previous records,” Modi told industry leaders present on the occasion. Drawing attention to India’s capital expenditure growing from less than Rs 2 lakh crore in 2014
to more than 11 lakh crore today, Modi emphasised on the many opportunities that this expansion has brought for India’s mobility sector. The Prime Minister also highlighted the transformative impact of the Goods and Services Tax (GST) in accelerating trade and abolishing check posts at state borders, the Fast-Tag technology in saving both fuel and time in the industry, the Gati Shakti Masterplan is promoting integrated transport in the country and the dedicated freight corridors in bringing the costs down.
“Three Railway Economic corridors announced in the Union Budget will also increase the ease of transportation in the country,” Modi pointed out.
Reiterating the Government’s commitment to supporting various sectors through initiatives such as the Production Linked Incentive (PLI) Scheme of more than ₹25,000 crores, the Prime Minister highlighted that a fund allocation of Rs 1 lakh crore has been made in this year’s budget to encourage research and innovation and the tax exemptions given to startups has been expanded to create new opportunities in the mobility sector.
Modi also urged industry to explore research avenues that utilise India’s abundant raw materials for battery manufacturing and delve into areas such as green hydrogen and ethanol, the Prime Minister called upon the industry to promote indigenous designing
capabilities.