PM expects eight-fold growth in EV sales, seeks investments in auto sector

Government is with investors, he says after inaugurating Bharat Mobility Global Expo

Electric vehicle (EV) sales in India are expected to grow eight-fold by the end of this decade, said Prime Minister Narendra Modi in New Delhi on Friday, expressing hope that the boom will create opportunities for global and domestic manufacturers.

 

Modi inaugurated the second edition of the Bharat Mobility Global Expo, the second-largest auto sector expo in the world this year. He urged investors to follow a "Make in India, Make for the World" strategy.

 

"India is a good destination for investors dreaming of growth in the mobility sector. The government is with you," he said. The expo is expected to have more than 100 new launches of automobiles, component products, and technologies. The Indian automobile sector has got foreign investments of $36 billion in the last four years and the amount is expected to increase further.

 

 

Automobile dispatches from manufacturers to dealers rose 12 per cent in 2024 compared to the year before on the back of positive consumer sentiment. As many as 25.5 million vehicles were sold last year, according to the Society of Indian Automobile Manufacturers.

 

Modi said along the rising vehicle sales and "Make in India, Make for the World" have strengthened Indian exports. "There are many countries whose population is less than the number of vehicles sold in India every year. This is why, when it comes to future mobility, India is seen with high hopes." India had a 640-fold increase in EV sales in the last decade. It is selling double the number of vehicles in a day than it used to sell in an entire year in 2014.

 

"Rising middle class, rapid urbanisation, and affordable vehicles are going to push the auto sector in India." The Prime Minister highlighted the scope for passenger cars in the country.

 

"We are in the third position in the world when it comes to the passenger vehicle market... Once, the reason for not buying cars in India was the lack of good-quality roads. This situation is changing. Ease of travel is India's priority...In last year's budget, more than Rs 11 trillion was allotted for infrastructure development," he said.

 

Industry leaders Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Hyundai, and JSW MG Motors are to introduce a range of EVs in India this year. Remembering industry veterans Tata Group's Ratan Tata and former Suzuki Motor Corporation chairman Osamu Suzuki, he said, "Both of them have made a huge contribution to the growth of India's auto sector and in fulfilling the middle-class dream... I have faith that the legacy of Ratan Tata and Osamu Suzuki will inspire the mobility sector."