India: Prime Minister Modi Encourages Investment in Mobility Sector

New Delhi, Jan 17 (PTI) India stands as an outstanding destination for every investor looking to shape their future in the mobility sector, said Prime Minister Narendra Modi on Friday, and assured all government support to investors.

Addressing the gathering after inaugurating the Bharat Mobility Global Expo 2025 at Bharat Mandapam here, the Prime Minister said India is focusing on the development of green technology, EVs, hydrogen fuel and biofuels.

Emphasising that the strength of the 'Make in India' initiative fuels the growth prospects of the country's auto industry, he said sale of EVs is set to increase eight times by the end of the decade.

Modi said the government is working on a mobility system which can support economy and ecology, and create a system which can reduce the country's bill on the import of fossil fuels.

He said 'Make in India' initiative has played a huge role in the development of auto industry.

The initiative has got a push from the PLI (production linked incentive) scheme which has helped in the sales of more than Rs 2.25 lakh crore in the sector. This scheme has created more than 1.5 lakh direct jobs in the automobile sector.

"Ease of travel is a big priority of India. In the last budget, more than Rs 11 lakh crore were provisioned for the development of infrastructure," the prime minister said, and added the network of multi-lanes and highways were expanded.

Noting that India's automotive industry is both fantastic and future-ready, he said India's auto industry witnessed a 12 per cent annual growth last year and exports too rose significantly.

Encouraging corporates to invest in the sector, Modi said the rising middle class, rapid urbanisation, high quality infrastructure development, and affordable vehicles are going to push automobile sector.

The endeavour, he said, is to develop a complete ecosystem for mobility, the PM said.

He also said it is the right time to invest in battery storage system in India.

The five-day expo which is being held across three venues -- Bharat Mandapam and Yashobhoomi in the national capital and India Expo Center and Mart, Greater Noida -- is expected to witness over 100 new launches across automobiles, component products and technologies.

The Bharat Mobility Global Expo 2025, scheduled from January 17-22, will bring the entire value chain of the mobility ecosystem -- from automobile manufacturers to components, electronics parts, tyre and energy storage makers, and automotive software firms and material recyclers -- under a single umbrella.