India's new aspiring middle class to fuel economy, mobility sector growth: PM Modi at Bharat Mobility Show
- IBEF
- February 5, 2024
Prime Minister Mr. Narendra Modi, addressing the inaugural Bharat Mobility Show, highlighted India's burgeoning middle class as a key driver of economic growth, particularly in the mobility sector. Mr. Narendra Modi underscored the significant role of automobile and auto component manufacturers in meeting the evolving needs of this demographic and positioning India as a global powerhouse. He also expressed confidence in India's trajectory to become the world's third-largest economy during his tenure, highlighting abundant opportunities for stakeholders to expand their businesses.
Recognizing the profound socioeconomic shift, the Prime Minister noted that over the past decade, 250 million people have risen out of poverty, with aspirations, including vehicle ownership, propelling the mobility sector forward. He cited the remarkable increase in car and electric vehicle sales, indicative of the sector's robust growth. Prime Minister commended the Government's proactive approach in crafting policies tailored to future needs, leveraging initiatives like the PM National Gati Shakti Masterplan and the National Logistics Policy. He attributed the ease of doing business in India to timely project completion and transformative reforms such as the Goods and Services Tax (GST). Anticipating India's ascent as a global economic powerhouse, Mr. Modi stressed the pivotal role of the auto industry.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
