PM Modi: India 3rd Largest Economy in My 3rd Term

NEW DELHI: In a speech at the Bharat Mobility Global Expo 2024, Prime Minister Narendra Modi asserted that India is rapidly advancing and is poised to become the world's third-largest economy during the "third term" of his government. Addressing industrialists, Modi emphasised the pivotal role of the auto and automotive component industry in propelling India to global economic prominence.

The Prime Minister also unveiled plans for a new government scheme aimed at developing rest facilities on National Highways for truck and taxi drivers. Recognising the importance of drivers in the mobility sector, Modi expressed concern over their lack of proper resting places, leading to road accidents. In the initial phase, the government plans to construct 1,000 modern buildings with amenities such as food stalls, clean drinking water, toilets, parking, and rest areas.

Modi highlighted the positive impact of this initiative on both the ease of living and ease of travel for truck and taxi drivers. He asserted that this development would enhance their health and contribute to accident prevention. Modi described the current period as the "beginning of the golden period for India's mobility sector."

Stressing the rapid expansion of India's economy, Modi confidently stated, "Today India's economy is expanding rapidly. India is sure to become the third-largest economy in the world in the third term of our government." He attributed this growth to the changing dynamics brought about by his government's emphasis on the "speed and scale" of development.

Reflecting on his first term's focus on battery and electric vehicles, Modi expressed satisfaction with the significant progress witnessed during his second term. Looking ahead to the third term, he envisioned new heights for the mobility sector.

Modi urged the industry to explore research avenues that harness India's abundant raw materials for battery manufacturing. He encouraged research in areas such as green hydrogen and ethanol, emphasising the need for self-reliance and sustainability.

Referring to the recent Union Budget, Modi highlighted the substantial increase in capital expenditure from less than 2 lakh crore in 2014 to over 11 lakh crore. This surge in spending, he noted, opens up numerous opportunities for India's mobility sector.

The Prime Minister also praised the National Electric Mobility Mission for promoting the manufacturing of electric vehicles. He called on the industry to conduct research that leverages India's resources, particularly for battery manufacturing.

Modi lauded the government's infrastructural development achievements, citing the construction of 75 new airports and around 4 lakh rural roads in the last decade. He emphasised the transformative impact of Fast-Tag technology, contributing to annual economic benefits.

Highlighting the government's efforts to uplift people from poverty, Modi stated that around 25 crore people have emerged from poverty in the last 10 years. He urged industry leaders to capitalise on the unprecedented atmosphere in the mobility sector, emphasising the need for rapid transformation to harness possibilities in the coming 25 years.

Additionally, Modi called for collaboration between industry leaders and Industrial Training Institutes (ITIs) to align courses with industry needs, fostering relevant skills among the workforce.