India will become 3rd largest economy during our 3rd term: PM Modi

New Delhi, Feb 2: Prime Minister Narendra Modi on Friday expressed confidence that the country will emerge as the third-largest economy in the world during the third straight term of the Bharatiya Janata Party (BJP) government at the Centre.

Addressing the Bharat Mobility Global Expo at Bharat Mandapam here in the national capital, the PM said, “It is certain that India will become the world's third-largest economy during our third term. During the past 10 years, around 25 crore people have come out of poverty due to the efforts of the government. Today India is moving forward to make the country 'developed' by 2047. The mobility sector will play a huge role in the achievement of this goal.”

He said: “I have always said that this is the right time. This mantra sits well with the mobility sector. India is on the moon and is moving fast. This is the beginning of the golden era for the mobility sector. Today, the economy of the country is expanding rapidly.”

PM Modi said that the country had seen the emergence of a 'new middle class' with its aspirations and hopes.

"There has emerged a new middle class in the country with its aspirations and hopes. The income and threshold of the middle class have been expanded. These factors will ensure new heights in the mobility sector. Before 2014, there were 12 crore cars sold in India. Since 2014, there has been a sale of over 21 crore cars," he said.

"Before 2014, 2000 crore electric cars were being sold annually. Now, around 12 lakh electric cars are being sold on an annual basis. India has witnessed a 60 percent rise in the number of passenger car sales. The sale of two-wheelers has also seen a 70 percent rise in the number,” the PM said.

He said, "There has been an unprecedented change in the mobility sector. Today's India is relying on new policies, keeping in mind the future scenario. This vision is also reflected in the interim budget. However, we will present the full budget after the formation of a new government."

‘INDIA ON WAY TO BECOMING ECONOMIC POWERHOUSE OF WORLD’

PM Modi expressed his optimism about India evolving into a global 'economic powerhouse,' highlighting the increasing competitiveness of the country's component industry on the international stage.

"India is on the way to becoming the economic powerhouse of the world. Today, India is the third-largest market for passenger vehicles. We are the third-largest country to manufacture commercial vehicles. Our component industry is becoming globally competitive," he said. "In 2014, the capital expenditure of the country was less than Rs 2 lakh crore. Now, the same stands at Rs 11 lakh crores. The announcement of such a huge capital expenditure will provide opportunities for the mobility sector. Not only will it strengthen the economy, but it will also enhance employment opportunities."

Attributing the significant investment for the rejuvenation of various sectors such as roads, railways, waterways, and airways, the PM highlighted the remarkable infrastructural developments over the past decade.

He said, "Due to this huge investment, sectors including roads, railways, waterways and airways have seen a rejuvenation. The infrastructural development of the country is setting new records. During the past 10 years, India has seen the construction of 75 new airports and roads measuring 4 lakh kilometres in rural areas. National highways measuring 90,000 kilometres have been constructed. High-speed corridors have been constructed. Rail routes have been built in 15 new cities."

PM Modi said that in the new budget, the modernisation of 40,000 rail coaches had been announced.

“This will change the picture of the Indian Railways," he said.

The PM said that the speed and scale of the present government would change the 'picture' of the mobility sector.

"The speed and scale of our government have changed the definition of the mobility sector. Our government has emphasised the timely completion of projects. Our government has made historical changes for smooth transportation. Through the 'PM Gatishakti National Masterplan' scheme, integrated transport is being encouraged in the country," he said. "To modernise the logistics chain, the government has formed the National Logistics Policy. The railway corridors announced in yesterday's budget will ease transportation in our country. Connectivity is consistently strengthened in the country through highways and modern expressways."

PM Modi said, "During the Amrit Kaal, we have to achieve the top position in all the sectors. Our government will stand with you in your every effort."

PM MODI INTERACTS WITH INDUSTRIALISTS

Meanwhile, PM Modi, accompanied by Union Minister Piyush Goyal, was seen interacting with industrialists.

Bharat Mobility Global Expo 2024 showcases India's capabilities across the entire mobility and automotive value chains. The Expo will feature exhibitions, conferences, buyer-seller meets, state sessions, a road safety pavilion and also public-centric attractions like go-karting.

With over 800 exhibitors from 50+ countries, the Expo will highlight cutting-edge technologies, sustainable solutions and breakthroughs in mobility. The Expo will feature participation from over 28 vehicle manufacturers, in addition to the presence of more than 600 auto component manufacturers. Over 1000 brands from over 13 global markets will showcase their complete range of products, technologies, and services at the event.

Along with the exhibition and conferences, the event will also feature state sessions for states to showcase regional contributions and initiatives to enable collaboration at both national and regional levels, promoting a holistic approach to mobility solutions.