New Delhi, February 2, 2024: Prime Minister Narendra Modi conveyed his optimism about India’s trajectory towards becoming a global economic powerhouse, emphasizing the growing competitiveness of the country’s component industry on the world stage. Speaking at the Bharat Mobility Global Expo-2024 in the national capital, PM Modi highlighted India’s advancements in various sectors and underscored the nation’s potential for economic growth.
“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,” remarked the Prime Minister during his address.
PM Modi pointed out the substantial increase in capital expenditure, from less than Rs 2 lakh crore in 2014 to Rs 11 lakh crores currently. He highlighted the positive impact of such significant investment, stating, “Not only will it strengthen the economy, but it will also enhance employment opportunities.” The Prime Minister attributed this investment to the rejuvenation of sectors such as roads, railways, waterways, and airways.
Highlighting the infrastructural developments over the past decade, PM Modi noted, “During the past 10 years, India has seen the construction of 75 new airports and roads measuring 4 lakh kilometers in rural areas. National highways measuring 90,000 kilometers have been constructed. High-speed corridors have been constructed. Rail routes have been built in 15 new cities.”
Referring to the recent budget announcements, PM Modi mentioned the modernization of 40,000 rail coaches, anticipating a transformative impact on the Indian Railways. He emphasized that the speed and scale of the government’s initiatives are reshaping the mobility sector. The Prime Minister highlighted the ‘PM Gatishakti National Masterplan’ scheme, promoting integrated transport, and the formation of the National Logistics Policy to modernize the logistics chain.
“In order to modernize 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 affirmed.
Concluding his address, PM Modi expressed the government’s commitment to supporting efforts in achieving top positions across all sectors during the Amrit Kaal. He reassured, “Our government will stand with you in your every effort.”