Prime Minister
Narendra Modi on Friday said that the number of electric vehicles (EVs) in
India could increase eight-fold by the end of this decade, showcasing the
immense potential in this segment. He, therefore, urged the industry to invest
more in this sector. Speaking at the inaugural session of the Bharat Mobility
Global Expo 2025 here, he also stressed
on the need to continuously promote solar power and alternative fuels to tackle
the challenges of global warming and climate change. Modi emphasised that
significant work was being done in India on both EVs and solar power like PM
Suryagarh-Free Electricity Scheme and ₹18,000-crore PLI scheme to promote
advanced chemistry cell battery storage. “Driven
by the aspirations of the people and energy of the youth, India’s automobile
sector is witnessing an unprecedented transformation...India is currently
the world’s fifth largest economy and the third largest passenger vehicle
market...If India becomes one of the top three economies globally, the
country’s auto market will also witness unprecedented transformation and
expansion,” Modi said. He said that the sale of EVs has increased 640 times in
the past decade from around 2,600 EVs that were sold annually 10 years ago, to
over 16.80 lakh EVs that were sold in 2024. “The number of electric vehicles
sold in a single day today is double the number sold in an entire year a decade
ago,” he mentioned.
On the overall Indian
automobile market, Modi noted that in the past year, the Indian auto industry
has grown by nearly 12 per cent and the export was rising driven by the mantra
of “Make in India and Make for the World”. He also mentioned that the number of
cars sold annually in India surpasses the population of many countries...Underscoring
the importance of both need and aspirations for the growth of the auto
industry, the Prime Minister remarked that India possesses both and that India
will remain the world’s youngest country for many decades, with the youth being
the largest customer base.
He said that this
large youth demographic will create significant demand. Another major customer
base is India’s middle class and over the past decade, 25 crore Indians have risen out of poverty, forming a neo-middle class
that is purchasing their first vehicles, he said, adding that if this
progress continues, this group will upgrade their vehicles, benefiting the auto
sector.