The Indian automobile sector has attracted more than $36 billion in FDI over the last four years, and this figure will go up several times in the coming years, Prime Minister Narendra Modi said on Friday.
He exhorted vehicle manufacturers to follow the mantra of 'Make in India and Make for the World'.After inaugurating the Bharat Mobility Global Expo 2025 at Bharat Mandapam in the national capital, the Prime Minister said India presented a huge opportunity and is an ideal destination for investors.
He pointed out that the government was paving the way for global investors to bring more Foreign Direct Investment (FDI) into the automobile sector, which was technology and innovation-driven.
PM Modi said the government was supporting the development of an automobile manufacturing ecosystem in the country through schemes such as PLI, which had seen the investment of Rs 1.25 lakh crore in the sector and created more than 1.5 lakh jobs.
He emphasized the need to increase the production of environment-friendly electric vehicles further to reduce the consumption and import of fossil fuels in the country.
The Prime Minister mentioned that a spectacular 640 times growth had taken place in the sales of electric vehicles in the country in the last 10 years from a mere 3600 units in 2014 to over 16.8 lakh units in 2024.
The number of electric vehicles now sold in a single day is more than twice the number that were sold in the whole year, a decade ago," PM Modi said.
PM Modi said the sales of electric vehicles were increasing at a very fast pace and were likely to increase by over eight times, which presents huge opportunities for investment in the automobile sector.
The Prime Minister said the schemes such as FAME launched by the government with an investment of over Rs 8,000 crore had helped to promote the sales of electric vehicles and assured the industry of more support in the future to spur growth in the auto sector.
He said much innovation was going on in India, but that has to shift to mission mode. He also asked the youth to focus their energy on the green auto sector with new startups created for the growth to happen.
Modi even recommended carmakers to come forth and avail facilities such as newly announced schemes in respect of vehicles scrap to provide more incentives for achieving the cleaner atmosphere needed to cope with the issues of climate change.
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