New Delhi, Jan 17 (PTI) Prime Minister Narendra Modi on Friday said future of mobility belongs to India that saw an unprecedented sale of 2.5 crore vehicles a year, and attracted USD 36 billion foreign direct investment in just four years.

Addressing a gathering after inaugurating the Bharat Mobility Global Expo 2025 at Bharat Mandapam here, the prime minister also emphasised that India stands as an outstanding destination for every investor looking to shape one's future in the mobility sector.

The five-day expo which is being held across three venues -- Bharat Mandapam and Yashobhoomi in the national capital and India Expo Center and Mart, Greater Noida -- is expected to witness over 100 new launches across automobiles, component products and technologies.

India's largest auto expo, scheduled from January 17-22, will bring the entire value chain of the mobility ecosystem -- from automobile manufacturers to components, electronics parts, tyre and energy storage makers, and automotive software firms and material recyclers -- under a single umbrella.

Modi said the automotive industry was driven by innovation and technology and stressed that the future belongs to the East, Asia, and India.

"India is an excellent destination for every investor looking to see their future in mobility," he said while reassuring everyone that the government is fully supportive and encouraged everyone to continue advancing with the mantra of 'Make in India, Make for the World'. Modi said the 'Make in India' initiative has played an important role in unleashing the growth potential of India's auto industry.

The performance linked incentive (PLI) schemes, he said, have given new momentum to the 'Make in India' campaign, aiding sales of over Rs 2.25 lakh crore and creation of more than 1.5 lakh direct jobs in the sector.

"Driven by the aspirations of the people and energy of the youth, India's automobile sector is witnessing an unprecedented transformation," he said, and added that in the past year, the Indian auto industry has grown by nearly 12 per cent and exports rose.

Modi remarked that the number of cars sold annually in India surpasses the population of many countries.

The sale of approximately 2.5 crore cars in a year demonstrates the continuously growing demand in India, Modi said.

India is currently the world's fifth-largest economy and the third-largest passenger vehicle market.

The prime minister further said as India ascends to become one of the top three economies globally, the country's auto market will witness unprecedented transformation and expansion.

Several factors drive the future of mobility in India, including the country's large youth population, the expanding middle class, rapid urbanisation, modern infrastructure development, and affordable vehicles through the 'Make in India' initiative, he said.

He pointed out a 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.

Modi said India is building a mobility system that supports both the economy and ecology, reducing the import bill for fossil fuels. The country, he said, is focusing on the development of green technology, EVs, hydrogen fuel and biofuels.

Underlining the comprehensive support provided by the government to the auto sector at every level, Modi remarked that over the past decade, new avenues for FDI, technology transfer, and global partnerships were established in the industry.

He informed that in the last four years alone, the sector has attracted over USD 36 billion in Foreign Direct Investment. He noted that this figure was expected to multiply in the coming years.

He reiterated the government's commitment to developing a complete ecosystem for auto manufacturing within India.

Modi also talked about the rapid growth of electric mobility in India over the past few years and remarked that the sale of electric vehicles has increased 640 times in the past decade.

He said while only around 2,600 electric vehicles were sold annually ten years ago, over 16.8 lakh electric vehicles were sold in 2024.

The prime minister projected that the number of electric vehicles in India could increase eight-fold by the end of this decade, showcasing the immense potential in this segment.

He also asked the manufacturers to take advantage of the vehicle scrapping policy and suggested that companies could introduce their own incentive schemes to encourage more people to scrap their old vehicles.

The prime minister reminisced Ratan Tata and Osamu Suzuki. He said that the contributions of both the stalwarts were immense into the growth of the Indian auto sector as well as towards fulfilling the dreams of middle-class families of India.

Modi expressed confidence that their legacy will continue to inspire the entire mobility sector of India.

Speaking on the occasion, Commerce and Industry Minister Piyush Goyal said Bharat Mobility 2025 presents the India story to the world and that it will augment investments and boost trade for the country.

Auto industry has emerged as a symbol for Atmanirbhar Bharat and Make in India and startups are also participating in the event, he said.

The minister informed that India has become the largest manufacturer of three-wheelers and tractors in the world and also holds the top spot as a two-wheeler market in the world.

Union ministers Nitin Gadkari, Manohar Lal, H D Kumaraswamy, Jitan Ram Manjhi, and Hardeep Singh Puri too were present among other dignitaries at the event. PTI MSS RKL DP NKD ANZ HVA