India's Prime Minister Narendra Modi has extended a strong invitation for investments in the mobility sector, emphasizing government support and highlighting the nation's growing auto industry and expanding electric vehicle (EV) market. Speaking at the Bharat Mobility Global Expo in New Delhi, Modi outlined India's significant potential for growth, particularly in the auto and energy sectors. He assured investors that the government would offer support at every level, ensuring policies and reforms are continuously updated to facilitate investment.
Modi pointed out that India's auto industry had grown by around 12% last year and is poised for further expansion, driven by factors such as a large youth population, an expanding middle class, and rapid urbanization. India, now the world’s third-largest car market, offers abundant opportunities for investors in both traditional automotive sectors and in emerging fields like electric vehicles.
Even it's the Prime Minister who keyed in the commitment of the country to renewable energy, particularly solar energy, which has been expected to usher in massive demand towards energy storage solutions. He encouraged start-ups and foreign investors to wade into a swiftly growing market of energy storage solutions by investing heavily at present.India has actively courted foreign investments from major global players, including Elon Musk's Tesla, which is expected to accelerate the growth of the electric vehicle sector and provide opportunities for local manufacturers. In 2023, India's EV market accounted for about 2% of the total 4 million car sales, with strong potential for further growth in the coming years.
Modi’s message to investors and startups is clear: India is ready for substantial mobility sector investments, offering a rapidly expanding market and robust government backing to support innovation and growth in both the automotive and energy sectors.
Conclusion
Indian Prime Minister Modi recently urged India to become the new leading world player in both automobile and clean energy sectors. India, with its huge and vibrant market, predominantly young population, and solid government-backed policies, has been prepared in its favor for quite a profitable investment in such mobility, particularly electric-vehicle and energy storage sector. The country will have even more possibilities for startups, manufacturers, and investors so now is the ideal time for putting in investments in the rapidly expanding mobility sector.
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