According to Prime Minister Narendra Modi, India’s EV sales are predicted to increase eightfold by the end of this decade, opening doors for both domestic and foreign manufacturers in the nation’s mobility sector.
This year, PM Modi inaugurated the second edition of the Bharat Mobility Global Expo, which is described as the world’s second-largest car industry expo. He urged investors to pursue the “Make in India, Make for the World” agenda during his speech. “For investors hoping to see growth in the mobility sector, India is a good place. “The government is on your side,” he declared. It is anticipated that the expo would see more than 100 new car, component, and technology launches. In the last four years, FDI in the auto sector was to the tune of $36 billion, which Modi stated is projected to expand further in the future years.
According to SIAM data, car dispatches from manufacturers to dealers increased by 12% last year compared to 2023 due to favorable consumer sentiment, bringing total sales to 25.5 million. Modi emphasized this and claimed that “Make in India, Make for the World” had increased exports in addition to the 12% growth. “The number of cars sold in India each year is greater than the population of several other nations. For this reason, India is viewed with great optimism regarding future transportation. India had a 640-fold growth in EV sales, he added. Additionally, India is selling twice as many cars in a single day as it did in a single year in 2014.
“In terms of the passenger vehicle market, we are ranked third globally. In the past, the absence of excellent roads in India was the main deterrent to purchasing an automobile. The circumstances are evolving. India prioritizes ease of travel. Over Rs 11 trillion was set aside for infrastructure development in the previous year’s budget,” he continued.
It looks like 2025 will be a historic year for EV introductions. Leading companies in the industry, including Hyundai, JSW MG Motors, Mahindra & Mahindra, Tata Motors, and Maruti Suzuki, are preparing to launch a variety of EVs in India. “Both of them have made a huge contribution to the growth of India’s auto sector and in fulfilling the middle-class dream,” he said, recalling industry stalwarts such as former chairman of Suzuki Motor Corporation Osamu Suzuki and Ratan Tata of the Tata Group. I’m confident that the mobility industry will be motivated by the legacy of Osamu Suzuki and Ratan Tata.