India on way to becoming economic powerhouse of world: PM Modi

NEW DELHI: Prime Minister Narendra Modi expressed his optimism about India evolving into a global 'economic powerhouse,' highlighting the increasing competitiveness of the country's component industry on the international stage.

"India is on the way to becoming the economic powerhouse of the world. Today, India is the third-largest market for passenger vehicles. We are the third-largest country to manufacture commercial vehicles. Our component industry is becoming globally competitive," said the Prime Minister while addressing the Bharat Mobility Global Expo-2024, here in the national capital .

"In 2014, the capital expenditure of the country was less than Rs 2 lakh crore. Now, the same stands at Rs 11 lakh crores. The announcement of such a huge capital expenditure will provide opportunities for the mobility sector. Not only will it strengthen the economy, but it will also enhance employment opportunities," he added.

Attributing the significant investment for the rejuvenation of various sectors such as roads, railways, waterways, and airways, PM Modi highlighted the remarkable infrastructural developments over the past decade.

PM Modi further said, "Due to this huge investment, sectors including roads, railways, waterways and airways have seen a rejuvenation. The infrastructural development of the country is setting new records. During the past 10 years, India has seen the construction of 75 new airports and roads measuring 4 lakh kilometres in rural areas. National highways measuring 90,000 kilometres have been constructed. High-speed corridors have been constructed. Rail routes have been built in 15 new cities."

"In the new budget, the modernization of 40,000 rail coaches has been announced. This will change the picture of the Indian Railways," he added.

The Prime Minister further asserted that the speed and scale of the present government will change the 'picture' of the mobility sector.

"The speed and scale of our government have changed the definition of the mobility sector. Our government has emphasised the timely completion of projects. Our government has made historical changes for smooth transportation. Through the 'PM Gatishakti National Masterplan' scheme, integrated transport is being encouraged in the country," the PM said.

"In order to modernize the logistics chain, the government has formed the National Logistics Policy. The railway corridors announced in yesterday's budget will ease transportation in our country. Connectivity is consistently strengthened in the country through highways and modern expressways," he added.

PM Narendra Modi further affirmed, "During the Amrit Kaal, we have to achieve the top position in all the sectors. Our government will stand with you in your every effort."