"India will become third-largest economy during our third term," says PM Modi

New Delhi: Prime Minister Narendra Modi on Friday expressed confidence that the country will emerge as the third-largest economy in the world during the third straight term of the Bharatiya Janata Party (BJP) government at the Centre.

The Prime Minister was addressing the Bharat Mobility Global Expo at Bharat Mandapam here in the national capital.

"It is certain that India will become the world's third-largest economy during our third term. During the past 10 years, around 25 crore people have come out of poverty due to the efforts of the government. Today's India is moving forward with the goal of making the country 'developed' by 2047. The mobility sector will play a huge role in the achievement of this goal," PM Modi said.

"I have always said that this is the right time. This mantra sits well with the mobility sector. India is on the moon and is moving fast. This is the beginning of the golden era for the mobility sector. Today, the economy of the country is expanding rapidly," he added.

The Prime Minister further said that the country has seen the emergence of a 'new middle class' with its own aspirations and hopes.

"There has emerged a new middle class in the country with its own aspirations and hopes. The income and threshold of the middle class have been expanded. These factors will ensure new heights in the mobility sector. Before 2014, there were 12 crore cars sold in India. Since 2014, there has been a sale of over 21 crore cars," he said.

"Before 2014, there were 2,000 crore electric cars being sold annually. Now, there are around 12 lakh electric cars being sold on an annual basis. India has witnessed a 60pc rise in the number of passenger car sales. The sale of two-wheelers has also seen a 70pc rise in the number," added the Prime Minister.

PM Narendra Modi further said, "There has been an unprecedented change in the mobility sector. Today's India is relying on new policies, keeping in mind the future scenario. This vision is also reflected in the interim budget. However, we will present the full budget after the formation of a new government."

Bharat Mobility Global Expo 2024 showcases India's capabilities across the entire mobility and automotive value chains. The Expo will feature exhibitions, conferences, buyer-seller meets, state sessions, a road safety pavilion and also public-centric attractions like go-karting.