$36 Billion FDI into India's Auto Sector Over Four Years, More Expected, Says PM Modi
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Synopsis
Prime Minister Modi revealed that India's automobile sector has attracted over $36 billion in FDI over the past four years, with more anticipated. He urged manufacturers to embrace ‘Make in India and Make for the World’ while focusing on electric vehicle production to drive eco-friendly growth.
Key Takeaways
- India attracted over $36 billion in FDI in the auto sector.
- Government initiatives like PLI have generated 1.5 lakh jobs.
- Electric vehicle sales grew 640 times in a decade.
- PM Modi promotes green automotive innovation.
- Future investments in the sector are expected to rise significantly.
New Delhi, Jan 17 (NationPress) Prime Minister Narendra Modi announced on Friday that the Indian automobile industry has successfully attracted over $36 billion in Foreign Direct Investment (FDI) in the past four years, with expectations of significant growth in this figure in the years ahead. He encouraged vehicle manufacturers to embrace the philosophy of ‘Make in India and Make for the World’.
During the inauguration of the Bharat Mobility Global Expo 2025 at Bharat Mandapam in the national capital, the Prime Minister emphasized that India offers vast opportunities and is a prime destination for potential investors. He pointed out that the government is actively facilitating the influx of more FDI into the automobile sector, which is driven by technology and innovation.
PM Modi highlighted that the government is fostering the development of an automobile manufacturing ecosystem through initiatives like the PLI scheme, which has attracted Rs 1.25 lakh crore in investments and generated over 1.5 lakh jobs.
He underlined the need for increasing the production of environmentally friendly electric vehicles to lessen the dependence on fossil fuels.
The Prime Minister pointed out a remarkable 640 times growth in electric vehicle sales over the past decade, rising from just 3,600 units in 2014 to over 1.68 million units in 2024.
“The daily sales of electric vehicles now exceed twice the total sales recorded in a year just ten years ago,” PM Modi noted.
He emphasized that the sales of electric vehicles are accelerating rapidly, with projections indicating an expansion by more than eight times, presenting significant investment opportunities in the automotive sector.
PM Modi mentioned that government initiatives like FAME, with an investment exceeding Rs 8,000 crore, have significantly boosted electric vehicle sales and assured the industry of continued support to foster growth in the auto sector.
He remarked that while there is a lot of innovation occurring in India, it needs to be shifted into mission mode. He encouraged the youth to concentrate their efforts on the green automotive sector by establishing new startups to drive growth.
Furthermore, PM Modi urged auto manufacturers to leverage government schemes, including those designed for vehicle scrapping, and to implement their own incentive programs to contribute to a cleaner environment and address climate change challenges.
