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

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.

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"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.