Automobile Sector Speeds up Nation's Economy and Progress: PM Modi By CIOTechOutlook Team

Automobile Sector Speeds up Nation's Economy and Progress: PM Modi

CIOTechOutlook Team | Wednesday, 28 February 2024, 02:35 IST

Prime Minister Narendra Modi took part in a program named - Creating the Future - Digital Mobility for Automotive MSME Entrepreneurs' in Tamil Nadu's Madurai, and tended to greet many Micro, Small and Medium enterprises (MSMEs) business people working in the auto area.

Prime Minister Modi named vehicle industry as a force to be reckoned with of the economy and added that MSMEs are central participants in driving this industry forward.

"Automobiles not only provide pace on the road...Automobile industry also gives the similar pace to the national economy and to its growth story," PM Modi said addressing the entrepreneurs.

The Prime Minister lauded Tamil Nadu, which has a large number of automobile companies operating and producing for India and the world.

"Today the country is looking at the future of MSMEs as the future of the country. All-round work is being done to increase the resources of MSMEs, from money to talent," he said.

PM Modi said around 7 per cent share of the GDP comes from the automobile industry.

"This is a huge share of the GDP. Therefore, the automobile industry speeds up the country's economy and progress. The role of the automobile industry in promoting manufacturing and innovation is huge," he said.

In India, around 45 lakh vehicles are produced every year. Around two crore bikes, 10 lakh business vehicles and 8.5 lakh three-wheelers are likewise made.

"Today, our MSMEs have a big opportunity to be part of the global supply chain. However, for this, our MSMEs have to work on its quality and durability. We need to work to live up to the global standards," PM said.