Auto Sector Growth: “The two-wheeler (2W) and three-wheeler (3W) segments saw increases of 5% and 17% respectively, while passenger vehicles (PV), tractors (Trac) and commercial vehicles (CV) faced declines of 6%, 3%, and 6% respectively,” FADA President, Manish Raj Singhania, said.
PM On Bharat Mobility 2024: In the last 10 years, 250 million people have moved out of poverty, he said. “And of their dreams, one is related to your sector (to buy a vehi cle). There is a neo middle class in India. They have their own aspirations and they will take the Indian mobility sector to new heights,” Modi said, pointing out that the number of cars sold in India has risen from 120 million to more than 210 million since 2014, while the number of elec tric cars sold in India rose from 2,000 per year 10 years ago to 120 million annually now. In the past decade, passenger vehicle sales have risen 60% while that of two-wheelers is up 70%. Car sales in January have broken records. “The mobility sector is witnessing an unprecedented at mosphere in the country and you must capitalise on it,” he said.