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Prime Minister Narendra Modi expressed confidence that India will become the world's third-largest economy during the third term of his government. Speaking at the Bharat Mobility Global Expo 2024, he highlighted the transformative growth in the mobility sector, noting the surge in vehicle sales and the shift toward electric vehicles. PM Modi emphasized the role of the mobility sector in achieving the goal of making India a developed country by 2047. He also urged the industry to focus on research and development, especially in manufacturing batteries using locally available raw materials.

While the report highlighted reforms, macro and political stability and healthy corporate balance sheets as drivers of sustained growth, it also noted that the government capex boost had paved the way for pick up in private investment.