Modi says India will quickly unveil $1.35 trln infrastructure plan By Reuters

© Reuters. FILE PHOTO: Indian Prime Minister Narendra Modi addresses the nation during Independence Day celebrations at the historic Red Fort in Delhi, India on Aug. 15, 2020. REUTERS / Adnan Abidi


From Aftab Ahmed

NEW DELHI (Reuters) – India will launch a 100 trillion rupee ($ 1.35 trillion) national infrastructure plan that will help create jobs and expand the use of cleaner fuels to meet climate goals of the country, Prime Minister Narendra Modi said on Sunday.

The infrastructure program called “Gati Shakti” will help increase the productivity of industries and stimulate the economy, Modi said during his speech at the Independence Day celebrations in New Delhi.

“We are going to put a master plan in motion for Gati Shakti, a big program … (it) will create jobs for hundreds of thousands,” said Modi from the ramparts of the historic Red Fort in the capital.

Modi did not reveal details of the plan, but said the plan will help local manufacturers compete globally and create new avenues for future economic growth.

Strengthening the infrastructure in Asia’s third largest economy is at the heart of Modi’s plan to reclaim the country from a sharp economic decline exacerbated by the COVID-19 pandemic.

In the past fiscal year, India’s economic output fell by a record 7.3% and a second wave of COVID-19 has delayed economic recovery.

The prime minister has also set a goal of becoming energy independent by 2047, and said the goal could be achieved through a mix of electromobility, moving to a gas-based economy and expanding the country into a hub for hydrogen production.

Modi said the country spends more than Rs.12 trillion annually on energy imports and energy independence is critical as he also announced the launch of a national hydrogen mission to promote the government’s clean energy plans.

“India is rapidly moving towards its climate goals,” he said.

Disclaimer: Fusion Media would like to remind you that the data contained on this website is not necessarily real time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price, meaning that prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this data.

Fusion Media or any other person involved in Fusion Media assumes no liability for any loss or damage that might arise from reliance on the information contained on this website, including data, prices, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets, as it is one of the riskiest forms of investment.

Comments are closed, but trackbacks and pingbacks are open.