Indian PM Modi announces a $1.35 trillion mega infrastructure plan

India will launch a mega $1.35 trillion national infrastructure plan to generate jobs and boost the country’s economy, Prime Minister Narendra Modi announced on Sunday on the occasion of the country’s 74th Independence Day

Aug 15, 2021
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Prime Minister Narendra Modi

India will launch a mega $1.35 trillion national infrastructure plan to generate jobs and boost the country’s economy, Prime Minister Narendra Modi announced on Sunday on the occasion of the country’s 74th Independence Day.

Modi made the announcement during his Independence Day speech from the historic Red Fort,  saying the infrastructure plan will create job opportunities for millions of Indian youth.

“It will help local manufacturers turn globally competitive and also develop possibilities of new future economic zones in the country,” he said. 

The country’s economy contracted 7.3% in the last fiscal year. The second wave of the Covid-19 also ravaged the economy, further necessitating the big booster plan. In his speech, Modi also described his government’s achievements and hailed India’s coronavirus vaccination campaign.

“We are proud that we didn’t have to depend on any other country for COVID-19 vaccines. Imagine what would have happened if India didn’t have its own vaccine,” he said.

The country has so far administered over 500 million doses of vaccines but its vaccination drive has been marred by its slow pace. Only 11% of eligible adults are fully vaccinated so far.

India, he said, was determined to meeting targets for the reduction of its carbon footprint. The government would invest more in electric mobility, solar energy, and “green hydrogen” — which does not emit carbon dioxide — as part of its goal to make India’s energy independent by 2047, he said.

In his speech, he also praised India’s athletes who took part in the recently concluded Tokyo Olympics. India won one gold, two silver, and four bronze medals at the games.

On Saturday, The Indian government announced that August 14 will be observed as Partition Horrors Remembrance Day. Over 10 million people were estimated to have been killed during the partition of the subcontinent in 1947. 

(SAM)