Modi says India will soon unveil a $ 1.35 trillion infrastructure plan

NEW DELHI, Aug. 15 (Reuters) – India will launch a 100 trillion-euro ($ 1.35 trillion) national infrastructure plan to help create jobs and expand fossil fuels to meet the country’s climate goals, Prime Minister Narendra Modi has said.

“Gati Shakti” infrastructure program will help increase industrial productivity and boost the economy, Modi said at a New Delhi Independence Day celebration.

“We are launching a big program for Gati Shakti, a major program for Gati Shakti … (it) will create hundreds of thousands of jobs,” he said of the historic Red Fort in the capital.

Although Modi did not disclose the details of the plan, he said it would help local producers compete internationally and create new avenues for future economic growth.

Indian Prime Minister Narendra Modi will inspect the guard at the historic Red Fort Independence Day celebrations in Delhi, India on August 15, 2021. REUTERS / Adnan Abidi

Improving infrastructure in Asia’s third-largest economy is at the heart of Modi’s plan to pull the country back from the devastating effects of the COVID-19 epidemic.

India’s economic performance slowed by 7.3% last fiscal year and the second wave of COVID-19 slowed economic recovery.

He said the goal is to neutralize energy by 2047, with the aim of transforming the country into a gas-based economy and making the country a hub for hydrogen production.

He said a national hydrogen mission has been launched to boost the government’s clean energy plans.

“India is moving fast towards achieving its climate goal,” he said.

Report by Aftab Ahmed; Edited by Aditya Calra and Kim Kogil

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