Modi announces investment of $1.46 trillion to get economy back on track

On the 74th Independence day of India, Prime Minister Narendra Modi announced an investment of $1.46 trillion to bring back the struggling economy of the country.

While speaking from the Red Fort as an address to the nation, Modi said that the country has been successful in containing the virus flow and announced the investment plan under the National Infrastructure Pipeline Project in an attempt to save the drawing economy. He further pointed out that pandemic made India realize the importance of being self-reliant and keep itself the top priority as far as the supply chains are considered.

“The coronavirus epidemic is a big crisis, but it can’t stall India’s economic progress,’’ Modi said as he addressed the nation. He agreed that there is a need to streamline the whole development projects. Modi said the government has identified 7,000 infrastructure projects to offset the economic impact of the pandemic.

“Infrastructure will not be created in silos anymore. All infrastructure has to be comprehensive, integrated, and linked to each other. Multi-modal connectivity infrastructure is the way forward,” he said.

Due to the pandemic and as a precautionary measure, invitations were curtailed down to 4000 guests from the usual 20,000 in the yearly address by the Prime Minister on Independence day where he also announced a national digital health plan where there will be a unique identity card given to every Indian citizen containing all the health-related information of that person.

As far as the economy of the nation is concerned, the International Monetary Fund had expected 4.5% of the Indian economic contraction which was the lowest since Independence but the organization has also said that it will bounce back by 2021.

“India saw a record 18% jump in foreign direct investment in the past year, a sign that international companies are looking at the country”, said Modi. He also emphasized on the fact that India is trying to get the better of its neighboring country and make use of rising production costs in the rival nation and their deteriorating relations with the west. He did not directly speak of China or mention the name, but considering the situation, that is where he seemed to target his statement.

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