India to launch $1.35 trillion infrastructure plan

India's Prime Minister Narendra Modi has announced a huge financial package for his country's economy. Mr Modi outlined plans for spending $1.35 trillion on infrastructure at an Independence Day speech on August the 15th. The huge investment will focus on the economy, youth employment opportunities, and on ways to tackle climate change. Modi hopes the gargantuan injection of cash will provide a boost to the economy. He said the spending plans will "create job opportunities for hundreds of thousands of young people". He added that the stimulus would help local manufacturers to become "globally competitive," and develop new "economic zones" in India.

Mr Modi focused on plans to make India a carbon-neutral country. He gave his speech as part of India's 75th Independence Day celebrations. He vowed that before India turned 100, the country would be "energy independent". Modi pledged to invest more in sustainable resources such as solar technology and "green hydrogen". He wants the country to move away from its reliance on oil. India is the world's third-largest oil importer. In particular, he outlined ambitious plans for transforming India's vast railway network – the largest in the world. He said he wants the whole network to be a net-zero carbon emitter by 2030. Modi said his country is "moving fast towards achieving its climate goals".