Prime Minister Narendra Modi on Sunday announced an ambitious Rs 100 lakh crore holistic infrastructure development programme 'Gatishakti', which is aimed at boosting employment opportunities and productivity of industries.

While Modi did not announce details of the plan, he said the plan will help local manufacturers compete globally and create new avenues of future economic growth.

"India needs a holistic and integrated approach in infrastructure construction along with modern infrastructure. In the near future, India is going to come out with Pradhan Mantri Gatishakti National Plan and launch it," he said in his address to the nation from the ramparts of the Red Fort on India's 75th Independence Day.

Modi said the over Rs 100 lakh crore scheme will bring new employment opportunities for lakhs of youth.

Gatishakti, he said, will be a national master plan which will lay the foundation of the overall infrastructure in the country and give an integrated and holistic path to the economy.

Modi said as of now there is no harmony in modes of transport in the country.

Gatishakti, he said, will break the silos and bottlenecks.

"This will reduce travel time and productivity of industry will increase even more," he said, adding that Gatishakti will also go a long way in helping India's local manufacturers to be globally competitive.

Besides, the initiative will lead to possibilities of developments of future economic zones. The Prime Minister stressed that Gatishakti will become basis of India's rejuvenation.

Boosting infrastructure in Asia's third largest economy is at the heart of the Modi's plan to pull back the country from a sharp economic decline worsened by the Covid-19 pandemic.

In the last 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 also set a target to become energy independent by 2047, saying the goal can be achieved through a mix of electric mobility, moving to a gas-based economy and making the country a hub for hydrogen production.

During his nearly 90 minutes speech, Modi said India will have to work together for manufacturing world-class products, using cutting-edge innovation and new age technology.

He said that to further increase the developmental progress, the country will have to focus on the manufacturing sector and exports.

"We have to work together...for next generation infrastructure, for world class manufacturing, for cutting edge innovation, and we have to work together for new age technology," he said.

The Prime Minister also said that the government has introduced tax reforms that will give impetus to 'ease of living' and 'ease of doing business'.

(With Reuters inputs)