Rs 110 lakh crore will be spent under National Infrastructure Pipeline Project: PM Modi

To boost the economy, Rs 110 lakh crore will be spent under the National Infrastructure Pipeline Project, Prime Minister Narendra Modi said on Saturday.

Addressing the nation on the 74th Independence Day from Red Fort, the Prime Minister said, "There is a need to give a new direction to the overall infrastructural development of the country to move India towards modernity at a fast pace. This need will be met through the National Infrastructure Pipeline Project."

For this, about 7,000 projects have been identified in different sectors. This will also give a new direction and a fresh momentum to the overall infrastructure development of the country. It will also play a crucial role in pulling the country out of the impact of Covid-19, he said.

The project was announced last year to bolster investment in the infrastructure sector. The investment will be made between 2020 and 2025 financial year and it involves both the private and public sectors.

The time has come to eliminate silos in infrastructure development and a big plan has been prepared for multi-modal connectivity infrastructure, the PM said.

For the first time, the EMI of a home loan is getting a rebate of up to 6 lakh rupees during the payment period. Just last year, a fund of Rs 25,000 crore has been established to complete thousands of incomplete houses, he said.

Modi also recalled the contributions of former Prime Minister Atal Bihari Vajpayee in expanding the road network through Golden Quadrilateral.