The programme will be called "Gati Shakti" and will help boost productivity of industries, Modi said during his speech at the Independence Day celebrations in New Delhi.
"We will launch a masterplan for Gati Shakti, a big programme," Modi said from the ramparts of Red Fort in the capital city.
"A program worth more than 100 trillion rupees will create job opportunities for hundreds of thousands," he added.
"Giving fair opportunities to the potential of all, this is the real spirit of democracy. Be it Jammu or Kashmir, where the balance of development is now visible on the ground."
Modi also showered praise on India's Olympians and urged the nation to "give them a big round of applause for their achievements."
Though India only secured seven medals with a solo gold finishing 48th in the list
the Prime Minister made a pointed reference to the way the Olympics have impacted thinking within the country. "It is a major turning point for our country," he said.
Modi earlier unfurled the national flag atop iconic Red Fort a 16th century Muslim Mughal monument to mark the nation's 75th Independence Day.
Every year on the occasion of Independence Day, the Prime Minister of India along with his address to the nation also makes some major announcements.
India's first Prime Minister Jawahar Lal Nehru had unfurled the Tricolour for the first time on August 15, 1947 to mark India's Independence Day.
He also showered praise on India's Olympians, urging the nation to "give them a big round of applause for their achievements."
Making it a point to draw the nation's attention to the Olympians present in the audience, the Prime Minister said: "The athletes who have made us proud at the Tokyo Olympics are here among us today. I urge the nation to applaud their achievement today. They have not only won our hearts but also inspired future generations."
Perhaps for the first time during the Prime Minister's customary address to the nation, the sporting community was so heavily represented. As many as 240 Olympians, including gold medallist Neeraj Chopra, their support staff, and officials of the Sports Authority of India and sports federation were present to listen to the Prime MInister.