India, Aug. 15 -- Prime Minister Narendra Modi on Friday announced the roll-out of a Rs.1 lakh-crore scheme for new job seekers in an Independence speech that focused squarely on the need for more self-reliance and local manufacturing to cope with "rising economic selfishness" in the world.

The Pradhan Mantri Viksit Bharat Rojgar Yojana will provide a one-time incentive of Rs.15,000 to first-time private-sector job seekers, targeting approximately 35 million beneficiaries, Modi said.

The stress on the economy comes against the backdrop of US President Donald Trump's decision to impose a 50% tariff rate on India, much higher than its neighbours and peers, which disadvantages exports and could hurt nearly one per cent of the nation's gros...