India, Aug. 15 -- Prime Minister Narendra Modi on Friday announced a Rs.1 lakh-crore scheme for new job seekers in his 12th consecutive Independence Day address from the Red Fort, which focused squarely on the need for more self-reliance and local manufacturing to cope with the "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 the United States President Donald Trump's decision to impose a 50% tariff rate on India - much higher than on its neighbours and peers - which disadvantages exports and ...