France unveils multi-billion euro investment plan, hefty chunk kept aside for environment modernisation

Paris, September 26: France’s sluggish economy is a great concern for the new PM Edouard Philippe and President Emmanuel Macron. In a bid to make the country environment friendly and highly equipped, Philippe has announced details of a major investment plan. It foresees spending billions on education, digitization and environment, among other. 

 

The plan will pour out €57 billion ($67.8 billion) into modernizing France's economy, with a hefty chunk set aside for making it more environmentally-friendly. 20 billion euros is set aside for energy transition, 9 billion euros for energy efficiency, 7 billion for renewables and 4 billion to precipitate the switch to cleaner vehicles.

 

Philippe said the fund would have an "amplifier effect" on the new government's reform program, which includes labor law changes designed to bring down the stubbornly high unemployment of 9.5 percent. 

 

 

In a bid to cut down on pollution, French drivers will be offered a €1,000 cash incentive to trade in cars made before 1997 - or 2001 for diesel models - for newer and more efficient vehicles. According to the plan, the government will spend €9 billion on digitizing the public sector, including by rolling out e-payments for more services and boosting telephone access to doctors to help patients in rural areas.

While France digs deep in their banks looking for development, India could play a major role in helping its ally. India is rich with renewables and is doing substantially good in the employment and services sector, this could further symbolize that the two countries could join hands in various sectors.