Dressed in traditional Ladakhi gown and headgear, Modi addressed a well attended public rally at the Polo Ground here on Tuesday.
We are committed to the development of Leh and Ladakh, he said.
The Ladakh region has "Prakash, Paryavaran and Paryatan (Power, Environment and Tourism)", which is not just for Jammu and Kashmir but also for the entire country, said Modi.
"If these three are utilised properly then the country will benefit. Development must be such that it positively transforms the lives of the common people," he said.
He announced the waiver of an interest debt component of Rs.60 crores to the state.
"I also assure you that in the union cabinet meeting we will soon approve an ambitious road connectivity project of Rs.8,000 crores for four major road building projects in Jammu and Kashmir.
"This is in addition to the existing road building projects already approved for the state," said the prime minister who noted that corruption and not funds scarcity was destroying the edifice of the country.
"From the mountain peaks of Ladakh I announce today that we will eradicate corruption from the country taking along all those political parties who are ready to work with us against corruption," he announced.
Modi added that Leh is the focus of his government's solar initiative.
"I know the problems people face and most importantly I know the strength of this land....We have put Leh at the focus of our solar energy initiatives," Modi said while addressing the gathering after laying the foundation stone of the Rs.1,700 crore and 330-km long Leh-Srinagar transmission line here.
He added that the people would no longer have to depend on borrowed power.
"It is the love and respect for the people of Jammu and Kashmir that keeps bringing me here again and again.
"In old times, I used to visit Leh and families who knew me then would ask me to bring cauliflower and potatoes for them.
"Believe me, my luggage would be full of these vegetables...whenever I would come here in the past.
"I would spend time in Srinagar and Kargil. This love for the state moves me to do whatever I can for the prosperity and betterment of the people here in my present position," said Modi amid applause.
Modi inaugurated the 45 megawatt Nimoo-Bazgo hydro-electric project Tuesday besides laying the foundation stone of the Rs.1,700 crore, 330 km long Srinagar-Leh transmission line which will be built by the National Grid Corporation of India.
He will also inaugurate the 44 megawatt Chutak hydro-electric power project.