Modi, who undertook an aerial survey of the flood-hit areas with Chief Minister Vijay Rupani, said 10 more IAF helicopters would be pressed into service for rescue and relief operations.
The central government will provide an immediate assistance of Rs 500 crore to the state, and after a detailed survey has been conducted, it will give whatever is additionally required, he said in a statement after reviewing the situation.
"Everything possible will be done to help the farmers who suffer immensely due to floods," Modi said.
He said teams will be despatched by the Centre to assess the damage caused to property and standing crops in urban and rural areas at the earliest.
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Heavy rains have caused floods in Banaskantha and Patan districts of Gujarat after which Army, India Air Force (IAF) and National Disaster Response Force (NDRF) have been called out for rescue and relief operations.
"A detailed presentation on the situation caused by heavy rains was shared with the prime minister," official sources said.
Later Modi boarded a helicopter with Rupani for an aerial survey of the flood-hit areas.
Earlier in the day, Rupani, who was in New Delhi for the swearing-in of Ram Nath Kovind as President, met the prime minister at Parliament House and apprised him of the situation. The prime minister then decided to undertake an aerial survey to personally take stock of the situation in his home state, the PMO said.
Dantiwada in Banaskantha remained the worst-hit, recording 463 mm rainfall, followed by Palanpur (380 mm), Vadgam (357 mm), Amirgadh (337 mm) and Lakhani (305 mm).
More than 1,000 people have been rescued and 46,000 shifted to safer locations from low lying areas, deputy chief minister Patel said.
"Four choppers of IAF are involved in rescue operations, while two columns of army are engaged in rescuing people stranded due to heavy rains," Patel said.
Elaborate arrangements are being made to supply food and drinking water to the people stranded in floods, he said.
The swollen Banas river passing through Banaskantha and Patan districts has flooded the villages and towns around it, health minister Shanker Chaudhary, who is stationed at Deesa to oversee the rescue operations, said.
As the rains took a break this morning, rescue operations in Banaskantha and Patan districts gained momentum, an official said.
Hundreds of people are still waiting to be shifted to safer places, as several parts of these districts are flooded, he said.
Since morning, 113 people stranded in Shihori village of the district have been rescued and shifted to safer locations by the Indian Army personnel, who have been conducting the rescue operation using boats, said a release by the Defence PRO.
"One MI-17V5 took off from Deesa this morning and proceeded to Totana village and rescued 14 people stuck in the midst of raging flood water to safety," Defence PRO Abhishek Matiman said.
"Over 300 kgs of food packets were air dropped at Gugal, Jenal Varan and neighbouring villages to aid the people marooned since yesterday," he added.