The visit was called off as it was apprehended that a public programme will not be possible due to the incessant rains, sources said in Delhi.
Varanasi District Magistrate Pranjal Yadav said Prime Minister's Office has sent a communication that Modi's visit has been cancelled.
Heavy rains have lashed the region since last night. Modi's June 28 rally in the holy city was also cancelled due to heavy downpour which had left the venue, DLW Grounds, waterlogged.
The Prime Minister was scheduled to address a public rally at the same ground, inaugurate a power project scheme and open a trauma centre at the Banaras Hindu University during his visit.
Modi was also slated to give a go-ahead to the four-laning of the Varanasi-Babatpur Road and lay the foundation stone of a Ring Road here.
He was to lay the foundation stones for two power sub-stations at Chowk and Kazzakpura and later address a public gathering at DLW Grounds.
Meanwhile, a gardener was electrocuted this morning at the rally venue.
Station Officer of Manduadih police station Gopal Prasad Gupta said Devnath, a native of West Bengal, slipped while doing his work and caught hold of an electric wire passing from a pole near him. The wire suddenly broke and he received an electric shock.
He was immediately rushed to hospital but succumbed on the way.
After winning Lok Sabha elections last year from both Varanasi and Vadodara, Modi gave up the seat in his home state of Gujarat to retain this eastern UP Parliamentary constituency.
On his previous two visits to his Lok Sabha constituency - on November 7-8 and December 25 - Modi had announced a number of projects like trade facilitation centre for weavers, adopted a village "Jayapur" for development under the Sansad Adarsh Gram Yojana, and inaugurated an Inter-University Teachers' Training Centre at BHU.
The Prime Minister also led from the front in cleaning of 'Assi Ghat'.
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