Once a fragile-five economy, India now multi-trillion dollar investment destination: PM Modi

Prime Minister Narendra Modi in his Independence Day Speech today highlighted his government's achievements in the past four years. Prime Minister Modi said that the country has made rapid changes in the past four years compared to 2013 when the Congress-led UPA government was in power. The Prime Minister listed down the progress in the economy and mentioned the steps his government has taken in electrification of villages, resolving of NPAs in banking sector, among others.

Prime Minister also said the world's approach towards India has seen a change in the past four years with global agencies saying the India economy is going to grow even bigger. Prime Minister Modi in his Independence Day speech also cited IMF's recent report which said India's economy is an elephant that's starting to run. "India is now the land of reform, perform and transform. We are poised for record economic growth," PM Modi said.

The Prime Minister said that the mood in the country has changed with new hope amongst youngsters. He said there is a flood of start-ups in Tier II and Tier III cities in India. Prime Minister Modi said that had the country continued at the pace of 2013 under the UPA, the country would not have achieved many socio-economic targets that it has in the past four years for decades.

In his speech Prime Minister Modi also thanked the Indian middle class tax payers. "Every honest tax payer is helping three poor families get enough food," the Prime Minister said.

Prime Minister Modi also said that under the Mudra Yojana, loans worth Rs 13 crore were issued and four crore people got the loan for the first time.  Prime Minister Modi said that the rollout of GST has also benefited the country and thanked the business class for embracing the new tax system. PM Modi said in one year after GST, direct tax payers have grown from 70 lakh to 1 crore 16 lakh.

PM Modi also announced that the Pradhan Mantri Jan Arogya Yojna, which will benefit 10 crore families, will be launched on September 25, the birth anniversary of Pandit Deen Dayal Upadhaya.

The Prime Minister also announced that by 2022, India will send its manned space mission. "It is my pleasure to announce that by 2022, in India's 75th year of Independence or even before that, India will take the tri-colour to space," said Modi.

Ahead of I-Day, President Ram Nath Kovind addressed the country and said contentious issues and extraneous debates should not be allowed to distract us at a "pivotal moment" when the country is at the cusp of achieving many long-awaited goals.

"Universal access to electricity, the elimination of open defecation, the elimination of homelessness, the very elimination of extreme poverty is achievable and attainable. We are at a pivotal moment. Let contentious issues and extraneous debates not distract us," Kovind said"

In his televised address to the nation, he said: "The decisions the country takes today, the foundations we lay, the projects we undertake, the social and economic investments we make today whether for the immediate future or for the medium term will determine where we stand."

"The pace of change and development in our country is rapid and appreciable. And as per our civilisational traditions, it is driven by our people, by civil society and by a partnership between citizen and government. Its focus, again in keeping with the essence of Indian thought, is on a better life for the less fortunate," the President further said.