Modi's I-Day speech: 'India to be third biggest economy in five years,' claims PM

In his address to the nation on 77th Independence Day, Modi underlined the progress made by the country in many areas such as health, education, social welfare, economic development and geo-politics.

The Prime Minister said rating agencies have recognised the strength of the Indian economy and global experts are saying India will not stop.

He also underlined the rise of the middle class and claimed that 13.5 crore people had come out of poverty.

"In the past five years, more than 13.5 crore brothers and sisters came out of poverty and became a part of the neo-middle and middle class," PM Modi said.

He also announced the launch of a scheme for skill-based workers called Vishwakarma Yojana and another scheme of interest relief on housing loans for the urban poor living in chawls, slums and unauthorised colonies.

The Vishwakarma Yojana will be launched with the initial outlay of Rs 13,000-15,000 crore seeking to benefit skilled workers like goldsmiths, blacksmiths, masons and barbers who mostly come from the OBC class. The scheme for the urban poor would provide interest relief on loans taken for constructing houses.

While stating that his government was committed to empowering people, strengthening the economy and eradicating graft, Modi said the next five years are for unprecedented development.

"The biggest golden moment to realise the dream of 2047 is the coming five years," he said, clearly seeking a mandate for another five-year term with an eye on next year's general election.

Modi said that his government's goal is to make India a developed country by 2047.