Prime Minister Narendra Modi has hoisted the flag at the Red Fort for the 11th time. In his address from the Red Fort, PM Modi highlighted the goal of making India a developed nation by 2047. He described the current period as a golden era for the country and that this is a prime opportunity to achieve the goal of a developed India. 

Strengthening Banks 

In his speech at the Red Fort, Prime Minister Narendra Modi highlighted the current strength of the country’s banking sector. He noted that banks are providing loans across various sectors, including for farmers to purchase tractors or engage in fish farming. Small industries are also benefiting from loans, such as Mudra loans. PM Modi expressed that the recent reforms in the banking sector are crucial for continued progress.

Self-Help Groups 

PM Modi stated that a new system is being established across various sectors, including agriculture, banking, and MSME. Significant progress has been made in women's empowerment, with banks disbursing Rs 9 lakh crore to women's self-help groups. The government scheme Lakhpati Didi aims to make women financially independent. Furthermore, employment opportunities and capital are being provided to lower-income groups in the MSME sector.

Indian economy

Prime Minister Modi noted that the Indian economy is advancing quickly, with India being one of the fastest-growing economies in the post-Covid period. He highlighted that foreign exchange reserves have been steadily increasing, now having doubled from previous levels.