Be it the International Monetary Fund, the World Bank or the World Economic Forum, they have all declared India to be the best destination for global capital, Modi said in his Independence Day address from the Red Fort.

"It is important for India to remain relevant and lead the global economy. But that is possible only if we adopt global standards. In recent days you have already seen how rating agencies have appreciated our moves on ease of doing business."

Speaking on inflation, the prime minister said, "Under the previous government, the inflation level had crossed the 10 per cent mark. But we did not let it rise above 6 per cent."

He also mentioned about rejuvination of Post offices. He said post offices across the country will be converted into "payment banks".

"Post offices will be converted into payment banks," he said while addressing the nation from the Red Fort here on the 70th Independence Day, adding the move will create a network of banks which will help in transfering benefits to the people.

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