"We have succeeded in bringing it (inflation) down from double digits to three to four percent despite the fact that rainfall was low and agriculture suffered," Modi said in his Independence Day address from the ramparts of Red Fort.

He said there was a need for reform in agriculture.

"We need change in agriculture. Agricultural land is shrinking, farmers need electricity, water. We have approved Rs 50,000 crore under the Pradhan Mantri Krishi Sinchai Yojana," he said.

Prime Minister said the new motto should be "Save Water, Save Fertiliser", and "Per Drop More Crop".

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