"We will put an Indian in space by 2022 or earlier", Modi said.
If successful, India would be the fourth nation to achieve that feat.
Mr Modi also assured Muslim women of all efforts to stop Triple Talaq.
"India has registered its name as the sixth largest economy in the world".
India celebrates Independence Day on August 15 to commemorate its independence from the United Kingdom on the same day in 1947, when Parliament passed the Indian Independence Act to handover sovereignty to the Indian Constituent Assembly.
"It came as a surprise to us, I was not expecting this but it is a great gift to Isro and we are confident of sending Indians to space in the next four years, although it is a tight schedule", Sivan said.
'India will send into space - a man or a woman - by 2022, before that if possible, ' Modi confirmed.
The astronaut would be 'carrying the national flag, ' he revealed during the 80-minute speech, which was broadcast live from the historic Red Fort in New Delhi.
But the suddenness of the decision and the secrecy with which preparations had to be undertaken meant the government and the Reserve Bank of India were seen as being unprepared to address the cash crunch that followed the move in which almost Rs 15 lakh crore, or 86 percent of the economy's cash, was rendered unusable. Last year, GST became a reality. However of late, it has launched missions like Chandrayaan-1 (moon mission) and Mangalyaan that had aroused tremendous interest among people.
"If we had continued at the same pace at which toilets were being built in 2013, the pace at which electrification was happening in 2013, then it would have taken us decades to complete them", he said.
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Earlier this year, the Indian space agency made a the record by launching 104 satellites into orbit at the same time using only one rocket, our sister site ZDNet reported.
The satellite, later rechristened South Asian satellite, was launched in May 2017.
A crucial sensor in the main craft malfunctioned in July experts believe. The mission has been terminated, ' said S Satish, from the Indian Space Research Organization (ISRO) at the time.
It is now set for launch in January 2019.
Premier Modi listed his government's achievements in the past four years in reforming the country's economy, reducing poverty and corruption.
Modi also said the government would launch a health insurance scheme in September that would benefit 500 million poor people. From being seen as among the fragile five, India is now seen as the land of reform, perform and transform.
India is now the sixth-largest economy in the world. "For the next three decades, India is going to guide and speed up the world economy".
He said the structural reforms like a national tax replacing various state and local taxes, bankruptcy and insolvency laws, and a crackdown on corruption have helped transform the economy.
Emphasising the need for the equal development of Ladakh, Jammu and the Valley regions - one of the BJP's alleged grouses against the PDP was its bias to Kashmir - Modi said his party believed in former Prime Minister Atal Bihari Vajpayee's path of "insaniyat, Kasmiriyat, Jamhuriyat (humanity, composite culture, democracy)".
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