New Delhi, Oct 19 (IANS): India is now at the forefront of vaccine development for Covid-19, Prime Minister Narendra Modi said on Monday while virtually addressing the 'Grand Challenges' annual meeting.

The assertion came just 48 hours after the Prime Minister chaired a meeting to review India's vaccine delivery, distribution and administration process.

Earlier, the Centre had said that three vaccines are in advanced stages of development in India, out of which 2 are in Phase II and one is in Phase III.

During his address on Monday, Modi said that India has one of the highest recovery rates at 88 per cent.

"This happened because India was one of the first countries to adopt a flexible lockdown," he said.

Modi added that India is seeing a decline in the number of daily cases.

India's Covid tally on Monday crossed the 75 lakh-mark to 75,50,273 cases. Out of these, 7,72,055 are currently active, 66,63,608 have been discharged, while 1,14,610 people have succumbed to the virus.

Meanwhile, the Prime Minister heaped praises on India's scientific fraternity and institutions.

"They have been India's biggest assets, especially during the last few months. Be it containment or the issue of capacity building, they have achieved wonders," the Prime Minister said.

He pointed out that the future will be shaped by societies which will choose to invest in science and innovation. However, he warned, "This cannot be attained in a short-sighted way. Investment in science and innovation needs to take place well in advance. Only then can we reap the benefits at the right time."