The prime minister hoisted the national flag at the historic Red Fort to mark the event.
Donning the cap of the Indian National Army presented to him by one of the close aides of Bose, Modi said it has been the Indian tradition not to eye someone else's territory, "but when our sovereignty is challenged, we will hit back with double the force."
He also cautioned people against forces inside and outside India which are working against the country by targeting it and its constitutional values.
He said a feeling of nationalism and "Indianness" is must to counter such designs.
Referring to the opposition faced by Bose when he decided to establish the Rani Jhansi Regiment -- an all women unit of the INA, Modi said the regiment would complete 75 years of its establishment on Monday.
He said, the present government is trying to fulfil the dreams of Bose even as he recalled the decision to allow women in the Army to opt for permanent commission from short service commission following a transparent procedure.
The prime minister said the air force is set to have the first batch of women fighter pilots.
He said arrears worth Rs 110 billion have been released for ex-servicemen under the 'one rank, one pension' (OROP) scheme. OROP, coupled by recommendations of the seventh pay commission, have given "double bonanza" to former servicemen, he said.
Modi also said the work on the National War Memorial is in its last stages.
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