SufficientBecause the time for a 2-3 minute English speech is considered sufficient for properly presenting the key points and ideas of the Red Story.

 This time frame provides ample space to introduce the relevant characters, to detail the key plot points and to emphasize the moral values and virtues of the story.Furthermore, one could use this presentation to setup the relevant cultural context and historical background for the story itself. 

This could include a brief exploration of the author's life, the reactions of local critics, or other contextual elements which will enhance the presentation.

In sum, the allocated time frame is sufficient given careful preparation and organization, and can lead to an engaging, informative and valuable speech.