Free Press Journal

India can play major role to strengthen global economy: PM

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Ludhiana : India can play a major role in providing strength to global economy that is facing slowdown, Prime Minister Narendra Modi said on Tuesday, while exhorting small businesses to make products with “zero defect” and “zero effect” on environment.

He also stressed upon the need to promote Khadi industry. Modi, who distributed 500 wooden charkhas to women, said there was a time when Khadi was used as a tool in fight for Independence now it should be used for fashion.

“Things are different today. See how well Khadi is marketed now. Earlier it was only ‘Khadi for nation’, now it’s also ‘Khadi for fashion’,” he said. Appealing to people the use Khadi products, he said that it is a priority for India as a Charkha at home brings more income.


“I urge entrepreneurs that they participate in ZED (zero defect, zero effect) movement. At least 10 lakh units should come forward. We have set 50 parameters to meet ZED certification standard. Please enable yourself to comply with those,” the Prime Minister said addressing at National Award function for MSME.

Modi also launched ZED Certification Scheme for Micro Small and Medium Enterprises (MSME) and SC/ST HUB for providing support to entrepreneurs. “The spirit of entrepreneurship among Dalits will benefit us. There are youngsters whose dreams are to create enterprises and jobs,” he said. Modi stressed that MSME was crucial for India’s economy and said “our aim should be to target the global markets”.

He also said India today is the fastest growing major economy in the world and amid global slowdown, India is providing strength to the world economy.

“For India’s economic progress, the MSME sector is crucial,” he said. With an initial outlay of Rs 490 crore, the hub launched today will work towards strengthening market access/linkage, monitoring, capacity building, leveraging financial support schemes and sharing industry-best practices. Modi also went around an exhibition and tried his hand at a Charkha. After giving national awards to MSMEs, he said the central government was working to give boost to small and medium enterprises. Noting that India aim should be to target global markets, Modi told the entrepreneurs that government stands shoulder to shoulder with them to realise this aim. He said that India is fastest growing economy in the world. Modi said that despite two earlier years when there was drought and when agriculture production dropped considerably, it was the manufacturing sector, especially MSMEs, which ensured that country had a steady economic growth rate.He said at a time when world economy was facing slowdown like the one witnessed in 2008, India’s economy was strong and was giving strength to world economy.