Amid global slowdown, India providing strength to world economy: Modi

Ludhiana: India can play a major role in providing strength to global economy that is facing slowdown, Prime Minister Narendra Modi said 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.