To solve the problems faced by India on Global Economy, we can take a slow but a steady step towards strengthening the global economy, said Prime Minister Modi on Tuesday. He stressed on how it should be the aim of the industries in India, especially the MSME (Micro, Small and Medium Enterprises) to target the global markets, and has helped in many ways.
The economic issues are well understood. Growth is flagging. Inflation is low. The attempt to boost economic activity using debt and financial engineering has created a large debt overhang that is proving intractable.
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.
• Khadi Industry: PM Modi is trying to increase the use of Khadi in India, by supporting the small scale industries to promote the Khadi Industry. Refering to the Khadi being used during the Independence, he stresses about using Khadi not only for nation, but also for fashion.
• ZED Movement: He has also set up the ZED (Zero Effect zero Defect) movement, and is urging young entrepreneurs to be a part of it, by complying with the 50 parameters for the ZED standards. Modi has launched a ZED certification scheme for MSME and the SC/ST HUB as a way of his support to the entrepreneurs and startup companies.
• Support to the MSME: He wholly supports start ups, with his start up India scheme and requests, with subsidies and support for those organizations falling under the ZED standards. The ZED movement is made to help India face and strengthen itself against the economic problems.
Despite the slowdown of the global economy, India is still the fastest growing economy in the world. The scheme is set to focus on improving the market linkages, leveraging the financial support schemes, improving the industry practices etc.