Dream of 5 trillion dollar economy not difficult if everyone strives for it: PM

Prime Minister Narendra Modi on Thursday said making local products more attractive will boost India's credentials as an export hub and asserted that 'Zero Defect, Zero Effect' -- high-quality products which are eco-friendly -- will be the guiding principle in this process.

Modi also asserted that making India a 5 trillion dollar economy is not difficult if everyone citizen strives for it.

"Time has come to think about how we can boost exports. Every district of India has so much to offer, therefore, there is a need to make local products attractive. This may help in the emergence of export hubs. Our guiding principle is Zero Defect, Zero Effect," said Prime Minister Modi while addressing the nation from the Red Fort on the 73rd Independence Day.

"Why shouldn't we think of becoming an export hub? Every region in India has its own unique products, indigenous handicraft and its own handloom. Why can't we utilise all this to provide India the impetus for becoming an exporting nation?" he asked.

Stressing that world is eager to trade with India, the Prime Minister said, "Today, the government is stable and policy system is predictable. We are putting all efforts to keep prices under check and speed up development. The fundamentals of our economy are strong."

Modi also emphasised on the Centre's mission of making India a 5 trillion dollar economy.

"Everyone is thinking how will we move forward? Who will we develop? To what extent can we develop? Fulfilling the dream of five trillion dollar economy is the answer to it. This target can be achieved if every citizen starts contributing to the nation. It is not difficult if everyone strives for it."

Prime Minister took a jibe at the previous UPA government and said India became a two trillion dollars economy in the last 70 years while one trillion dollars was added in the last five years.

"In the last 70 years we became a two trillion dollar economy, but in the last five years, we added one trillion dollars to the economy. This gives me the confidence of becoming a five trillion dollar economy in the coming years," he said.