Buy local products for 'better tomorrow'; efforts on to make India $5 trn economy: Kovind

President Ram Nath Kovind on Friday exhorted people to use locally manufactured products for a "better tomorrow" as he reiterated the government's commitment to make India a USD 5 trillion economy.

The President also said that fundamentals of the Indian economy were strong and the foreign exchange reserves were at a record high.

"I urge every representative of the people, from Panchayat level to Parliament, and every government in the country, to transform the philosophy of 'buy local for a better tomorrow' into a movement. I also urge every Indian to give priority to local products.

"By using locally manufactured products, you will be able to help the small entrepreneurs in your area to a great extent," he said while addressing the joint sitting of Parliament on Friday.

The fundamental mantra of independence was a self-reliant India, he said, adding that it is possible only when every Indian takes pride in every product made in India.

The government, he said, was committed to attaining the goal of making India a USD 5 trillion economy and is making efforts at every level in consultation with all stakeholders.

The President, however, did not mention in his address any timeline for achieving the USD 5 trillion economy goal.

In spite of global challenges, the fundamentals of Indian economy are strong, Kovind said adding that foreign exchange reserves have reached a historic high of over USD 450 billion.

"Inflow of Foreign Direct Investment (FDI) to India is also on the rise. As compared to last year, FDI has increased by USD 3 billion between April and October this year," he said.

The President also said that the tier-2 and tier-3 cities of the country are emerging in a new role towards achieving the goal of USD 5 trillion economy.

Since 2014, he said, start-ups in small cities have grown at a rate of 45 to 50 per cent. Similarly, about 35 lakh people have so far travelled by air under the UDAN scheme. "Last year, 335 new air routes have been approved."