He released a commemorative first-day cover and a stamp of Rs 5 and coins of Rs 150 and Rs 10 denominations to mark the 150th birth anniversary of the Jain poet-thinker, which has coincided with the Sabarmati Ashram's centenary celebrations.
Shrimad Rajchandraji is known to be the spiritual mentor of Mahatma Gandhi.
The prime minister called for spreading their message of truth, non-violence and equality around the world.
He said the Gandhian philosophy would guide the human beings through the hazards of living.
We were paying heavily for neglecting the great contribution of the illustrious sons of the soil, he said.
"Had we established Mahatma Gandhi as the messiah of peace in the world, the secretary-generals of the United Nations would perhaps have paid tributes to him first and then assumed office to preach non-violence to the world," he said.
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