India capable of strengthening global economy: PM Narendra Modi

India is capable of playing an important role in providing strength to global economy that is facing slowdown, Prime Minister Narendra Modi said on Tuesday. Further, he also encouraged small businesses to make products with "zero defect" and "zeroeffect" 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'salso 'Khadi for fashion'," he said.

Appealing to people to use Khadi products, he said thatit is a priority for India as a Charkha at home brings more income.

"I urge entrepreneurs that they participate in ZED (zerodefect, zero effect) movement. At least 10 lakh units shouldcome forward. We have set 50 parameters to meet ZEDcertification standard. Please enable yourself to comply withthose," the Prime Minister said addressing a 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 createenterprises 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 majoreconomy in the world and amid global slowdown, India isproviding strength to the world economy.

"For India's economic progress, the MSME sector iscrucial," he said.

With an initial outlay of Rs 490 crore, the hub launchedon Tuesday will work towards strengthening market access/linkage,monitoring, capacity building, leveraging financial supportschemes and sharing industry-best practices.