New Delhi, Jan 31 (KNN) President Ram Nath Kovind on Friday urged people to give priority to locally manufactured products for a "better tomorrow" as this will help the small entrepreneurs.

"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,'' he said while addressing the joint sitting of Parliament on Friday.

"By using locally manufactured products, you will be able to help the small entrepreneurs in your area to a great extent," he added.

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.

He further asserted that government is committed to attaining the goal of making India a 5 trillion dollar economy and is making efforts at all levels of the economy, in consultation with all stakeholders.

In spite of global challenges, the fundamentals of Indian economy are strong, Kovind said adding that ''Our foreign exchange reserves have reached a historical 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 5 trillion dollar economy. Since 2014, 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. It is estimated that in the coming years, more than half of the country’s digital transactions will take place in these tier-2 and tier-3 cities,'' he avowed.

While commenting on the small cities, the President said,''the government is doing its utmost to fulfil the developmental aspirations of small cities and the new middle class.

''The middle class in small towns has also benefitted the most from tax exemption on income up to Rs. 5 lakhs. The middle class families with annual income of up to Rs 18 lakhs are able to save between Rs 5 to 6 lakh on home loans with tenure up to 20 years. It is the middle class that will benefit the most from the Rs 25 thousand crore fund provided by the government for completion of stalled housing projects,'' he added.

The government is providing impetus to 'Make in India' to accelerate the growth rate of the economy and to boost manufacturing and exports. Government is developing two defence corridors in Tamil Nadu and Uttar Pradesh, in addition to 5 Industrial Corridors in the country, he said.

Later he also stated that merger of small Public Sector Banks has strengthened them and improved their lending capacity.

''In the first half of this financial year, 12 Public Sector Banks have reported profits. Due to the Insolvency and Bankruptcy Code, nearly Rs 3.5 lakh crores have also been recovered by the banks and other institutions,'' he avowed.

''Reduction of corporate tax and the codification of Labour Laws will increase ease of doing business in India,'' he said.

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