Prime Minister Narendra Modi on Thursday said that the country's economic fundamentals are strong and that the economy has grown despite containing the inflation rate.

Addressing the nation on the 73rd Independence Day, the Prime Minister said that the ruling NDA government has been able to both control the inflation rate and increase economic growth in the country, which usually cannot be managed in tandem.

"Sometimes growth rate rises but inflation does not remain in control, and sometimes inflation is controlled but growth rate slows down. But this is a government which has controlled inflation along with increasing the growth rate. The fundamentals of our economy are very strong and this strength gives us the faith of growing," he said.

"Today, the Government in India is stable, policy regime is predictable...the world is eager to explore trade with India," he added.

This Independence Day comes in the backdrop of a big economic slowdown amidst a liquidity crunch, the impact of which is being particularly felt in the automobile and fast moving consumer goods (FMCG) sectors. 

Stressing the need for domestic manufacturing, Modi said that Indians should buy 'Made In India' products.

"Our priority should be a 'Made in India' product. Can we think of consuming local products, improving rural economy and the MSME sector," he said.

He also said that the country should boost exports and each district of India can contribute to the country's exports.

Underlining the need for making local products attractive and creating more export hubs, he said the government's principle for exports is "zero defect, zero effect".

He also said that the government will invest Rs 100 lakh crore on developing modern infrastructure that will aid in nearly doubling the size of the Indian economy to $5 trillion in the next five years.

He added that reforms will continue to be ushered in to help India break into top 50 countries on the ease of doing business ranking.