At a time, when oppositions are criticizing Prime Minister Narendra Modi-led Union government for the slowdown of the Indian Economy, the Prime Minister on Thursday said that the fundamentals of the Indian economy were strong. Addressing a debate in Rajya Sabha, PM Modi also said that the Indian economy had inherent capability for higher growth rates.

The PM further said that there was no reason for beingdespondent and aspirational targets were needed to move ahead to double thesize of the economy to $5 trillion.

"There is no question of thinking small. Pessimism andgloom do not help us. We talk about a $5-trillion economy. Yes the aim isambitious, but we have to think big and think ahead," PM Modi said. He alsoassured the house that his government is focusing on infrastructuredevelopment, small businesses, textiles, startups, and tourism.

On the other hand, Modi said that he had opposed GST,when he was the CM of Gujarat as he had wanted concerns of manufacturing-statessuch as Tamil Nadu, Maharashtra to be addressed before rolling out of taxregime. He said that these concerns were addressed when his government came topower in the Centre.