Deputy Prime Minister L K Advani on Tuesday said the relevance of the concept of 'swadeshi' had not changed in the era of liberalisation and globalisation, while foreign investment and technology were welcome where they were needed.

"In recent years, the meaning and applicability of self-reliance have changed because of liberalisation and globalisation. Nevertheless, self-reliance -- or the larger concept of swadeshi -- has not ceased to have its relevance in the changed situation," he said at the golden jubilee function of Indian Institution of Electronics and Telecom Engineers in New Delhi.

"India of our dreams can be built only by Indians, primarily by using our own natural, human and cultural resources. Foreign investment, foreign technology, foreign management practices, all these are welcome where they are needed, (but) the basic effort has to be our own," Advani said.

He said it was because of the country's policy of self-reliance that India, amongst all developing nations, had developed robust and diversified strengths in industry, agriculture and services.

"This has also helped us follow an independent foreign policy," he added.

Citing an example of strong growth in the field of electronics and telecom, Advani said: "I am gratified that much of this progress has been possible because of sound and far-reaching policies adopted by our government during the past five years."