President's speech underscores confidence in economic growth

President Pratibha Patil on Tuesday said the government was confident of achieving over 9% economic growth next year, but admitted that rising inflation, specially food prices, are a matter of serious concern.

"We are now returning to the pre-crisis growth pattern and are confident of growing at over 9% next year," Patil said in her address to the nation on the eve of the 62nd Republic Day.

"All sectors of the economy will be contributors to our growth trajectory," she said, while underlining that the performance of the Indian economy was appreciable, even in the face of difficult circumstances during the global financial downturn.

The President, however, admitted that “rising inflation particularly food prices, are a cause of serious concern.”

She said inflation underscored the “urgent need to take suitable action, and also look at more innovative approaches towards food security, agricultural production and rural development.”