Signs of economic revival visible: President

Expressing concern over rising food prices, President Pranab Mukherjee Thursday said that the Indian economy nonetheless was showing signs of revival and higher growth was on the horizon.

"Signs of revival are visible," the president said in his customary televised address to the nation a day prior to the country's 68th Independence Day.

"Our external sector has strengthened. Fiscal consolidation measures are beginning to show results. Notwithstanding occasional spurts, inflation has started moderating," he said.

"The stage is now set for our economy to move on a high growth trajectory of 7-8 percent, which is essential to ensure the availability of adequate resources for equitable development."

President Mukherjee said even though the Indian economy grew at an average 7.6 percent in the past decade, and the expansion was subdued at 5 percent in the past two years, he still saw optimism.

"I sense renewed vigour and optimism in the air," he said.

He said India's external sector had strengthened, fiscal measures were beginning to show results, inflation had started moderating, employment had increased and manufacturing was the rebound.

"However, food prices still remain a matter of serious concern. Record food grains production last year helped agriculture sector to grow at a healthy 4.7 percent."

Greeting the people ahead of I-Day, the president also said India was still young at 68 and therefore had the will, energy, intellect, values and unity to claim the 21st century.

"The vision to win the battle of freedom from poverty is set. The journey will seem formidable only to those without conviction. As an old saying goes, 'Sidhir Bhavati Karmaja', which means, success is born of action."