He said firm economic growth was absolutely necessary to ensure that Puducherry and its outlying regions record balanced development.
"The status of statehood is our important goal," he said in his Independence Day address at the Indira Gandhi sports complex here after unfurling the tricolour.
The Chief Minister had pressed for this demand at the Niti Ayog governing council meet in Delhi on February 8.
He said a firm socio economic basis is also necessary to reach this goal.
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Rangasamy said that the Rs 5.5 crore Puducherry Science Centre and Planetarium in Lawspet here would be named after former President, the late A P J Abdul Kalam.
Highlighting the achievements of the government in various sectors, he said it had spent Rs 2,159 crore in the last eight months of the present fiscal on various developmental projects and Rs 3,438 crore under non-plan head.
"My government is keen to ensure that there is proper utilisation of funds available from the government," he said, adding that in the 2014-15 fiscal, the Centre had earmarked Rs 5,940 crore for Puducherry.
Cultural teams from various states also presented programmes.