The inflation based on Wholesale Price Index (WPI) plummeted to a three year low of 6.62 per cent in January. The retail inflation, however continued to remain in double digit.
The government, he added, is also working with states to reach a consensus on Goods and Services Tax (GST), which will streamline indirect taxation system.
With record foodgrain production for two consecutive years, he said, India's foodgrains position is comfortable. The total stock of foodgrains with the public sector agencies was 662 lakh tonnes on February 1, 2013.
Pointing out that lack of adequate and quality infrastructure is a major hurdle for fast growth, he said, it is imperative that the infrastructure deficit is "overcome and adequate investment takes place".
The President also said the government remains committed to increasing the share of manufacturing sector to 25 per cent of GDP and creating 100 million jobs within a decade.
He further said the recent rollout of Direct Benefits Transfer system would enable government sponsored benefits such as scholarships, pensions and maternity benefits to flow directly into the accounts of beneficiaries.
In due course, he said, the system will also cover wages and subsidies on food and LPG.
"This system will help cut down leakages, bring millions of people into the financial system and lead to better targeting of beneficiaries," Mukherjee said.
However, the President said, the Direct Benefits Transfer system will not be a substitute for public services and will be complementary to the Public Distribution System.
