Indian Economy will be back on high growth trajectory: President

New Delhi, Mar 12 (PTI) The Indian government today expressed confidence that the country will soon be back on the high growth trajectory of 8-9 per cent as it unveiled measures to tackle the menace of generation of black money and its outflow from the country. Outlining the government's action plan for the coming 2012-13 fiscal beginning April 1, President Pratibha Patil said in her address to a joint session of India's Parliament that efforts were underway to build political consensus on a single goods and services tax across the country, instead of differing and separate taxes by the central government and the state governments. In the address which could be her last as her five year tenure ends in July 2012, Patil unveiled a blueprint for guaranteeing the country's internal and external security as well as economic and livelihood security. Noting that the current year has been a difficult one for the world economy, the President said the growth rate slowed down to about 7 per cent this year after it grew at a handsome rate of 8.4 per cent in fiscal 2010-11. "This remains a healthy growth rate given the current global trends. The long-term fundamentals of the Indian economy remain robust. India's growth prospects arise from factors such as high domestic savings and investment rates, favourable demographics, and a stable democratic polity. "My Government is confident that it will soon steer the country back to the high growth trajectory of 8 to 9 per cent," she said. With the government's image taking a knock on account of a number of scams, Patil listed a number of measures and said together these have the potential of bringing about a transformational change in curbing corruption and enhancing transparency and accountability in governance. The President expressed government's commitment to resolving all outstanding issues with Pakistan through dialogue but she asked Pakistan to take credible action against terrorist groups and related infrastructure on its soil. The President also supported the controversial National Counter Terrorism Centre (NCTC) which she said was aimed to improve India's capability to counter internal security. Elaborating on the five "important challenges" the government faces today, Patil said the government will work to guarantee internal and external security within the framework of a "just, plural, secular and inclusive" democracy. It will also strive for livelihood security for the vast majority of the population and continue to work for removal of poverty, hunger and illiteracy, she said. Underlining inclusive growth, Patil said, government will work for the early enactment of Land Acquisition, Rehabilitation and Resettlement Bill which provides for a liberal regime of compensation along with a mandatory rehabilitation and resettlement package, not only for landowners but also for those dependent on land for livelihood. PTI