He also said he was ready to make unspecified "tough decisions" even if they were unpopular as the country battles high inflation.
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"It is the nation's responsibility to take hard and difficult decisions to bring light to the future of our children, rather than take popular decisions that will lead them to darkness ahead," the president said in Kataragama, 280 kilometres (175 miles) south of Colombo.
"Whatever the obstacles, we shall not delay to regain the lost opportunities for economic development," he added.
Rajapakse received a 21-gun salute and inspected a military parade which was followed by a cultural show by students.
The president, who is also commander-in-chief of the armed forces, said the nation should also work towards uniting the minority Tamils and the Sinha