Singh pointed out that trials of the global economy have led to repercussions in India as well and India's economic growth has slowed down.
"In response, our government has considered several measures to revive the engines of growth. In a country of India's size, diversity and complexity, intense debates on the policy choices we make are inevitable.But these debates have not stopped us from taking the hard decisions in the long term interest of our country and our people.
Singh said the government has set a target of over 8 per cent annual growth for the Twelfth Five Year Plan.
"This is the rate of growth India recorded over the past decade and is, I believe, our potential rate of growth in the near future," he said.
Prime Minister said the government was confident that the country can return to that growth path.
"Our economic fundamentals are strong. The spirit of enterprise and innovation in India is thriving. The opportunities for investment abound.Our government's resolve to spur investments, attract foreign investors and boost economic growth remains unwavering," he said.
Singh added that the government has sought to make India more attractive to investors both at home and abroad.
"In recent months, we have introduced strong measures to achieve fiscal consolidation and further strengthen macroeconomic stability. We have taken steps to accelerate implementation of major infrastructure projects.Our message to the world is clear: India remains open and welcoming to foreign investment. We are aiming to attract an investment of nearly one trillion dollars in infrastructure over the next five years.I hope German companies and companies from across Europe will make good use of these opportunities and help accelerate our growth process," he said. .