Addressing the inaugural function of the India Economic Summit, he said, "Growth is expected to be around 6.5 percent (this fiscal). There are clearly signs of an upturn in the economy. With a normal monsoon next year, we hope to achieve a growth rate of over seven per cent."
For this growth to happen, Singh said reforms were essential, including in insurance that require legislative changes.
"(We) will strive to build political consensus needed for these legislative actions to be completed," he said,
According to him, a reformed financial system would help provide the finances needed for the country's development, especially for infrastructure.
"India will open its doors further to foreign investment and invited entrepreneurs from across the globe to participate in a host of areas, including infrastructure sectors," he added.