Singh said he had turned to the veteran Marxist leader on many occasions for his advice on important issues and the response was always pragmatic.
Singh said the death of the 95-year-old CPI-M leader marked the end of an era in the annals of Indian politics.
"He was a man of great integrity with a deep commitment to secular values," the Prime Minister said in his condolence message.
"Shri Basu will be remembered by the people of West Bengal for bringing stability and order to the State after the turbulent period of the early 70s and for the rural transformation he brought about through his visionary land reforms and his style of democratic and decentralised governance," Singh said.
"I feel a deep sense of personal sadness at the passing away of this great patriot, political luminary and intellectual," Singh said.
Prime Minister also conveyed his heartfelt condolences to the members of the bereaved family and to late leader's countless comrades, friends, admirers and followers.