Addressing a conference here, Singh said, "We are in the midst of a major social-transformation. Our economy has grown at an average annual rate of over nine per cent in the last few years."
He was speaking with business leaders at the Council of Saudi Chambers of Commerce and Industry here.
Singh further said, India hopes to achieve "a growth rate of over 7 per cent in the current financial year" and expects to bounce back to the "growth level of 9 per cent within two years."
Singh invited entrepreneurs from Saudi Arabia to invest in his country.
"There is a large scope to explore investment opportunities in India, which has a vibrant and innovative private sector," Singh added.