"There are no external constraints to our growth... If at all there is a constraint, it is at home... Our government is determined to reverse," Singh said after inaugurating the 25th edition of India International Trade Fair in New Delhi.
The constraints are illiteracy, ill-health, low income, poverty and poor infrastructure, he said emphasising the country had a long way to go in developing world class infrastructure.
India needs to address major policy and implementation issues in power and coal sector, he said adding condition of power distribution companies should be improved and state electricity boards made "viable, healthy and efficient."
"On their health depends the investment climate in power generation sector. I hope this matter engages attention of all state governments as shortage of power can handicap them critically in their quest for growth," he said.
Asserting that globalisation was irreversible, Singh said, "We cannot shy away from it. We must prepare ourselves for greater integration with the evolving world economy".
However, he said he was happy to note that India was undergoing a rapid and all-encompassing transformation to emerge as one of the fastest growing economies of the world and said growth had averaged more than seven per cent in last three years and "We hope to repeat this performance in future."
To become part of the emerging globalised world, Singh said, "We are committed to bringing our tariffs down to ASEAN level. We are also working actively to bring the economies of South and South East Asia closer."
"We are on the threshold of India-ASEAN free trade agreement and the SAFTA will come into effect from the coming new year," he said.
Singh said efforts would be on to create an Asian Economic Community and become members of the Asia-Pacific Economic Cooperation, keeping in mind domestic employment and enterprise requirements.
Indicating that economic reforms would continue, Singh said the government will facilitate firms to become globally competitive so that "India became home of multinational corporations of future."
He said the government was committed to massive investment in rural areas and "Bharat Nirman is our investment in the future of Village India".
In every area of infrastructure development, the country required public-private partnership as public sector alone cannot deliver all that is required, he said adding that the country's roads programme had been given a new thrust, the airports and airlines were humming with fresh activity and railway was working on its version of a Golden Quadrilateral.
Although the government was committed to pursuing policies that enrich all sections of the society, Singh said "We still have a long way to go in eradicating poverty, creating adequate employment opportunities and reducing income disparities."
"We need to ensure that the benefits of our accelerating growth benefits all sections of the society," he added.
Given the young age profile of the country's population, rising savings rate and inherent entrepreneurial dynamism, Singh said he was confident that government would sustain and hopefully improve upon the growth rate to get rid of mass illiteracy, want and disease.
While planning for India's growth, the country was taking in cognizance of changes in global development and there a new sense of confidence in Indin enterprise that augured well for future, he said.
"Indian business and skilled workers are not afraid of globalisation. They are willing to test their skills and sell their wares in the global market," he said.
India has always been, since ancient times, the home of teachers and traders and it has to once again become a major trading nation. " For that, we need a competitive economy that works on the frontiers of scientific, technological and managerial knowledge," he said.
Commerce and Industry Minister Kamal Nath said that he was encouraging exporters to touch the magic figure of $100 billion of merchandise exports on the back of 26 per cent growth in the current fiscal.
Coupled with $50 billion services exports this fiscal, he said country's total exports was expected to touch $150 billion and India's commercial engagement with the world would be $330 billion taking into consideration $180 billion imports.
Striking a different note from the Left parties' views, West Bengal Chief Minister Buddhadeb Bhattacharya said the state was committed to encouraging FDI and pursuing investor friendly policies including setting up of Special Economic Zones. West Bengal, which is the partner state at the IITF'05 offered vast opportunities for investment in iron and steel, chemicals, gems and jewellery, leather and IT and ITeS, Bhattacharya said.
Around 7,500 international and domestic exhibitors are participating in this silver jubilee edition, which has Thailand as the partner country.