On Friday, the government said it was opening up its supermarket sector to foreign chains and would allow more foreign investment in airlines and broadcasters. It also approved the sale of stakes in four state-run industries.

Singh was speaking at a meeting of the planning commission, a government economic advisory body, to finalise investment targets over the five years ending in March 2017.

Singh also said the government would target 8.2 percent annual growth over the five year period through policy initiatives, down from an earlier target of 9 percent.