The economy had grown at an average annual rate of 9 percent before 2008, when it slowed due to the global economic crisis and a severe drought in 2009, Singh told the government agency that sets investment and growth targets.
"Despite these adverse circumstances, our economy grew by 6.7 per cent in the fiscal 2008-09 and it has accelerated to 7.2 percent in the fiscal year that is about to end in a few days time," Singh said.
India's financial year runs from April to March.
"We expect to achieve 8.5-per-cent growth rate in the year 2010-11 and I do hope we can achieve 9 percent in the year 2011-12," Singh said. "But we need to do even better. A 10-per-cent per annum target is what we should work toward."
Singh said robust growth was needed to reduce poverty and provide productive employment for young workers in the near future.
"A growth of 10 percent looks ambitious but is not impossible," said Singh, an economist who had held top positions in academic and policy-making institutions.
That growth rate would require investment in infrastructure of about 1 trillion dollars between 2012-17, he said, and urged the Planning Commission to draw up an action plan to achieve it.
Singh also said new infrastructure could not be funded from public resources alone, and called for increased private investment.
"This is because the government would have to necessarily devote a large portion of its resources to critical livelihood support programs and to providing access to education and health services which are crucial to ensuring inclusiveness of the growth process," he said.
India has one of the world's fastest-growing economies, but also has one of the largest populations of poor people and high rates of malnutrition and maternal mortality.
