However, he hoped that the economy will rebound as the government was taking all steps to boost investments.
"I would not like to make a forecast of what our growth will be in the year 2013-14. The IMF has recently reduced its earlier projection of growth rates for all countries including India, for 2013," he said at a function here.
"We had targeted 6.5 per cent growth at the time the Budget was presented. But it looks as if it will be lower than that," he said.
"Industrial growth has not yet recovered. However, I am happy to say that agriculture looks well set to show a good performance," he said.
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The country's economic growth has hit a decade low of 5 per cent last fiscal on account of poor performance of farm, manufacturing and mining sectors.
Highlighting the UPA regime's performance, Singh said the average growth rate during eight years (2004-05 to 2012-13) was 8.2 per cent. This is much better than 5.7 per cent achieved in the previous eight years.