Acknowledging that there were deficiencies in governance, Singh said the advantage of being a democracy is that the shortcomings were always put before the public.
"And there are indeed many deficiencies. Corruption is a problem. Bureaucratic inertia is a problem. Managing coalitions is not easy. But these problems have not arisen suddenly," he said adding that the government was taking steps to revive the economy.
"I would urge Indian industry to have faith in our determination and avoid getting swamped by a mood of negativism," he said addressing the Annual General Meeting of the Confederation of Indian Industry.
"We can in my view get back to 8 per cent growth even as we try to make the longer-term changes in our system to deal with these problems. And what is more, we can achieve growth of an inclusive kind," Singh said.
Samajwadi Party, a key outside supporter of the ruling alliance, has also been breathing fire on several issues and criticising the government headed by Singh.