Singh, who arrived in the city today to participate in a programme hosted by the Presidency University as part of its bicentenary celebration tomorrow, informed the state that he would not attend the business meet.
"Yes Mr Singh will not be coming for business meet. Such a message was sent to us," the sources said.
The two-day meet, which would be inaugurated by President Pranab Mukherjee, is expected to see delegates such as Bangladesh industry minister Amir Hossain Amu.
Secretary-level officers of China's Jiangsu province would also be present.
Top industrialists like JSW Group Chairman and Managing Director Sajjan Jindal, Future Group CEO Kishore Biyani and Manipal Global Education Chairman T V Mohandas Pai are scheduled to be there tomorrow.