Holding a brainstorming session with his infrastructure ministers, he said after achieving remarkably high growth rate over the past 8 years and emerging as the second largest economy in the world, "we are now running into more turbulent weather".
"In these difficult times, we must do everything possible to revive investment and business sentiment, both public and private.
"We must work to create an atmosphere which is conducive to investment and to removing any bottlenecks to growth," he told a meeting attended by ministers and officials of Power, Roads, Shipping, Civil Aviation and Coal besides Planning Commission Deputy Chairman Montek Singh Ahluwalia.
At the meeting ambitious targets were set for investments in ports and aviation sectors, power generation, coal production and railway freight carriage for 2012-13 which Singh said where achievable. He said he was encouraged by ministers' commitment to meeting these targets.
He said as the government was committed to taking measures to reverse the present situation and revive India's growth story.
"The global economic is passing through difficult times. This has affected us. It is therefore imperative to take measures to give a boost to our economy.
"The government is not only aware of the challenges but is committed to taking the necessary measures to reverse the situation and revive India's growth story. These will turnaround India and take it back to a growth path of 9 per cent," he said.