Talking to reporters here, he said necessary lessons have been learnt from that "mistake" and preparations have been made to engage China economically.
"We lost the 1962 war because the nation was not prepared mentally and physically for such a thing. We had some other belief politically. Neither troops were readied for this, nor they had equipment. We paid for that mistake," Singh said.
On lessons learnt from the debacle, he said, "I think we should never commit the same mistake again of trusting someone to that extent. We have learnt from that mistake. After that preparations were made. It may happen that there are loopholes in that preparations but that needs to be sorted out."
Earlier addressing the gathering, he said China may create an issue out of the unsettled border disputes with India.
"The problem in coping up with China is that we are the only nation with which its borders have not been settled and therefore if there is a leeway available, whenever it wants, it can create an issue on the border with us," he said.
According to Singh, the best way to tackle China is to engage it economically, which will also ensure greater dividend for India.
He also underlined the growing economic and military capability of China to be kept in mind to deal with any eventuality. (More)