"We need to thoroughly revamp existing government procedures to reduce discretion and to make the basis of decision making as transparent as possible," said Singh.
Singh is likely to visit IIT Kharagpur later during the day.
Singh also flagged the funding of political parties as a major source of concern.
"The funding of elections and of political parties happens to be yet another area which calls for reforms to reduce the scope of generation of black money," he said.
"There are some who argue that corruption is a consequence of economic liberation and reforms. This, of course, is completely mistaken. Many of the areas, which have actually seen systemic reforms have also seen the disappearance of corruption. Industrial licensing, import licensing and rationing of foreign exchange are good examples," said Singh.
"I believe that a new sun is rising on our east and Kolkata can once again regain its glory as India's window to Asia," said the Prime Minister.
West Bengal chief minister Mamata Banerjee was also present on the dais.