He said the growth was laudable for a period "which saw two global slowdowns".
"However we must also recognise that the 12th Plan is starting in a year when the world economy is experiencing difficulties and our economy has also slowed down. These short term problems present a challenge but should not leave us with undue pessimism," the Prime Minister said.
He said that poverty declined twice as fast between 2004-05 and 2009-10 than it did in the previous 10 years.
"Our objective is not just growth of GDP, but growth that is inclusive and also sustainable. The SC/STs, OBCs, and the minorities must all participate fully in the growth process. The (12th) Plan has many elements designed to ensure this," Manmohan Singh said.
He also said infrastructure growth was in focus, and that he will monitor the growth in this sector after six months.
"We need close to a trillion dollars of investment in infrastructure and we have to work hard to achieve this. I will personally review the performance of the infrastructure ministries compared with targets at the end of the first six months.
"The Plan contains ambitious programmes in health, education, water resource management and infrastructure growth aimed at inclusiveness," Manmohan Singh added.