The remarks come in the backdrop of several states, including Madhya Pradesh and Rajasthan, which witnessed a change of government, announcing farm loan waivers.
Singh expressed apprehension that some states are not according priority to fiscal discipline, which was not the case earlier.
He also emphasised on strengthening the Centre-state relationship through institutional mechanisms.
Addressing the 'Skoch Summit' here, he said the government should look at ways to further accelerate the reforms process pertaining to the factors of production -- labour, land, capital.
Speaking at the event, Bibek Debroy, Chairman, Economic Advisory Council to the Prime Minister, said there is a need to re-examine all institutional structures to push the country's growth.
He said India's per capita income is approaching the USD 2,000 mark and it would increase further, but there will still be challenges.