"The Indian economy grew impressively under his (Singh's) leadership in the first five years of his Prime Ministership but regrettably fell prey to massive inflationary forces followed by an unprecedented decline in investment activity resulting from allegations of subjective policy execution and exploitations," Tata said in a message on micro blogging site Twitter.
Singh, who will lay down his office on May 17, has also come in for praise from senior BJP leader Arun Jaitley for his personal integrity.
"Dr Manmohan Singh demits office this week after ten years. He led with great dignity and displayed high personal values," Tata added.
He added that the country should salute Singh who demits office after ten years as Prime Minister.
"India should salute Dr Manmohan Singh, the country's Prime Minister for the past ten years who demits office this week. Dr Manmohan Singh conducted himself with great dignity, earning the respect of the international community for his integrity and humility throughout," Tata said.
Manmohan Singh will be remembered for his high personal values and for the dignity he maintained all the times, he added.