Prime Minister Dr Manmohan Singh has announced that he will retire after the general election and not seek a third term even if his party defies predictions and is re-elected for a third consecutive term.
"In a few months' time, after the general election, I will hand the baton over to a new Prime Minister. I hope it will be a UPA-chosen Prime Minister," he said in his opening remarks at a press conference in New Delhi, his first in over three years.
Dr Manmohan Singh said, "I will not be candidate for prime ministership if UPA comes back to power. Rahul Gandhi has outstanding credentials to be nominated as the prime ministerial candidate. I hope our party will take that decision at an appropriate time."
Highlights of the PM's address
Ladies and Gentlemen, let me wish you all a very Happy New Year.
A cycle of global economic growth is turning for the better. India's own growth momentum will revive.
Many of the steps we have taken to address our domestic constraints have come into play.
People have demonstrated their faith in democracy by voting in large numbers.
Our party did not do well, we will reflect on what the results tell us.
Over the past decade, we have been through many ups and downs.
During my first tenure in office, India experiences for the first time accelerated growth of 9 per cent. This was followed by slowdown.
Economy is marked by ups and downs and we should not focus overtly on slowdown.
Even during slowdown, rate of growth achieved in past 9 years is highest for any 9-year period.
Not just acceleration of growth that is good, equally important that we made the growth process more socially inclusive than it has ever been.
Agricultural GDP has grown faster than ever before. Rural wages have increased in real terms much faster than earlier.
Percentage of population below poverty line has fallen much faster from 2004-2011 than it did in previous 10-year period.
No of people below poverty line has come down by 13.8 crores.
Concerned that we have not been as successful as we need to be in generating employment in the manufacturing sector.
The Food Security Act that we have passed will to some extent shield the common man from rising food prices.
The worry about inflation is legitimate. We should also recognize that incomes for most people have increased faster than inflation.
Education has been a key element of our strategy to increase the productive capacity of our economy and improve access to better jobs.
I have myself been a beneficiary of liberal scholarships and public investment in education. I can, therefore, well understand the critical importance of investing in education.
I take great pride in the fact that we have transformed the education landscape of our country.
Through Sarva Shiksha Abhiyan, through new scholarships for Scheduled Castes, Scheduled Tribes, Other Backward Classes and Minorities, and with a focus on the Girl Child and young women, we have widened educational opportunities.
We have set up new universities, new institutes of science and technology, new industrial training centres and enabled the flowering of individual enterprise in skill building and education.
I also feel satisfied with our legislative effort. Despite unprecedented parliamentary holdups, we have passed several important laws that seek to empower our people and our democratic institutions.
I do not wish to elaborate on our achievements in the economic arena. These are spelt out in detail a booklet which has been separately distributed and I would be happy to answer questions.
We are deeply committed to the objective of combating corruption.
Historical legislations has been enacted to make the work of the Government transparent and accountable.
Governance has been made more answerable as never before.
Most of you have been routinely using the Right to Information Act to access Government documents not possible earlier.
We have taken major steps to change the existing procedures for allocation of spectrum and coal.
Where some decisions taken earlier have come under question, they are being investigated. Any wrong doing will be punished through due process of law.
India will continue to invest in its defence and national security.
At the same time, we will continue to seek better relations with our immediate neighbours.
The destiny of the Indian sub-continent is linked through a shared history and a shared geography.
In a few months time, after the general election, I will hand the baton over to a new Prime Minister.
I hope it will be a UPA chosen Prime Minister and our party will work to that end in the campaign for the General Elections.
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