Prime Minister Manmohan Singh's address to the media on Jan 3, 2014

Let me say at the outset that I do believe we are set for better times. The cycle of global economic growth is turning for the better. Many of the steps we have taken to address our domestic constraints are coming into play. India's own growth momentum will revive. An important development in the year that has gone by is the demonstration of the strength of our democracy. Our people have demonstrated their faith in the institutions of democracy by voting in record numbers in the recent assembly elections. Our democratic Constitution and the institutions of our democracy are the cornerstone of Modern India. All of us who wish to build a better India, rid of poverty and corruption, must respect these institutions and work through them. Over the past decade we have been through many ups and downs. During my first term in office, India witnessed for the first time in its recorded history a sudden acceleration of economic growth to 9.0 per cent. Over the past couple of years, all Emerging Economies have experienced a slowdown. India was no exception. In 2004 I committed my government to what I said would be "A New Deal for Rural India". I believe we have delivered on that promise very substantially. We followed farmer friendly policies including raising support prices for farmers, expanding credit to farmers, and through increased investment in horticulture, in rural development, and rural infrastructure, especially roads and electricity. The Mahatma Gandhi National Rural Employment Guarantee Scheme has assured agricultural labour of a floor and has increased their bargaining power. Improved delivery of health and education services is giving new hope to our brothers and sisters living in rural areas of the country. These initiatives have ensured that agricultural GDP has grown faster than earlier. India has become one of the world's largest producers of food-grains, sugar, fruits and vegetables, milk and poultry. Rural wages have increased in real terms much faster than earlier. Rural real consumption per capita has increased four times faster. Because of these developments the percentage of the population below the poverty line has fallen much faster in the period 2004 to 2011 than it did in the previous ten year period. As a result, the number of people below the poverty line has come down by 13.8 crore. 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. First, I am concerned that we have not been as successful as we need to be in generating employment in the manufacturing sector. This is an aspect of performance which we are working hard to correct. We need a much stronger effort in support of small and medium enterprises which can be a major source of good quality employment. Our Manufacturing Strategy gives high priority to this objective for the future Second, we have also not been as successful in controlling persistent inflation as we would have wished. This is primarily because food inflation has increased. However, we should remember that our inclusive policies have put more money in the hands of the weaker sections. There is much public concern on high profile allegations of corruption, notably in regard to 2G spectrum allocations, coal block allocations and cases related to land. We have taken major steps to change the existing procedures for allocation of spectrum and coal by shifting to auctions so that these problems do not arise in future. Where some decisions taken earlier, when allocations were made administratively, 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, in providing security to its own people and ensuring regional security and stability. At the same time, we will continue to seek better relations with our immediate neighbours knowing that the destiny of the Indian sub-continent is linked through a shared history and a shared geography. I have enormous confidence in our people's ability to deal with challenges at home. 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. Our Government will work ceaselessly till its last day. Jai Hind