Stating often that he "tried as best" as he could under the prevailing circumstances, Dr Singh said a lot had been made of the government's failures and that history would judge him better.
The PM also listed several of the UPA government's achievements, especially in the rural sector.
At the same time, Dr Singh also conceded that the Congress party would reflect on the reversals in the recently-held state elections.
The PM also ruled out a third term for himself even if the UPA government came back to power, and indicated towards Rahul Gandhi being the candidate.
Here are highlights from the remarks:
Growth will revive
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.
Will reflect on recent defeat
Our people have demonstrated their faith in the institutions of democracy by voting in record numbers in the recent assembly elections. My party did not do well in these elections, but we welcome the extent of participation, and we will reflect on what the results tell us for the future and learn lessons.
Performance not as bad as perceived
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 percent. This exceptional performance was followed by a slowdown initiated by the global financial crisis…
Economies have ups and downs and we should not focus overly on the short term. We should recognize that even if we include the years of slowdown, the rate of growth achieved in the past nine years, is the highest for any nine-year period.
Did much for rural India
[Our] 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.
Relative failures
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…
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.
Corruption legitimate concerns
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.
No third term
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. I am confident that the new generation of our leaders will also guide this great nation successfully through the uncharted and uncertain waters of global change.
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