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..