New Delhi ( CNN ) -- Indian Prime Minister Manmohan Singh said Friday that he will step down after his country 's national elections due in May . `` In a few months ' time , after the general election , I will hand the baton over to a new prime minister , '' Singh told a news conference in New Delhi . The 81-year-old Oxford-educated Singh has been prime minister for India 's governing Congress party since May 2004 . His move to rule himself out of the race for the top job in this year 's general elections did n't surprise political observers . His party suffered a bruising defeat in regional elections in December , billed by the country 's news media as an indicator of political trends ahead of the upcoming national vote . `` There 's nothing surprising about it. , '' said K.G . Suresh , a political commentator . `` The way the Congress party failed in the semi-finals , it was a settled affair that Dr. Manmohan Singh will not be its face in the general elections . '' A rash of corruption scandals has also undermined the reputation of Singh 's coalition government over the past few years . Asked if he ever thought of quitting his job , Singh said : `` I never felt like resigning at any time . I have enjoyed doing my work . I have tried to do my work with all honesty , with all sense of integrity . '' He sought to downplay allegations of corruption against his administration . `` I have every reason to believe when history is written of the period , we will come out unscathed , '' Singh said . `` This is not to say there were no irregularities . There were irregularities , but the dimensions of the problems have been overstated by the media , by the CAG ( Comptroller and Auditor General ) , sometimes by other entities . '' According to a damning report by India 's national auditor , the CAG , the national treasury lost as much as $ 31 billion from the 2008 sale of the wireless frequencies . The scandal rocked Singh 's government during its second term , when it also struggled with accusations of large-scale fraud in the sports , real estate and coal sectors . Singh , however , defended his government 's record in fighting graft . `` We are deeply committed to the objective of combating corruption , '' he said . `` An array of historical legislations has been enacted to make the work of the government transparent and accountable . ''
`` I will hand the baton over to a new prime minister , '' Singh says . The BJP has been in power for nearly two years and is expected to win another term next year. The party suffered a bruising defeat in regional elections last month . Singh downplays accusations of corruption against his government .