Manmohan Singh to retire

Indian Prime Minister Manmohan Singh, on Friday, ruled out a third term for himself, adding that he is ready to hand over the party reins to the next leader after elections, BBC News reported.

He named deputy leader Rahul Gandhi, 43, as someone with "outstanding credentials" and added that it would be a disaster for the country if Opposition leader Narendra Modi ever became the prime minister.

Manmohan, 81, has led the country as prime minister for almost a decade.

The country is expected to hold its election this year.