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Centre’s ‘White Paper on Indian economy’

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Centre’s ‘White Paper on Indian economy’

Finance Minister Nirmala Sitharaman presented a ‘White Paper on the Indian Economy’ in the Lok Sabha on Thursday in a bid to highlight the government’s assertion that the nation slipped into the category of “fragile five” economies globally during the 10-year tenure of the previous Congress-led UPA regime between 2004 and 2014.

The NDA government in the last 10 years has successfully overcome the challenges left behind by the UPA government and taken “tough decisions” to place India on the path of sustainable high growth, said the white paper.

The 59-page ‘White Paper on the Indian Economy’ said that when the Modi government assumed office in 2014, the economy was in a “fragile state,” public finances were in “bad shape,” and there was economic mismanagement, financial indiscipline, and widespread corruption.

“It was a crisis situation. The responsibility to mend the economy step by step and to put the governance systems in order was enormous,” said the paper, which was tabled by Finance Minister Nirmala Sitharaman in Parliament.

According to the government’s white paper, the Indian economy “was in crisis” in 2014, and releasing a white paper at that time would have potentially contributed to a “negative narrative” and “shaken confidence of investors.”

The White Paper claims that the NDA government, benefiting from political and policy stability, “took tough decisions” aimed at achieving “greater economic good,” unlike its preceding UPA administration.

The government’s paper claimed that the UPA government had “failed miserably” to facilitate economic activities and instead “created hurdles” that held back the economy.

It added that the NDA government undertook bold reforms and built a sturdy superstructure rather than employing quick fixes, adding: “Every challenge of the pre-2014 era was overcome through the NDA government’s economic management and governance.”

“Looking back at the last ten years, we can say with humility and satisfaction that we have successfully overcome the challenges left behind by the previous government,” it added.

The paper added that there are “miles to go and mountains to scale before we sleep,” as the destination is to make India a developed nation by 2047. “It is our Kartavya Kaal,” it added.