As promised, the Modi government has released a comprehensive white paper shedding light on the challenging economic landscape it inherited in 2014 and the subsequent efforts to steer the nation towards stability and growth. The document underscores the fragile state of the economy, mismanagement of public finances, and widespread corruption prevailing at the beginning of the government’s term.
Union Finance Minister Nirmala Sitharaman laid on the table a copy of the “White Paper On The Indian Economy” in Lok Sabha on 8 February 2024. Presented on the concluding day of the extended budget session, the White Paper offers a comprehensive comparison of the economy during the 10-year tenure of the UPA government with that of the 10-year rule under the NDA. The release of the white paper coincided with the final session of the current Lok Sabha, marking the conclusion before the anticipated general elections scheduled for April-May this year.
In its 59-page length, the white paper meticulously outlines the economic conditions, illustrating the contrasting phases between the time when the UPA took charge in 2004, inheriting a robust economy, and the state of the Indian economy in 2014, when the Narendra Modi-led government succeeded the Manmohan Singh administration. The document specifically emphasizes divergent trends in the stock market and Foreign Institutional Investors (FII) inflows throughout these distinct periods.
Union Finance Minister Nirmala Sitharaman lays on the Table a copy of the 'White Paper on the Indian Economy' today, in Lok Sabha pic.twitter.com/oYFwUHtSeE
— ANI (@ANI) February 8, 2024
The white paper begins with an overview which states, “In 2014 when we formed the government, the economy was in a fragile state; public finances were in bad shape; there was economic mismanagement and financial indiscipline, and there was 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.”
The white paper states that the government refrained from casting a negative narrative during the initial crisis, emphasising the government’s commitment to instill hope, attract investments, and implement crucial reforms for the nation’s benefit. The focus on ‘nation-first’ and building confidence, both domestically and globally, took precedence over scoring political points, according to the document.
Outlined in the objectives of the white paper are four key points. Firstly, it aims to inform Members of Parliament and the public about the severe governance, economic, and fiscal crises inherited in 2014. Secondly, it details the policies and measures implemented by the government to restore economic health and foster growth. Thirdly, it seeks to initiate an informed debate on prioritizing national interest and fiscal responsibility over political expediency. Lastly, it emphasizes a commitment to national development with renewed inspiration and resolution.
In Part 1 of the white paper, the macroeconomic situation during the UPA government is discussed, highlighting issues such as double-digit inflation, ailing banking sectors, and high policy uncertainty. The mismanagement and short-sighted handling of public finances during the fiscal years 2004-2014 are also explored.
Part 2 delves into the current status of various corruption scandals during the UPA government, providing insights into the economic challenges inherited by the present government.
Part 3 narrates the journey of turning the economy around, rebuilding the nation’s image, and reigniting hopes for a better future. The document concludes with an assertion that the nation is now marching ahead with self-confidence and belief in its potential for sustained economic growth.
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