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NEW DELHI: Union finance minister Nirmala Sitharaman on Thursday tabled the
white paper
on the Indian economy in the Lok Sabha.
The discussion on the 54-page document will take place on Friday.
In her Interim Budget speech, the finance minister had announced that the Centre will come out with a white paper on the economy outlining the economic mismanagement in the 10 years of
UPA
rule till 2014.
Here’s the full document tabled by the Centre
The white paper, which contains 88 points, says that erswhile UPA government failed miserably to facilitate economic activities despite inheriting a healthy financial state.
With its concluding point, the white paper lists a “then and now” summary, comparing the state of Indian economy under the 10-year UPA rule vs the present state of the country after 10 years of NDA.
Here’s the summary …
- When the NDA government took over the reins in 2014, the economy was in bad shape, nay, crisis. We faced the hydra-headed challenge of fixing an economy mismanaged for a decade, and restoring its fundamentals to sound health.
- Then, we were among the ‘
fragile five ‘ economies; now, we are among the ‘top five ‘ economies, making the third highest contribution to global growth every year. - Then, the world had lost confidence in India’s economic potential and dynamism; now, with our economic stability and growth prospects, we inspire hope in others.
- Then, we had a scam-riddled 12-day Commonwealth Games; now, we successfully hosted a far-bigger and year-long G20 Presidency in 2023, showcasing India at its best in terms of content, consensus and logistics, providing acceptable solutions to global problems.
- Then, we had 2G scam; now, we have extensive coverage of the population under 4G with the lowest rates and the world’s fastest rollout of 5G in 2023.
- Then, we had the Coalgate scam; now, we have built systems for transparent and objective auctions for harnessing natural resources to boost the economy and the public finances.
- Then we provided gold import license for a chosen few; now, we have set up a bullion exchange in GIFT IFSC with a transparent mechanism for import.
- Then, we had the economy facing a ‘twin balance sheet problem’; now, we have turned the economy to having a ‘twin balance sheet advantage’ for companies as well as banking sector with ample capacity to ramp up investments and credit and generate employment.
- Then, we had double-digit inflation; now, inflation has been brought down to little over 5 per cent. Then, we had a foreign exchange crisis; now, we have record foreign exchange reserves of over $620 billion.
- Then, we had ‘policy-paralysis’; infrastructure was not a priority; now, the wheels of the virtuous cycle of ‘investment, growth, employment and entrepreneurship, and savings’ leading to more investments and productivity has been set into fast motion.
- Then, we had sporadic coverage of development programmes; now, we have ‘saturation coverage’ for providing basic necessities for all, with measured, targeted, and inclusive support for the needy and empowerment of all to pursue their aspirations.
- In sum, the progress achieved in the ten years of our government has overcome the malaise and paralysis of the previous ten years of the UPA government. In 2024, confidence and purpose have replaced the diffidence and drift of 2014.
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