White Paper in Parliament: In a presentation to the Lok Sabha, Finance Minister Nirmala Sitharaman outlined the UPA government's record of undermining economic activity and erecting roadblocks to economic advancement.
New Delhi, February 7 : Finance Minister Nirmala Sitharaman presented a white paper on the condition of the Indian economy prior to 2014 in the Lok Sabha today. This extensive booklet exposes the financial mismanagement that was seen when the UPA administration was in power. It draws attention to the previous administration’s incapacity to supervise economic activity efficiently, leading to policies that impeded rather than advanced the country’s development. The white paper in parliament highlights how the UPA government’s economic policies were mediocre when it came to power and claims that they got worse over the course of the next ten years.
#WATCH | Finance Minister Nirmala Sitharaman lays on the Table a copy of the 'White Paper on the Indian Economy' today, in Lok Sabha@nsitharaman @FinMinIndia #whitepaperfromparliament pic.twitter.com/fKWhqWy9we
— DD News (@DDNewslive) February 8, 2024
White Paper in Parliament Concludes: UPA's Failure to Facilitate Economic Activity.
According to the conclusions presented in the White Paper in Parliament, the UPA government’s attempts to promote economic activity were judged to be ineffective as they instead created barriers that impeded economic advancement. Benefiting from favorable international conditions and the delayed implementation of reforms started by the previous Vajpayee-led NDA government, the UPA administration gave priority to short-term political advantages above long-term economic stability. With this strategy, there was an increase in bad loans, significant current account and budgetary deficits, and five years of double-digit inflation. As a result, the financial burden hit many Indians, and the country’s economy was categorized as one of the “Fragile Five.”.
Revitalizing a Fragile Economy: The Achievements of the Modi Government.
In the white paper in parliament, the Modi Government emphasized the UPA era’s lack of economic vibrancy as well as claims of widespread economic exploitation. Due to the current climate, industrialists have been known to express a preference for foreign investments over domestic ones. The administration highlighted how difficult it is to win back investor confidence after it has been lost and contrasted this with how simple it is to drive them away. The white paper in parliament also illustrated how the UPA government’s rule demonstrated the idea that destroying the economy is easier than encouraging its expansion.
After ten years of UPA rule, it bemoaned the poor position of the economy that the Modi government inherited. Still, the present government brazenly declares that it has restored the economy’s vigor and effectively revived it.
White Paper in Parliament : 10 years of UPA vs 10 years of NDA
- In 2014, upon assuming office, the NDA government inherited an economy not just in poor condition, but in a state of crisis. Confronted with the daunting task of rectifying a decade of economic mismanagement, our priority was to stabilize and strengthen its foundational pillars. At that time, we were among the ‘Fragile Five’ economies, grappling with instability. Today, we proudly stand among the ‘top five’ economies globally, consistently making the third-largest contribution to global growth each year.
- Once, global confidence in India’s economic potential and dynamism had waned. However, with our current economic stability and promising growth prospects, we have become a beacon of hope, inspiring others on the global stage.
- Under the UPA regime, the Commonwealth Games were marred by a 12-day saga of scandals. Contrastingly, in 2023, India effectively hosted a monumental year-long G20 summit, excelling in content, consensus building, and logistical prowess. Our nation led the discussions with aplomb, offering viable solutions to pressing global challenges.
- In the past, the 2G scam tarnished our reputation. Presently, we boast the most extensive 4G coverage at affordable rates for our populace and achieved the world’s fastest rollout of 5G in 2023.
- Previously, the Colgate scam tainted our governance. Now, we’ve instituted transparent and objective auction systems for harnessing natural resources, catalyzing economic growth and bolstering public finances.
- Under the UPA era, the government selectively issued gold import licenses. Presently, we’ve instituted a transparent mechanism for gold imports into GIFT IFSC through the establishment of a bullion exchange.
- Previously, our economy grappled with the ‘dual balance sheet problem’. Presently, we’ve successfully pivoted the economy, companies, and the banking sector to leverage the ‘dual balance sheet’ scenario. This strategic shift holds significant potential for boosting investment, credit availability, and employment opportunities.
- Then, the inflation rate in our country was in double digits; Now, inflation has been reduced to around 5 percent.
- Previously, policy paralysis prevailed, with infrastructure taking a backseat. Presently, the gears of ‘investment, growth, employment, entrepreneurship, and savings’ are propelling us forward swiftly, fostering increased investment, productivity, and progress.
- In the past, we faced a foreign exchange crisis. Presently, we boast record-breaking foreign exchange reserves exceeding US$620 billion.
- In the past, development programs had sporadic coverage. Now, there’s a focus on empowering the common people by ensuring access to basic necessities.
In summary, the advancements made during our government’s tenure have mitigated the challenges stemming from the economic mismanagement of the preceding UPA administration. As of 2024, a sense of confidence and purpose has supplanted the distrust and negativity prevalent in 2014.