Union Finance Minister Nirmala Sitharama tabled the much-awaited White Paper on the Bharatiya Economy in Lok Sabha. During the speech on the interim budget, Sitharaman announced that the government would come out with a white paper on the economy outlining the economic mismanagement in the ten years of the UPA rule till 2014.
The 59-page ‘White paper on the Indian Economy’ described how the economy of the country at the time when Narendra Modi assumed office was reeling under crisis and was in a ‘fragile state.’ Public finances were in ‘bad shape’ and there was mismanagement in the economic and financial sphere, apart from ingrained corruption.
The NDA government has recuperated from the crisis borne out of those years and the economy has been firmly growing on a highly sustainable path with all-round development.
Sitharaman who presented the Interim budget on February 1, had said that the present time is appropriate to look at where the country was in 2014 and where it is now, to draw lessons from the mismanagement which occurred all those years ago.
The NDA government has been successful in overcoming challenges left behind by the previous UPA government. The Indian economy was in crisis in 2014; a White paper at that time would have set up a negative narrative, and shaken the confidence of investors.
• In 2014, the government inherited a deeply damaged economy whose foundations had to be rebuilt to enable self-sustaining long-term growth.
• numerous scams were bringing colossal revenue losses for the exchequer and fiscal and revenue deficits.
• The banking system was in crisis and was one of the most infamous legacies of the UPA government.
• The NDA government undertook bold reforms, while also building a sturdy superstructure.
• The NDA government with political and policy stability – took some bold decisions for the greater economic good, unlike its predecessor UPA.
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