New Delhi: Finance Minister Nirmala Sitharaman on Thursday tabled a 'White Paper on the Indian Economy' in the Lok Sabha. Nirmala Sitharaman in her Interim Budget speech 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.
The 59-page 'White Paper on the Indian Economy' said when the Modi government assumed office in 2014, the economy was in a "fragile state"; public finances were in "bad shape"; there was economic mismanagement and financial indiscipline, and widespread corruption.
As per the Centre's White Paper, the economy was in crisis in 2014 and a white paper then would have set a negative narrative and shaken the confidence of investors.
"The NDA government armed with political and policy stability, took tough decisions for greater economic good, unlike its predecessor UPA. Rather than employing quick fixes, the NDA government undertook bold reforms and built sturdy superstructure," the White Paper stated.
"In the last ten years, the NDA government successfully overcame challenges left behind by the previous UPA government. The UPA government failed miserably to facilitate economic activities, instead created hurdles that held back the economy," it stated.
"Every challenge of the pre-2014 era was overcome through the NDA government's economic management and governance," the White Paper added. According to the White Paper, the economic management of the Narendra Modi-led government placed India on the resolute path of sustained high growth.
"There were numerous scams bringing colossal revenue losses for the exchequer and fiscal and revenue deficits. In 2014, the government inherited a deeply damaged economy, whose foundations had to be rebuilt to enable self-sustaining long-term growth," the White Paper stated.
The Paper further 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.
