1. Finance Minister Nirmala Sitharaman fulfilled the Modi government’s commitment by presenting a ‘white paper’ on the Indian economy in the Lok Sabha.
2. The ‘white paper’ intends to juxtapose the economic achievements of the Congress-led UPA government with those of the BJP-led NDA government.
3. Its presentation follows the announcement made during the Union Interim Budget declaration on February 1.
New Delhi, Feb 08: Union Finance Minister Nirmala Sitharaman presented a ‘white paper’ on the Indian economy in the Lok Sabha, as promised by the Modi government during the Union Interim Budget announcement on February 1.
The ‘white paper’ aims to compare the economic performance of the Congress-led UPA government’s 10 years with that of the BJP-led NDA government’s 10 years. It serves to highlight new policies, and achievements, and to gauge public reaction, typically bound in a white cover.
The document outlined that when the Narendra Modi government assumed power in 2014, the economy faced significant challenges, including a fragile state, poor public finances, economic mismanagement, financial indiscipline, and widespread corruption.
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Describing the situation as a crisis, the government emphasized the enormous responsibility to mend the economy and restore governance systems gradually.
Despite the challenges, the NDA government chose not to release a white paper on the poor state of affairs then, considering it could create a negative narrative and undermine confidence, including that of investors. Instead, the focus was on instilling hope, attracting investments, and garnering support for necessary reforms.
The white paper underscored the government’s commitment to prioritizing the nation’s interests over scoring political points, emphasizing a “nation-first” approach rather than pursuing political gains.
With the economy stabilized and on a path of recovery and growth, the government believes it’s essential to transparently communicate the challenges inherited from the UPA government’s tenure.
The ‘white paper’ aims to present these challenges in the public domain, providing insights into the hurdles that need to be overcome to steer the economy towards stability and growth.
