The Aryavarth Express
Agency (New Delhi): Finance Minister Nirmala Sitharaman presented a comprehensive White Paper on the Indian economy in the Lok Sabha, elucidating the nation’s economic trajectory and challenges encountered since 2014. The document serves as a critical analysis of India’s financial and economic condition inherited by the Narendra Modi government when it assumed office.
The Finance Minister addressed the rationale behind releasing this White Paper at this juncture, emphasizing that in 2014, the Indian economy was in a fragile state with poor public finances, economic mismanagement, financial indiscipline, and widespread corruption. The government at that time chose not to publish a white paper, considering the potential negative impact on investor confidence and the nation’s narrative. The focus was instead on instilling hope, attracting investments, and garnering support for necessary reforms, guided by the principle of ‘nation first’ rather than political point-scoring.
Now, with the economy stabilized and on a path of recovery and growth, the government finds it imperative to inform the public about the challenges it faced upon taking office, which were left as a legacy by the previous UPA government. The White Paper is intended to apprise Members of Parliament and the Indian citizens about the nature and extent of governance and economic crises encountered in 2014 and the subsequent measures taken to restore and invigorate the economy.
The document outlines how, despite inheriting a deeply-damaged economy, the government managed to rebuild its foundations for sustainable, long-term economic growth. It highlights the contrasting economic scenarios handed over by the Vajpayee-led NDA government in 2004 and the state of the economy after the UPA I & II tenures. Key issues such as double-digit inflation, an ailing banking sector due to excessive lending, policy uncertainty, business climate deterioration, and revenue losses due to numerous scams are detailed in the paper.
The White Paper is a significant step towards transparency and accountability, offering insights into the government’s policies and actions to address past economic challenges and set a course for future growth and development. It marks a significant effort to document and reflect on the economic journey of the nation, particularly in the context of the Amrit Kaal, the 25-year lead-up to India’s centenary of independence.
