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Updated February 8th, 2024 at 18:30 IST

TOP STORY/ Nirmala Sitharaman Tables White Paper on Indian economy in Lok Sabha

Union Finance Minister Nirmala Sitharaman on Thursday tabled a White Paper on the Indian economy in Lok Sabha.

Reported by: Kriti Dhingra
Edited by: Kriti Dhingra
Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman has tabled a White Paper on the Indian economy in Lok Sabha. | Image:Republic
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New Delhi: Union Finance Minister Nirmala Sitharaman on Thursday tabled a White Paper on the Indian economy in Lok Sabha. The 59-page 'White Paper on the Indian Economy' stated 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, along with widespread corruption.

Earlier, during her Interim Budget speech, Sitharaman had announced that the government will come out with a white paper on the economy outlining the economic mismanagement in the ten years of the UPA rule till 2014.

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The NDA government has overcome the crisis of those years, and the economy has been put firmly on a high-sustainable growth path with all-round development, news agency PTI quoted Sitharaman as saying.

"It is now appropriate to look at where we were then [till 2014] and where we are now, only for the purpose of drawing lessons from the mismanagement [that took place] during those years. The Government will lay a White Paper on table of the House," the minister had said. 

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The White Paper tabled by the government in the Parliament today states:

  • In the last ten years, the NDA government successfully overcame challenges left behind by the previous UPA government.
  • Rather than employing quick fixes, the NDA government undertook bold reforms, while also building sturdy superstructure.
  • The NDA government – armed with political and policy stability – took tough decisions for the greater economic good, unlike its predecessor UPA.
  • The Indian economy was in crisis in 2014; a White paper then would have set negative narrative, and shaken the confidence of investors.
  • In 2014, the government inherited deeply-damaged economy whose foundations had to be rebuilt to enable self-sustaining long-term growth.
  • There were numerous scams bringing colossal revenue losses for exchequer and fiscal and revenue deficits.
  • Every challenge of the pre-2014 era was overcome through NDA government's economic management and governance.
  • Banking crisis was one of the most important and infamous legacies of the UPA government.

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," the paper added. 

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Published February 8th, 2024 at 17:04 IST

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