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Union Finance Minister Nirmala Sitharaman has presented the White Paper in the Lok Sabha on economic mismanagement during the UPA coalition rule. In this white paper, India’s economic crisis and its negative effects on the economy have been explained in detail through the white paper on economic mismanagement during the UPA government. At the same time, it also talks about the impact of positive steps that can be taken at that time.
Understand the things of the white paper in 12 points
• When the NDA government took power in 2014, the economy was not only in a bad shape but was also in crisis. We faced many challenges to fix a decade of mismanaged economy and restore its fundamentals to a strong state.
• Then, we were among the ‘weak five’ economies; Now, we are among the ‘top five’ economies, contributing the third most to global growth every year.
• Then the world had lost faith in India’s economic potential and dynamism, now, with our economic stability and growth prospects, we are instilling hope in others. We share a picture of the perceptions of the two major international organizations in Annex 1.
• Then, we had the scandal-filled 12-day Commonwealth Games; now, we successfully hosted a much larger and year-long G20 Presidency in 2023, with a mix of content, consensus and logistics while providing acceptable solutions to global problems. India was shown at its best in this matter.
• Then, the 2G scam came to light; Now, we have the widest coverage of the population under 4G with the lowest rates and the world’s fastest 5G rollout in 2023.
• Then, the Colgate scam came to light; Now, we have created a system for transparent and objective auctions to utilize natural resources to boost the economy and public finances.
• Then we provided gold import license to a select few: Now, we have set up a bullion exchange in GIFT IFSC with a transparent mechanism for import.
• Plus, we had the economy facing serious balance sheet problems; Now, we have transformed the economy into a ‘win balance sheet profit’ for companies as well as the banking sector, which has the potential to increase investment and credit and generate employment.
• Inflation then reached double digits; Now, inflation has been brought down to a little over 5 percent.
• Then, we had the foreign exchange crisis; We now have record foreign exchange reserves of more than $620 billion.
• Then, we had ‘policy paralysis’; Infrastructure was not a priority; Now, the wheels of the reform cycle of ‘investment, growth, employment and entrepreneurship, and savings’ leading to greater investment and productivity have been accelerated.
•Back then, we had sporadic coverage of development programmes; Now, we have ‘saturation coverage’ to provide basic needs for all with well-planned, targeted and inclusive assistance to the needy and empowerment of all to fulfill their aspirations.
• Overall, the progress achieved in the ten years of our government has overcome the malaise and stagnation of the last ten years of the UPA government. In the year 2024, the doubt and lethargy of 2014 have been replaced by confidence and purpose. A list of selected socio-economic indicators is presented in Annex 2.
