Finance Minister Nirmala Sitharaman presented a 'white paper' on the Indian Economy in the Lok Sabha on February 8. The document, attributed to the Narendra Modi-led government, criticized the previous United Progressive Alliance (UPA) administration for what it termed as "economic mismanagement" during its tenure from 2004 to 2014.
The white paper, a comprehensive analysis of economic policies and measures, sought to elucidate the alleged failures of the UPA government, holding it responsible for the economic challenges faced by the country. According to the document, the UPA government's policies led to a "mountain of bad loans," "double-digit inflation," and a plethora of other economic woes.
Highlighting the alleged mismanagement, the white paper asserted that the UPA government failed to capitalize on the momentum of economic reforms initiated by the previous NDA government, instead exploiting the growth for "narrow political purposes." It blamed the UPA for a series of economic setbacks, including a high fiscal deficit, burgeoning bad loans, and a stint in the 'Fragile Five' club of nations overly reliant on foreign investment.
The paper accused the UPA government of deterring investors, both domestic and global, thereby impeding economic progress. It claimed that under the UPA regime, industrialists preferred investing abroad over domestic ventures due to unfavorable economic conditions.
The timing of the white paper's release, just ahead of the forthcoming Lok Sabha elections, hints at political undertones, with the ruling National Democratic Alliance (NDA) government seeking a third consecutive term. The paper highlights the Modi government's efforts in stabilizing and rejuvenating the economy after inheriting what it describes as an "enfeebled" state from the UPA.
The decision to release the white paper now, according to the government, stems from the belief in transparency and the imperative of informing the public about the economic challenges inherited from the previous administration.
Critics view it as a strategic move to sway public opinion in favor of the ruling party ahead of the polls.
Responding to the allegations leveled in the white paper, the Congress party announced plans to release a 'black paper' delineating the purported flaws in the Modi government's economic management over the past decade.
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