Finance Minister Nirmala Sitharaman lays White Paper on economy
Finance Minister Nirmala Sitharaman presented the ‘White Paper’ on economic mismanagement by the United Progressive Alliance (UPA) in Lok Sabha on Thursday.
The White Paper on the nation’s economy compared the UPA years and 10 years of Modi government.
Nirmala Sitharaman tabled the White Paper in English and Hindi languages, which comprised a list of failures of the UPA government and a list of steps taken by the NDA government to turn the economy around, build the nation’s image and instill hope in people’s minds.
The White Paper discussed the macroeconomic situation of India under the UPA government, where double-digit inflation, ailing banking sector following excessive lending during the boom phase, and high policy uncertainty marred India’s business climate, dented its image and the people’s confidence about their future, despite the Vajpayee-led NDA government having handed over a healthy and resilient economy with high growth potential in 2004.
It also discussed the mismanagement and short-sighted handling of the public finances during FY04-FY143.
It mentioned, “Numerous scams were bringing colossal revenue losses for the exchequer and fiscal and revenue deficits spiralling out of control. In 2014, our government inherited a deeply damaged economy whose foundations had to be rebuilt to enable self-sustaining long-term economic growth.”