Finance Minister Nirmala Sitharaman delivered a comprehensive assessment of economic governance by the United Progressive Alliance (UPA) as she presented the “White Paper” in the Lok Sabha on Thursday. This document contrasts the economic decisions during the UPA tenure with the policies and achievements of the Modi government over the past decade.
Sitharaman tabled the White Paper in both English and Hindi, offering a detailed analysis of the UPA”s shortcomings contrasting the proactive measures undertaken by the NDA administration to revitalise the economy, enhance the nation”s global standing, and foster optimism among the populace.
According to the Centre”s assessment, the UPA administration, which inherited a robust economy steered it towards non-performance over its decade-long tenure. Despite initially being credited with the reforms of 1991, the UPA leadership, as per the White Paper, veered away from this course. In the wake of the 2008 global financial crisis, the UPA government compromised macroeconomic fundamentals, the Center claimed.
“In 2004, when the UPA government began its term, the economy was growing at 8 per cent (with industry and services sector growth above 7 per cent each and a resuscitating agriculture sector growth above 9 per cent in FY04) amidst a benign world economic environment,” read the White Paper tabled by Union Finance Minister Nirmala Sitharaman in parliament this evening.
The initial segment of the White Paper, spanning 24 pages, spotlights the economic failings of the UPA era, including the Commonwealth Games, 2G Telecom, Saradha Chit Fund, INX Media, Antrix Devas. Then it goes on to detail the proactive steps undertaken by the BJP government to revive the economy.
“As soon as our government took over in 2014, we recognized the urgent need to revamp and overhaul systems and processes, to help India advance on the path of development while also bolstering its macroeconomic foundations,” it said.
Describing the UPA tenure as a “lost decade”, the White Paper said the average annual inflation rate between 2004 and 2014 was around 8.2% and accused the UPA of doing nothing to contain the high inflation.
The White Paper will be discussed in parliament tomorrow, and the Congress is expected to give a point-by-point rebuttal. Meanwhile, Congress president Mallikarjun Kharge also unveiled a “Black Paper” today against the “failures of the Narendra Modi government”.
“Today, we are bringing out a “black paper” against the government on unemployment, inflation and farmers” distress. Whenever PM (Narendra) Modi presents his views in Parliament, he hides his failures. At the same time, when we speak about the failures of the government, it is not given importance. Therefore, we want to bring out a black paper and tell the public about the failures of the government,” Kharge said in a press conference.
