Finance Minister Sitharaman releases 'white paper' on Indian economy
What's the story
Union Finance Minister Nirmala Sitharaman on Thursday presented a "white paper" on the Indian economy in the Lok Sabha. Calling it a "lost decade," the Centre said that the United Progressive Alliance (UPA) government caused a "mountain of bad loans" and "double-digit inflation" before the Narendra Modi-led administration took over. There was economic mismanagement, financial indiscipline, and widespread corruption, the Centre said, slamming the 10 years of Manmohan Singh government on the day he retired from the Rajya Sabha.
UPA government
UPA government's economic failures
According to the white paper, the UPA government "failed miserably to facilitate economic activities," creating obstacles that hindered economic growth. It also accused the UPA government of exploiting fast economic growth for narrow political gains, leading to India's inclusion in the "Fragile Five" club in 2013. To recall, the term was used to denote India, Turkey, Brazil, South Africa, and Indonesia by Morgan Stanley for being overly reliant on foreign investment to fund their growth aspirations.
Twitter Post
Sitharaman tables the white paper in Parliament
Union Finance Minister Nirmala Sitharaman lays on the Table a copy of the 'White Paper on the Indian Economy' today, in Lok Sabha pic.twitter.com/oYFwUHtSeE
— ANI (@ANI) February 8, 2024
Economy revitalized
NDA government revitalized the economy, says paper
The UPA's economic policies pushed investors away from India, with industrialists stating they would "rather invest abroad," the paper said. It added that the ruling government chose not to reveal the shortcomings of the UPA earlier, since doing so would have "shaken investor confidence." The document asserted that the Modi-led National Democratic Alliance government has since revitalized the economy. The white paper's release comes ahead of the Lok Sabha election, in which the NDA government is seeking a third term.
Black paper
Congress releases 'black paper' on Modi government's failures
Earlier in the day, the Congress released a "black paper" against the Modi government to counter the "white paper." Congress chief Mallikarjun Kharge presented the document titled 10 Saal Anyay Kaal at a press conference in Delhi. It alleged that the Modi government in the last 10 years has "aggravated unemployment, destroyed the country's agricultural sector, abetted crimes against women and committed grave injustices against minorities in the country."