’Economy was in crisis, NDA overcame challenges left by UPA’: Here’s what govt said in its White Paper | 15 points
- Armed with political and policy stability, the NDA govt took tough decisions for the greater economic good, unlike its predecessor UPA: White Paper
Finance Minister Nirmala Sitharman on Thursday tabled a White Paper on the Indian economy in the Lok Sabha. The government had announced in the Union Budget presented on February 1 that it would come out with a 'White Paper' to compare the economic performance of 10 years of the Congress-led United Progressive Alliance (UPA) government with that of 10 years of the Bharatiya Janata Party-led National Democratic Alliance (NDA) government.
It stated that when the BJP-led government came to power in 2014, the economy was in a fragile state, public finances were in bad shape, there was economic mismanagement and financial indiscipline, and there was widespread corruption.
Here are the top 15 things pointed out in the ‘White Paper’ by the government:
- Rather than employing quick fixes, the NDA government undertook bold reforms, built sturdy superstructure.
- The NDA govt, armed with political and policy stability, took tough decisions for the greater economic good, unlike its predecessor UPA.
- The economy was in crisis in 2014; a White Paper then would have set a negative narrative, and shaken the confidence of investors.
- The economic management of the Narendra Modi-led govt placed India on the resolute path of sustained high growth.
- The banking crisis was one of the most important and infamous legacies of the UPA government.
- Public finances were in bad shape, there was economic mismanagement and financial indiscipline, and there was widespread corruption.
- In 2014, the govt inherited a deeply damaged economy whose foundations had to be rebuilt to enable self-sustaining long-term growth.
- Every challenge of the pre-2014 era was overcome through the NDA government's economic management and governance.
- The need of the hour was to give hope to the people, to attract investments, both domestic and global and to build support for the much-needed reforms.
- The UPA govt failed miserably to facilitate economic activities, and instead created hurdles that held back the economy.
- Numerous scams were bringing colossal revenue losses for the exchequer and fiscal and revenue deficits.
- In the last 10 years, the NDA govt successfully overcame challenges left behind by the previous UPA government.
- Our government, unlike its predecessor, invested in the foundations of the economy along with building a sturdy superstructure.
- The Paper further added that there are "miles to go and mountains to scale before we sleep" as the destination is to make India a developed nation by 2047.
- The Paper said the government believed in 'nation-first' and not in scoring political points.
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Business NewsEconomy’Economy was in crisis, NDA overcame challenges left by UPA’: Here’s what govt said in its White Paper | 15 points
First Published:8 Feb 2024, 05:17 PM IST
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