White Paper: The Modi government at the Center presented the white paper in the Parliament on Thursday (February 8). It says that the Congress-led UPA government (2004 to 2014) had crippled the Indian economy in ten years.
The white paper presented in the Parliament by Finance Minister Nirmala Sitharaman mentions the effects on the Indian economy due to indiscriminate revenue expenditure, extra-budget borrowing and NPAs of banks during the UPA government. Apart from this, it is said that 15 scams took place during the tenure of UPA. white paper Ten big things-
1- The white paper said that the BJP-led National Democratic Alliance (NDA) government has successfully overcome the challenges inherited from the UPA government in the last 10 years. Along with this, tough decisions have also been taken to bring India on the path of high growth.
2. According to the 59-page ‘White Paper on Indian Economy’, when in 2014 Narendra Modi When the government took power, the economy was in a fragile state and public finances were in poor shape. Along with this, economic mismanagement, financial indiscipline and widespread corruption were also prevalent.
3. The white paper states that the Indian economy was in a directionless state in 2014 due to many wrong decisions taken in the 10 years of the UPA regime. In such a situation, the responsibility fell on the Modi government to deal with the challenges and restore momentum and optimism in the economy. This was a critical situation. The responsibility of improving the economy step by step and organizing the governance systems was huge.
4. According to the white paper, the UPA government failed miserably in streamlining economic activities. The UPA government also created obstacles due to which the economy lagged behind.
It is also said in this document that in 2014, the NDA government had inherited a very weak economy. Despite the challenging global environment, due to the reforms of the Modi government, in almost a decade, India moved from the category of ‘five weak’ economies to the category of top five economies of the world.
5. The White Paper regrets that the UPA government’s efforts to somehow maintain high economic growth after the 2008 global financial crisis seriously weakened the macroeconomic fundamentals. The banking crisis was one of the most infamous legacies of the UPA government.
6. The document lists 15 scams during the UPA government, including coal block allocation, 2G spectrum auction, Commonwealth Games and Saradha Chit Fund, saying these corruption cases had shaken people’s confidence in the economy. Accordingly, defense preparedness also had to bear the brunt of policy paralysis. Defense preparedness lagged behind due to weak leadership, lack of intention and action.
7. The white paper said that the decline in foreign exchange reserves in 2013 had raised the possibility of a recurrence of the balance of payments crisis of 1991. Foreign exchange reserves were sufficient only for six months of imports.
8. The white paper said that the Modi government understood the need to take tough decisions for broader economic betterment. According to this, “Unlike our previous government, our government invested in the foundation of the economy along with creating a strong infrastructure.”
9. The white paper said, “Looking at the work of the last ten years, we can say with humility and satisfaction that we have successfully overcome the challenges left by the previous government. ,
10. Describing the present era as ‘time of duty’, the White Paper said that miles have to be covered and India has to be made a developed nation by the year 2047. Let us tell you that the white paper is likely to be debated in the Lok Sabha on Friday (February 9). The Finance Minister is expected to reply after four hours of debate.
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