In adherence to her Interim Budget commitment, Finance Minister Nirmala Sitharaman presented a comprehensive White Paper on the economy in the Lok Sabha on February 8, 2024. The 47-page document, supported by data annexures, asserted that the Modi-led NDA government successfully steered the economy away from a state of crisis, attributing the prior challenges to what was described as the “inheritance of loss” from the UPA’s decade-long governance.

The White Paper highlighted the NDA government’s efforts in rejuvenating the economy, emphasizing improvements in various macro-economic and infrastructure indicators. It contended that the UPA’s high growth years were a result of reforms initiated by the earlier NDA government and criticized the Manmohan Singh regime for fiscal profligacy and delays in crucial reforms like Aadhaar and GST.

Addressing the economic challenges faced upon assuming office in 2014, the document noted the government’s focus on stabilizing the economy and initiating a recovery and growth trajectory. It acknowledged the shift from being among the ‘fragile five’ economies to now ranking among the ‘top five’ global contributors to growth.

The White Paper detailed the alleged foreign exchange crunch created by the UPA, comparing forex reserves in 2013 to 2024. It emphasized the NDA government’s structural reforms such as the Insolvency and Bankruptcy Code, liberalization of FDI norms, and GST implementation but omitted mention of the demonetization in 2016. The paper did highlight ongoing efforts to unearth black money and discourage its use.

Citing “pervasive corruption” during the UPA era, the document shared the “current status” of 15 high-profile scams, including coal block allocation and 2G spectrum. While some cases remain under investigation, it was silent on corruption allegations related to Augusta Westland Helicopter and Pilatus Basic Trainer Aircraft.

The White Paper concluded by acknowledging the successful overcoming of challenges left by the previous government but emphasized the need to continue efforts, stating, “There are miles to go and mountains to scale before we sleep.”

By : Kruthiga V S

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