Releases “White Paper” on the Indian Economy to give its Version of the Economy
in Ten Years 2014 to 2024 Period as against UPA Rule in 2004-2024 Period
2014 when we formed the government, 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. It was a crisis situation.
The responsibility to mend the economy step by step and to put the governance
systems in order was enormous. Our government refrained from bringing out a
white paper on the poor state of affairs then. That would have given a negative
narrative and shaken the confidence of all, including investors. 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 government
believed in 'nation-first' and not in scoring political points. Now that we
have stabilised the economy and set it on a recovery and growth path, it is
necessary to place in the public domain the seemingly insurmountable challenges
–left behind as a legacy by the UPA Government. “Every challenge of the
pre-2014 era was overcome through our economic management and our governance.
These have placed the country on a resolute path of sustained high growth. This
has been possible through our right policies, true intentions, and appropriate
objectives of the "White Paper"
it seeks to apprise the Hon'ble Members of the Parliament and the people of
India, of the nature and extent of governance, economic and fiscal crises that
were bequeathed on this government when it assumed office in 2014.
it informs the Honourable Members of the Parliament and the public about the
policies and measures that our government took to restore the health of the
economy and make it vigorous and capable of fulfilling the growth aspirations
of the people in the present and in the Amrit Kaal.
in doing so, it hopes to generate a wider, more informed debate on the
paramountcy of national interest and fiscal responsibility in matters of
governance over political expediency.
“to commit ourselves to national development, with new inspirations, new
consciousness, new resolutions, as the country opens up immense possibilities
white paper uses the term "UPA Government" for the government led by Dr. Manmohan Singh elected to office in 2004, and "our
Government" for the NDA Government led by Shri Narendra Modi, elected to
office in 2014.
Part 1, the macroeconomic situation of India under the UPA government is
discussed, where double-digit inflation, ailing banking sector following
excessive lending during the boom phase, and high policy uncertainty marred
India's business climate, dented its image and the people's confidence about
their future, despite the Vajpayee-led NDA government having handed over a
healthy and resilient economy with high growth potential in 2004. The part also
discusses the mismanagement and short-sighted handling of the public finances
during FY04-FY143. There were numerous scams bringing colossal revenue losses
for the exchequer and fiscal and revenue deficits spiralling out of control. In
2014, our government inherited a deeply damaged economy whose foundations had
to be rebuilt to enable self-sustaining long-term economic growth.
2 gives current status
of the various corruption scams of the UPA government.
3 shows how we turned
the economy around, rebuilt the country’s image and rekindled people's hopes
and aspirations for a better future. Now, the nation marches ahead with
self-confidence and self-belief.