How Modi Government Rescued India from Economic Crisis – UPA’s Economic Legacy Exposed in Government’s White Paper

White Paper On Economy: Finance Minister Nirmala Sitharaman today presented a White Paper on Economy in the Lok Sabha on the economic mismanagement during the UPA tenure from 2004 to 2014. It is proposed to discuss the issue of White Paper in the Lok Sabha tomorrow at 12 o’clock. From BJP’s side, Sunita Duggal, Tejashwi Surya, Nishikant Dubey, Jayant Sinha and other MPs will present their views on this white paper. This white paper systematically mentions the flaws that existed in the economic policies of the UPA government during 2004 to 2014. What should have been done in place of these shortcomings is also mentioned in this white paper.

After this, the manner in which economic policies were implemented during the tenure of Modi government from 2014 to 2024 will be told in the Parliament. After this, time for discussion on this white paper is also proposed. PM Modi’s government has tabled this white paper in Parliament regarding the ‘mismanagement’ of the economy before the year 2014.

The government was formed for the first time under the leadership of Prime Minister Narendra Modi in 2014 itself. Before that, there was a government led by Manmohan Singh for 10 consecutive years i.e. 2004-14. The second term of Modi government is also going to end soon.

Finance Minister Nirmala Sitharaman, while presenting the interim budget for the year 2024-25 on Thursday, had informed about bringing a white paper on this mismanagement. Sitharaman had said that ‘the government will present a white paper on the economy on the table of the House, so that it can be known where we were till 2014 and where we are now. The purpose of this white paper is to learn lessons from the mismanagement of those years.

Finance Minister Sitharaman in her Budget, it was said in the speech that after taking over the reins of the country in 2014, the government was successful in dealing with the crises and now the economy is moving on the path of high growth with all-round development.

He had said that ‘in 2014, there was a big responsibility to fix the economy in a phased manner and bring the governance system on the right track. The need of the hour was to raise people’s expectations, attract investment and garner support for necessary reforms. At such a time, the government successfully achieved this with the strong belief of ‘Nation First’.

Highlights –

1. Presentation of White Paper: Finance Minister Nirmala Sitharaman presents a White Paper on the economic mismanagement during the UPA tenure from 2004 to 2014 in the Lok Sabha.
2. Discussion in Parliament: Tomorrow, at 12 o’clock, the Lok Sabha will discuss the issues raised in the White Paper, with BJP MPs like Sunita Duggal, Tejashwi Surya, Nishikant Dubey, Jayant Sinha, and others slated to present their views.
3. Focus on UPA’s Economic Policies: The White Paper systematically highlights the flaws in the economic policies of the UPA government from 2004 to 2014 and proposes alternative strategies.
4. Comparison with Modi Government’s Tenure: Following the discussion on UPA’s policies, the Parliament will delve into the economic policies implemented during the tenure of the Modi government from 2014 to 2024.
5. Purpose of White Paper: Finance Minister Sitharaman aims to draw lessons from past mismanagement and showcase the progress made since 2014, emphasizing the government’s commitment to high growth and development.

Top Points of the White Paper

1. Economic Deterioration: The UPA Government inherited a robust economy but failed to maintain its performance over ten years, with growth dropping from 8% to below desirable levels, plagued by high inflation and fiscal deficits.
2. Banking Crisis: The UPA era witnessed a banking crisis, with Gross Non-Performing Assets (GNPA) in Public Sector banks increasing significantly, reflecting poor financial management.
3. Policy Misadventures and Scams: Policy missteps and scandals such as the 2G spectrum scam and coal gate scandal tainted the UPA’s governance, fostering an environment of political uncertainty and damaging India’s investment reputation.
4. Ineffective Social Sector Spending: Poor policy planning led to significant unspent funds in social sector schemes, undermining their effectiveness and highlighting governance inefficiencies.
5. Corruption and Leadership Crisis: Pervasive corruption, leadership crises, and compromised decision-making plagued the UPA government, impacting national security and undermining public confidence.
6. Aadhar Implementation: Aadhar’s implementation under the UPA was marked by inefficiency and lack of direction, contrasting with its conceptualization during the previous NDA government.
7. Defense Preparedness Compromised: Corruption and scandals in defense procurement compromised India’s defense preparedness, with delays in vital acquisitions and upgrades hindering national security.
8. Hurdles to Economic Growth: Instead of facilitating economic activities, the UPA government created obstacles that hindered economic progress, exacerbating the nation’s economic woes.

Let’s See the White Paper –