Finance Minister Nirmala Sitharaman on Thursday tabled a ‘White Paper’, detailing the state of the Indian economy during the Congress-led UPA government from 2004 to 2014.
The paper states 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.
“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 White Paper said.
“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,” the White Paper said.
“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 decisions,” the document quoted Sitharaman as stating in this year’s budget speech.
The budget session started with the address by President Droupadi Murmu to the joint sitting of two Houses on January 31. This is the last session of the current Lok Sabha before the general elections expected to be held in April-May this year.
More to follow.