The government has released a white paper, shedding light on what it perceives as the economic challenges inherited from the previous administration. The document, presented by Finance Minister Nirmala Sitharaman in Parliament, outlines the alleged shortcomings of the Congress-led United Progressive Alliance (UPA) government and emphasizes the strides made under the current leadership.
Economic Comparison
The white paper underscores contrasting economic conditions between the previous UPA tenure and the present government’s term. It accuses the UPA of leaving behind a “non-performing” economy after a decade in power, contrasting it with the purportedly healthier economic landscape inherited by the current administration from the Atal Bihari Vajpayee government.Challenges and Progress
Highlighting the hurdles faced, the Bharatiya Janata Party (BJP) acknowledges the multifaceted challenges in revitalizing the Indian economy. Despite facing what it terms a “hydra-headed challenge,” the government asserts progress in restoring economic fundamentals and global confidence. The paper cites achievements such as India’s substantial contribution to global growth and successful international engagements like the G20 Presidency in 2023.
Addressing Previous ConcernsThe white paper references past scandals and economic crises during the UPA tenure, including the 2G and Coalgate scams, double-digit inflation, foreign exchange crises, and policy paralysis. In contrast, it highlights current achievements such as extensive 4G and 5G coverage, transparent resource auctions, reduced inflation rates, and record foreign exchange reserves.The white paper concludes by asserting the current government’s progress in overcoming the purported challenges inherited from the previous administration. Finance Minister Nirmala Sitharaman defends the timing of the document’s release, emphasizing the need to address past economic issues. However, opposition figures like P Chidambaram from the Congress call for independent scrutiny of the paper’s contents.
In response to the government’s white paper, the Congress has issued its own document, termed a ‘black paper,’ highlighting concerns such as rising unemployment, sluggish GDP growth, and vacant government positions. Mallikarjun Kharge, party leader, released the document, indicating a continued political debate over economic performance.
This white paper serves as a comprehensive overview of the government’s perspective on economic governance, inviting scrutiny and debate as the nation approaches a pivotal general election.
(You can now subscribe to our Economic Times WhatsApp channel)
