Finance Minister Nirmala Sitharaman on Thursday presented a 'White Paper on the Indian Economy' in the Lok Sabha.
“When we formed the government in 2014, the economy was in a fragile state; public finances were in a bad shape; there was economic mismanagement and financial indiscipline, and there was widespread corruption. It was a crisis situation” the white paper, tabled by the Finance Ministry, noted.
“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,” it said.
According to the Finance Ministry, the White Paper aims to achieve four goals. The first is to inform the public about the nature and extent of governance, economic and fiscal crises during the Narendra Modi-led government's takeover in 2014.
The article also mentioned that its purpose is to communicate the government's policies and actions under Modi aimed at rejuvenating the economy and making it robust enough to meet the growth expectations of the people both now and in the future.
The Ministry also conveyed the message through the document that 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”. And lastly, “to commit ourselves to national development, with new inspirations, new consciousness, new resolutions, as the country opens up immense possibilities and opportunities.”
The 47-page document, along with some extra pages of data attachments, is divided into three sections and ends by emphasizing, “Our government, unlike its predecessor, invested in the foundations of the economy along with building a sturdy superstructure. Looking back at the last ten years, we can say with humility and satisfaction that we have successfully overcome the challenges left behind by the previous government. That said, we are not resting on our laurels. There are miles to go and mountains to scale before we sleep.”
“The Amrit Kaal has just begun and our destination is “India a developed nation by 2047”. It is our Kartavya Kaal.”
In her Interim Budget address, Sitharaman declared that the government would release a detailed report, known as a white paper, on the economy to highlight the economic mismanagement during the 10-year period of UPA rule until 2014.