New Delhi:
The federal government on Thursday offered a white paper that accused the Congress-led United Progressive Alliance of leaving the financial system in “bad shape, nay crisis” after 10 years of the Manmohan Singh authorities. The doc claimed the UPA inherited a “healthy economy” from the Atal Bihari Vajpayee authorities however left the Narendra Modi administration a “non-performing” financial system.
The white paper – tabled by Finance Minister Nirmala Sitharaman in Parliament – comes weeks earlier than a normal election the ruling Bharatiya Janata Get together is broadly anticipated to win.
In it, the BJP stated it confronted a “hydra-headed challenge” in fixing the Indian financial system and “restoring its fundamentals to sound health”, noting it obtained one of many world’s extra fragile economies. “… now, we are among the ‘top five’ (and) making the third highest contribution to global growth…”
“Then, the world lost confidence in India’s economic potential and dynamism. Now, with our economic stability and growth prospects, we inspire hope in others. Then, we had a scam-riddled 12-day Commonwealth Games. Now, we successfully hosted a far-bigger and year-long G20 Presidency in 2023, showcasing India at its best… (and) providing acceptable solutions to global problems.”
READ | “UPA Made Economy Non-Performing In 10 Years”: Centre’s White Paper
The white paper referred to quite a lot of scams and corruption circumstances that marked the ten years of the UPA authorities, together with the 2G and Coalgate scandals, in addition to financial issues like double-digit inflation, the overseas alternate disaster, and a “policy paralysis” that affected funding.
“Then, we had 2G scam. Now, we have extensive coverage of the population under 4G, with the lowest rates and the world’s fastest rollout of 5G in 2023. Then, we had the Coalgate scam. Now, we have built systems for transparent and objective auctions to harness natural resources…”
READ | Full Textual content Of Authorities’s White Paper On UPA’s “Economic Mismanagement”
“Then, we had double-digit inflation. Now, inflation has been brought down to (a) little over five per cent. Then, we had a foreign exchange crisis. Now, we have record foreign exchange reserves of over USD 620 billion. Then, we had ‘policy-paralysis’; infrastructure was not a priority. Now, (there is) the virtuous cycle of investment, growth, employment and entrepreneurship, and savings…”
READ | “UPA’s Term Replete With Decision Stasis Examples”: What White Paper Says
“In sum, the progress achieved in the ten years of our government has overcome the malaise and paralysis of the previous ten years of the UPA government. In 2024, confidence and purpose have replaced the diffidence and drift of 2014…” the BJP’s white paper declared.
The white paper was introduced by Ms Sitharaman final week, when she offered the interim finances. The combative Finance Minister stated “this is the right time” to current the doc.
“In 2014, we took over an economy in such a bad state. There was economic paralysis and corruption… we needed a white paper then. But at the time Prime Minister (Narendra Modi) put the people first,” she stated in Parliament.
Ms Sitharaman’s announcement was “welcomed” by the Congress’ P Chidambaram, who was Finance Minister within the Manmohan Singh authorities from 2012 to 2014. “We are not afraid…” he stated.
Mr Chidambaram, nevertheless, stated he had just one situation – the paper have to be written by an unbiased physique, one not affiliated with both the BJP or the Congress, or any authorities company.
“Then let us see whose performance is better…” he instructed a information channel.
READ | White Paper Vs Black As BJP, Congress Spar Over 10-12 months Efficiency
In the meantime, the Congress right this moment hit again with a ‘white paper’ of its personal – solely they referred to as it a ‘black paper’. Launched by occasion boss Mallikarjun Kharge, the doc flagged growing unemployment, a drop within the common GDP progress price, and vacant authorities posts within the Modi administration.
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