The National Democratic Alliance (NDA) government, under Prime Minister Narendra Modi, has announced its intention to publish a comprehensive 'White Paper' shedding light on the economic mismanagement of the country before 2014, during the tenure of the Congress-led United Progressive Alliance (UPA) government. The Budget session of Parliament is also extended by a day until Saturday, as announced by Parliamentary Affairs Minister Pralhad Joshi. During this extension, the government plans to present a 'white paper' analysing the Indian economy's condition before and after 2014, when the BJP assumed power, defeating the Congress.
The ‘White Paper’ aims to provide detailed insights into the economic challenges faced by India and the adverse effects they had on the nation's economy under the UPA regime. It will delve into the repercussions of economic mismanagement and missed opportunities during that period, offering a critical analysis of policies and their impacts.
The forthcoming ‘White Paper’ is anticipated to address key issues such as GDP growth, inflation, fiscal deficits, employment rates, and overall economic stability. It is expected to serve as a crucial document for policymakers, economists, and the public to understand the economic trajectory of the nation and evaluate policy decisions effectively.
Jayant Sinha, chairman of the Standing Committee on Finance, on Wednesday, said that the government's proposed 'White Paper' will shed light on the country's "poor economic condition" when the Congress-led UPA left power and the subsequent turnaround achieved by the current administration. During a debate on the interim Budget in the Lok Sabha, Sinha highlighted that India was among the 'fragile five' economies of the world during the previous UPA regime in 2013.
"India's GDP growth had slowed down to 5 per cent, inflation had risen to 10 per cent, NPAs of banks had risen to 10 per cent. The country was facing a balance of payment crisis," Sinha claimed. He said that the Modi government brought the turnaround after the BJP came to power, defeating the Congress in 2014. "In the white paper, we will clarify what was the position of the economy (before 2014)...and how we have tackled the economic problems," he said.
Finance Minister Nirmala Sitharaman, in her Interim Budget speech on February 1, hinted at the government's plan to release the 'White Paper'. She highlighted the importance of comparing the state of the Indian economy before and after 2014, indicating a thorough examination of the changes and developments under the current administration. "It is now appropriate to look at where we were then till 2014 and where we are now, only for the purpose of drawing lessons from the mismanagement of those years. The government will lay a 'white paper' on the table of the House," she added.
During the Budget debate, Bhartruhari Mahtab (BJD) mentioned that the finance minister's focus on fiscal consolidation in the interim Budget demonstrates the government's confidence. Usually, Parliament does not function on weekends, although there have been occasions in the past when sessions have been held on Saturdays.