Finance Minister Nirmala Sitharaman on Thursday tabled a 'White Paper on the Indian Economy' in the Lok Sabha. The central government’s ‘White Paper’ on economy underscored the progress made by the NDA government over the past 10 years, highlighting the formidable challenges it tackled since assuming power. Sitharaman introduced the 59-page document in Parliament, highlighting the transformative decisions that steered India towards sustainable high growth. During her Interim Budget speech on February 1, she hinted at the Centre’s plan to release the 'White Paper'.
The paper explained the economic landscape inherited by the Modi government in 2014, characterising it as fragile with a distressed fiscal scenario, marked by economic mismanagement, and rampant corruption. According to the report, the UPA administration's governance failures had significantly hindered economic progress, leaving behind a deeply scarred economy.
In response to the crisis at hand, the NDA government embarked on a journey of reform, grounded in political and policy stability. Recognising the imperative for tough decisions, the government, under the Prime Minister Narendra Modi, invested in fortifying the economic foundations, while concurrently erecting a resilient superstructure.
Reflecting on the past decade, the 'White Paper' expressed satisfaction at having surmounted the challenges inherited from the previous regime. However, it mentioned that despite the progress made, there remains an arduous journey ahead. According to the 'White Paper', there are "miles to go and mountains to scale before we sleep" as the destination is to make India a developed nation by 2047.
"Our government, unlike its predecessor, invested in the foundations of the economy along with building a sturdy superstructure. Looking back at the last 10 years, we can say with humility and satisfaction that we have successfully overcome the challenges left behind by the previous government," the report noted.
The White Paper concluded with a resolute affirmation, labelling the present era as India's "Kartavya Kaal," signifying a period of duty-bound dedication to the nation's growth and prosperity.