“Economy was in a fragile state, crisis situation in 2014”: Center White Paper

Finance Minister Nirmala Sitharman presented a white paper on Indian economy in the Lok Sabha today.

New Delhi:

Finance Minister Nirmala Sitharman presented a white paper on Indian economy in the Lok Sabha on Thursday. It said that when the BJP-led government came to power in 2014, the economy was in a fragile state, public finances were in poor shape, there was economic mismanagement and financial indiscipline and there was widespread corruption.

“It was a crisis situation. The responsibility to clean up the economy step by step and put the government systems in order was enormous. At the time, our government failed to issue a white paper on the dire situation. “The need of the hour was to give people hope, attract both domestic and global investment and build support for much-needed reforms,” ​​the white paper says.

It said the government believes in nation-first and not in scoring political points.

“Having stabilized the economy and put it on a path to recovery and growth, it is necessary to bring to public attention the seemingly insurmountable challenges left by the UPA government as a legacy,” the white paper said.

“Every challenge of the period before 2014 was overcome by our economic management and governance. This has put the country firmly on the path to sustained high growth. This was possible through our right policies, true intentions and appropriate decisions.” The document quoted Sitharaman in this year's Budget speech.

The budget session began with President Droupadi Murmu's address to the joint session of two chambers on January 31. This is the last session of the current Lok Sabha before the general elections expected to be held in April and May this year.

The government had announced in the Union Budget presented on February 1 that it would issue a 'white paper' to compare the economic performance of 10 years of the Congress-led UPA government with that of 10 years of the BJP-led NDA government.

Presenting the Interim Budget 2024-25 in Parliament, Sitharaman said that the Modi government, which came into office in 2014, has overcome the crisis of those years and the economy has been firmly placed on a high sustainable growth path.

“When our government took the reins in 2014, the responsibility to gradually improve the economy and fix government systems was enormous. The need of the hour was to give people hope, attract investments and build support for the much-needed reforms. The government has done this successfully by following our strong belief that the nation comes first,” she said.

“The crisis of those years has been overcome and the economy has been put on a high, sustainable growth path with comprehensive development,” she added.

She announced that the government would put a white paper on the table of the House of Representatives “to examine where we were then up to 2014 and where we are now, just to learn lessons from the mismanagement of those years.”

“The exemplary track record of governance, development and performance, effective implementation and 'Jan Kalyan' has given the government confidence and blessings of the people to realize the goal of 'Viksit Bharat' with good intentions, whatever it takes. We will put in true dedication and hard work in the years and decades to come,” she said.

The Budget session, the last session of Parliament before the Lok Sabha polls expected in April and May this year, was scheduled to end on February 9 and was extended by a day.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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