iNDICA NEWS BUREAU–
Comparing the performance of the 10-year term of office Narendra Modi government The White Paper on Indian Economy presented by Finance Minister Nirmala Sitharaman in the Lok Sabha joins that of the former UPA regime in highlighting the fact that India was among the 'fragile five' economies in 2014 but is now among the 'top five'. Economies that make the third highest contribution to global growth each year.
“When the NDA government took over the reins in 2014, the economy was in crisis. “We faced the monumental challenge of repairing an economy that has been mismanaged for a decade and restoring its fundamentals to health,” the white paper says.
It then presents a “then and now” comparison scenario to make its point clear:
- At that time, the world had lost faith in India's economic potential and dynamism; Now, with our economic stability and growth prospects, we inspire hope in others. It cites the perceptions of two major international organizations.
- Then we had 12 days of fraud at the Commonwealth Games; Now we have successfully hosted a much larger and year-long G20 Presidency in 2023, showcasing India at its best in terms of content, consensus and logistics, and providing acceptable solutions to global problems.
- Then we had 2G fraud; We now have comprehensive 4G coverage of the population with the lowest tariffs and the world's fastest 5G rollout in 2023.
- Then we had the Coalgate scam; Now we have built systems for transparent and objective auctions to use natural resources to stimulate the economy and public finances.
- We then provided a gold import license to a select few; Now at GIFT IFSC we have set up a bullion exchange with a transparent import mechanism.
- At that time, the economy was facing a “double balance sheet problem”; Now we have designed the economy to provide a “double balance sheet advantage” for both businesses and the banking sector, with sufficient capacity to boost investment and credit and create jobs.
- Back then we had double-digit inflation; Inflation has now fallen to just over 5 percent.
- Then we had a foreign exchange crisis; We now have record foreign exchange reserves of over $620 billion.
- Then we had “political paralysis”; Infrastructure was not a priority; Now the wheels of the virtuous cycle of “investment, growth, employment and entrepreneurship and savings” that leads to more investment and productivity are in motion.
- Back then, we reported sporadically on development programs; We now have “saturation coverage” of providing the basic needs of all, with measured, targeted and inclusive support for those in need and empowering everyone to pursue their goals.
- In conclusion, the progress made 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 determination have replaced the reluctance and drift of 2014, said the paper, which listed selected socio-economic indicators such as alleviating poverty and creating more jobs.
“Our government, endowed with political and policy stability, recognized the need to make difficult decisions for the good of the economy… Instead of applying quick fixes, we implemented bold reforms to boost economic performance in the coming decades,” it said.
The white paper compared its functioning with the UPA and noted that unlike its predecessor, the Modi government has invested in the fundamentals of the economy while building a stable superstructure.
The white paper concludes by saying that the government will not rest on the laurels of the past as the goal is to make India a “developed country” by 2047.
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