Union Finance Minister Nirmala Sitharaman presented a 'white paper' on Indian economy in the Lok Sabha on Thursday.
The Modi government had announced in the interim Union Budget presented on February 1 that it would come out with 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 government NDA government. Follow LIVE updates from the Budget session here.
A white paper is a government document presented to highlight new policies and achievements in order to gain support and gauge public reaction. It is often bound in a white cover.
In the white paper tabled in the Lok Sabha, the BJP-led government said that when the Narendra Modi government came to power in 2014, the economy was in a fragile state, public finances were in a bad state, there were economic problems Mismanagement and financial indiscipline, and there was widespread corruption.
“It was a crisis situation. “The responsibility to turn around the economy step by step and put the systems of government in order was enormous,” the government white paper says.
It added that the NDA government refrained from issuing a white paper on the dire situation at the time.
“That would have given a negative narrative and undermined the confidence of everyone, including investors. The need of the hour was to give people hope, attract both domestic and global investment and build support for the much-needed reforms,” the white paper says.
It said the Narendra Modi-led 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 as a legacy by the UPA government,” the white paper said.
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