Parliament's ongoing budget session will be extended by a day until Saturday, with the government set to present a “white paper” comparing the state of India's economy before and after 2014, when the BJP-led NDA was set to defeat the government Congress came to power.
According to reports, Finance Minister Nirmala Sitharaman will present the 'white paper' on Saturday to highlight the poor economic situation in the country when the Congress-led UPA left power, as often claimed by Prime Minister Narendra Modi's government, and the impact the current exemption to highlight the turnaround.
The session, which began on January 31, was otherwise scheduled to end on February 9.
White Paper on the Economy
The government will issue a white paper on economic mismanagement before 2014 to draw lessons from it. Prime Minister Narendra Modi-led NDA government came to power in May 2014 after 10 years of rule by the Congress-led UPA government at the Center.
Why is the government bringing forward a white paper?
“It is now appropriate to take a look at where we were then up to 2014 and where we are now, just to learn lessons from the mismanagement of those years. “The government will submit a white paper to the House,” FM Sithraman announced while presenting the interim budget for the next financial year on February 1.
The need of the hour is to give people hope, attract investments and win support for the urgently needed reforms. “The government has done this successfully by following our strong belief that the nation comes first,” Sitharaman said.
She further said that the crisis of those years has been overcome and the economy has been firmly placed on a highly sustainable growth path with comprehensive development. Sitharaman began her nearly hour-long Budget speech by emphasizing that the Indian economy has witnessed profound positive change in the last decade.
People in India are hopeful and optimistic about the future, she said.
“With the blessings of the people, when our government came into office under the visionary and dynamic leadership of Hon'ble Prime Minister Shri Narendra Modi in 2014, the country faced enormous challenges,” the senior minister said.
Interim budget 2024
Presenting her sixth Budget, Sitharaman said the government has seriously addressed these challenges with 'Sabka Saath, Sabka Vikas' as its 'mantra'. Structural reforms were carried out, people-friendly programs were formulated and implemented promptly, and conditions were created for increased employment and entrepreneurship opportunities.
“The economy has gained new momentum. The fruits of development began to reach people on a large scale. The country gained a new meaning and a new hope. “Of course, the people blessed the government with a larger mandate (in 2019),” she added.
With the 'all-national' approach of 'Sabka Prayas', Sitharaman said, the country has overcome the challenge of a once-in-a-century pandemic, taken major steps towards 'Atmanirbhar Bharat', committed to 'Panch Pran' and laid solid foundations for the 'Amrit Kaal.' “. “We expect that our government will once again be blessed by the people with a resounding mandate because of its great work,” said the minister.
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The general elections to elect the next Lok Sabha are expected to be held in April and May this year.
(With agency input)
first published: Feb 7, 2024 08:19 IST
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