The Central government on Thursday (8 February) released a 'White Paper' on the economic mismanagement in the country during the Congress-led UPA regime.
The document has been divided into three parts.
The White Paper seeks to apprise the Members of the Parliament and the people of India, of the nature and extent of governance, economic and fiscal crises that the Modi government inherited when it assumed office in 2014.
It added that the paper informs the MPs and the people about the policies and measures that the government took to restore the health of the economy.
The paper also aims to generate a wider, more informed debate on the paramountcy of national interest and fiscal responsibility in matters of governance over political expediency.
Part 1: The Economy in 2014 - An Inheritance of Loss
The first part discusses the macroeconomic situation of India under the UPA government.
According to the document, the UPA era was characterised by significant challenges, including double-digit inflation, a distressed banking sector burdened by excessive lending during periods of economic boom, and considerable policy uncertainty.
These factors adversely impacted India's business climate, dented the country's image and the people's confidence about their future, the paper said.
The document added that this happened despite the Vajpayee-led NDA government having handed over a healthy and resilient economy with high growth potential in 2004.
Furthermore, the paper discusses the UPA Government's mismanagement and shortsighted fiscal policies during the fiscal years 2004 to 2014, highlighting numerous financial scandals that resulted in substantial revenue losses for the national treasury and led to uncontrolled escalations in fiscal and revenue deficits.
"In 2014, our government inherited a deeply damaged economy whose foundations had to be rebuilt to enable self-sustaining long-term economic growth," it said.
PART-2: Pervasive Corruption
The second part of the White Paper discusses the current status of the various corruption scams of the UPA government, including the Coal block allocation, Commonwealth Games, 2G Telecom, Aircel-Maxis and Lands for Jobs among others.
PART-3: Rescue of the economy from a state of crisis, despair and paralysis
The third part of the document focuses on how the Prime Minister Narendra Modi-led NDA government turned the economy around.
According to the document, the reforms ushered in by Modi government resulted in the transition of India from the league of 'Fragile Five' during the UPA regime to the league of 'Top Five' in just about a decade as the economy was transformed into a far more resilient avatar amidst a challenging global environment.
Kuldeep is Senior Editor (Newsroom) at Swarajya. He tweets at @kaydnegi.
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