ANI
Finance Minister Nirmala Sitharaman presented 'White Paper on the Indian Economy' in the Lok Sabha on Thursday in an attempt to underscore the government's stance that India slipped into the category of 'fragile five' economies globally during the 10-year tenure of the previous Congress-led UPA regime between 2004 and 2014.
The government's white paper asserts that the Indian economy was in a state of crisis in 2014, and revealing a white paper at that time frame may lead to a 'negative narrative' and undermine investor confidence.
Union Finance Minister Nirmala Sitharaman lays on the Table a copy of the 'White Paper on the Indian Economy' today, in Lok Sabha pic.twitter.com/oYFwUHtSeE
— ANI (@ANI) February 8, 2024
Highlighting the contrasting approaches of the NDA and UPA administrations, the paper contends that the NDA government, buoyed by political and policy stability, made tough decisions to promote greater economic well-being, in contrast to the alleged failures of its predecessor.
According to the document, the UPA government's governance was marked by policy missteps, scandals, and economic setbacks, including non-transparent auctions of public resources, retrospective taxation, and unsustainable demand stimulus.
Capital expenditure is not expenditure on Capitalists!
— SansadTV (@sansad_tv) February 8, 2024
Capital expenditure is spent on creating assets, which can be used by all citizens equally & their common infrastructure which improves the 'ease of living' for everybody: FM @nsitharaman in #RajyaSabha #BudgetSession2024 pic.twitter.com/iluDJ9UIxf
The document read, "The 2G spectrum scam involving 122 telecom licenses that had sliced Rs 1.76 lakh crore off the exchequer as per the estimates of the Comptroller and Auditor General (CAG), the coal gate scam costing Rs 1.86 lakh crore to the exchequer, the Common Wealth Games (CWG) scam, etc., indicated an environment of heightened political uncertainty and reflected poorly on India's image as an investment destination."
The document alleged Congrees about the allocation of coal blocks on an arbitrary basis. The document added, "The coal sector was excluded from competition and transparency and the sector lacked investments and efficiencies. These actions were scrutinized by investigation agencies, and in 2014, the Honourable Supreme Court of India canceled the allocation of 204 coal mines and blocks allocated since 1993."
Earlier in the day, Congress released a 'black paper' titled ‘10 Saal Anyay Kaal', criticizing the Modi government for alleged failures in managing issues such as unemployment, inflation, farmer distress, and economic mismanagement.
कांग्रेस अध्यक्ष श्री @kharge ने मोदी सरकार के 10 साल में युवाओं, महिलाओं, किसानों और श्रमिकों पर हुए अन्याय से जुड़ा 'Black Paper' जारी किया। pic.twitter.com/GWcBBgBHuZ
— Congress (@INCIndia) February 8, 2024
The release of the 'black paper' by Congress president Mallikarjun Kharge aimed to shed light on what the party perceives as the economic mismanagement preceding 2014, with a focus on drawing lessons.
#WATCH | On releasing 'Black Paper' against Modi govt, Congress President Mallikarjun Kharge says," There is a danger to democracy in the country...In last 10 years, 411 MLAs were taken on their by the BJP. They toppled so many Congress governments. They are finishing… pic.twitter.com/9oOhYKkyvW
— ANI (@ANI) February 8, 2024
Sitharaman had previously announced the intention to release a white paper during her Interim Budget speech, emphasizing that the government had overcome the economic challenges of the previous years and steered the economy towards sustainable growth and development.
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