UPA Vs NDA: Modi Government Presents A White Paper On The Indian Economy
When the Modi government took over in 2014, it recognised the urgent need to revamp and overhaul systems and processes to help India advance on the path of development, the white paper said.
Finance Minister Nirmala Sitharaman on Thursday tabled a white paper on the Indian economy, highlighting the BJP-led NDA government's achievements in the past decade since it came to power.
When the government took over in 2014, it recognised the urgent need to revamp and overhaul systems and processes to help India advance on the path of development while also bolstering its macroeconomic foundations, the paper stated.
Here are the key claims made in the NDA government's white paper:
Then: When the NDA government took over the reins in 2014, the economy was in bad shape. India was among the 'fragile five' economies.
Now: The government fixed the economy, restoring its fundamentals to sound health. The country is among the 'top five' economies, making the third highest contribution to global growth every year.
Then: The government provided a gold import license to a chosen few.
Now: They have set up a bullion exchange in GIFT IFSC with a transparent mechanism for import.
Then: The economy faced a 'twin balance sheet problem'.
Now: the economy has a 'twin balance sheet advantage' for companies as well as banking sector, with ample capacity to ramp up investments and credit and generate employment.
Then: The economy had double-digit inflation.
Now: Inflation has been brought down to a little over 5%.
Then: We had a foreign exchange crisis.
Now: We have record foreign exchange reserves of over $620 billion.
Then: We had 'policy paralysis'; infrastructure was not a priority.
Now: The wheels of the virtuous cycle of 'investment, growth, employment, entrepreneurship, and savings' leading to more investments and productivity have been set into fast motion.
Then: Coverage of development programmes was sporadic.
Now: We have 'saturation coverage' for providing basic necessities for all, with measured, targeted, and inclusive support for the needy and empowerment of all to pursue their aspirations.
"The Amrit Kaal has just begun and our destination is to make India a developed nation by 2047," stated the paper. Finance Minister Nirmala Sitharaman is likely to discuss the paper on Friday.
