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In a significant move, Finance Minister Nirmala Sitharaman presented a White Paper on the Indian Economy in the Lok Sabha on Thursday, shedding light on the economic challenges faced before the BJP-led government assumed power in 2014.
The White Paper outlined the fragile state of the economy, public finance woes, economic mismanagement, financial indiscipline, and widespread corruption prevalent at that time. Sitharaman emphasized that the government refrained from publishing such a document earlier to avoid instilling a negative narrative and undermining investor confidence. Instead, the focus was on instilling hope, attracting investments, and implementing much-needed reforms.
The document stressed the government’s commitment to putting the nation first, prioritizing economic stabilization and recovery. It highlighted the significant strides made in overcoming the challenges inherited from the pre-2014 era through effective economic management and governance.
Quoting Sitharaman’s budget speech, the White Paper reiterated the government’s achievements in stabilizing the economy and setting it on a path of sustained high growth through right policies, genuine intentions, and appropriate decisions.
The presentation of the White Paper comes as part of the government’s commitment to transparency and accountability, as announced in the interim budget for 2024-25. Sitharaman underscored the government’s success in overcoming the crisis of previous years and steering the economy towards a trajectory of sustainable growth and development.
The budget session, which marks the last Parliament session before the upcoming Lok Sabha polls expected in April-May, has been extended by a day to accommodate crucial discussions and presentations. The White Paper serves as a comprehensive analysis of the economic landscape, aiming to draw lessons from past mismanagement and pave the way for informed policy decisions in the future.
