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Finance Minister Presents "White Paper" on Indian Economy

  • 09 Feb 2024

On 8th February, 2024, Union Finance Minister unveiled a "white paper" on the Indian economy in Parliament, comparing the 10-year economic records of the previous government with those of the current government.

  • While not a typical white paper, the document aims to provide insights into governance, fiscal crises, policy measures, and economic health over the two decades.

Key Points

Objective of the White Paper
The white paper has four primary objectives:

  • Informing about the governance, economic, and fiscal crises inherited by the NDA government in 2014.
  • Detailing the policies and measures undertaken by the current government since 2014 to revive the economy.
  • Initiating a wider, informed debate on national interest and fiscal responsibility in governance.
  • Committing to national development, aligning with Prime Minister’s vision for the country.

Contents of the White Paper
The 58-page document comprises three main sections:

  • Discussion on the macroeconomic situation during the previous government rule.
  • Analysis of corruption scandals during the previous government era.
  • Evaluation of the NDA's economic performance and its efforts to rejuvenate the economy.

Claims Made in the White Paper
Some significant assertions in the white paper include:

  • Previous government inherited a robust economy but mismanaged it over the decade.
  • Previous government abandoned economic reforms, leading to a decline in economic performance.
  • Previous government’s response to the 2008 Global Financial Crisis undermined macroeconomic stability, resulting in high inflation, fiscal deficits, and bad loans.
  • Capital expenditure declined significantly during the previous government tenure, hampering infrastructure development and economic growth.
  • Healthcare expenditure and defence preparedness suffered due to policy paralysis and mismanagement.
  • Current government tenure saw improvements in several areas, including lower inflation and successful implementation of schemes like Swachh Bharat and Jan Dhan Yojana.