Finance Minister Nirmala Sitharaman introduced a 'White Paper' detailing economic mismanagement during the United Progressive Alliance (UPA) tenure in the Lok Sabha on Thursday.
This comprehensive report, comparing the UPA era with the 10 years of Modi government, intends to address the prolonged discourse surrounding the nation's economy before the upcoming Lok Sabha elections.
Key Points from NDA Govt's White Paper:
- Economy was in crisis in 2014; White paper then would have set negative narrative, shaken confidence of investors.
- NDA govt armed with political and policy stability, took tough decisions for greater economic good, unlike its predecessor UPA.
- Rather than employing quick fixes, the NDA government undertook bold reforms, and built a sturdy superstructure.
- In last ten years, NDA govt successfully overcame challenges left behind by the previous UPA government.
- The banking crisis was one of the most important and infamous legacies of the UPA government.
- Every challenge of the pre-2014 era was overcome through NDA govt's economic management and governance.
- Economic management of Modi govt placed India on resolute path of sustained high growth.
- UPA inherited healthy economy but made it non-performing in 10 years.
- Gross Non-Performing Assets ratio in Public Sector banks rose from 7.8% in 2004 to 12.3% in 2013.Inflation raged between 2009 and 2014.
- Over a 5-year period from FY2010 to FY2014, the average annual inflation rate was in double digits. Between FY04 and FY14, average annual inflation was 8.2%.