NDA saved economy after UPA pushed it into crisis: FM
Tables White Paper on Indian economy in Lok Sabha; Highlight of interim budget is emphasis on capex, says in Rajya Sabha
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New Delhi: The NDA government in last 10 years has successfully overcome the challenges left behind by the UPA government, and took ‘tough decisions’ to place India on the path of sustainable high growth, said the White Paper on Economy on Thursday. The 59-page ‘White Paper on the Indian Economy’ said when the Modi government assumed office in 2014, the economy was in a fragile state; public finances were in bad shape; there was economic mismanagement and financial indiscipline, and widespread corruption.
“It was a crisis situation. The responsibility to mend the economy step by step and to put the governance systems in order was enormous,” said the paper, which was tabled by Finance Minister Nirmala Sitharaman in Parliament.
The UPA government failed miserably to facilitate economic activities. Instead the UPA government created hurdles that held back economy, the paper said, adding that in 2014 NDA government inherited a deeply damaged economy. Armed with political and policy stability, the Paper said that the Modi government recognised the need to make tough decisions for the greater economic good.
Focus on Capex
The FM was replying to the general discussion on the Interim Union Budget 2024-25, Finance Bill 2024 and the Interim Budget of Union Territory of Jammu & Kashmir, 2024–25 in Rajya Sabha. The minister emphasised that capital expenditure for creation of public infrastructure is growing faster than real GDP growth. “With the capital expenditure being in the focus, in the last 3-4 years, we have made sure that our debt management is done in such a way that we honour the glide path for fiscal deficit that we had given in 2021,” the minister said.
