There are mountains of bad loans in the banking sector, fiscal deficits are high, although much of them are hidden, current account deficits are high, and inflation has hit double digits for five consecutive years, hitting the pockets of many Indians and “club” members . According to the White Paper on Indian Economics presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on February 8, the “Fragile Five” emerged during the UPA government in 2013.
“Not only have they (UPA) failed to inject vitality into the economy, they have deprived it of vitality to the point where our industrialists have openly stated that they would rather invest abroad than in India. It is easy to drive away investors but winning But it’s very difficult to get investors back,” the “White Paper” stated.
The UPA government has also shown that it is easier to harm the economy than to help it, it added. They inherited a healthy economy and bequeathed us a weak one.
“We (the NDA government under Prime Minister Modi) have rejuvenated,” it said.
Regarding the issue of inflation, the white paper stated that in response to the long-term challenge of high inflation inherited from the UPA government in 2014, the Modi government has strategically addressed the root causes of the problem by implementing responsible fiscal and monetary policies.
The current government has also made concerted efforts to control the high vulnerability of the external sector inherited from the UPA government, the report said.
The “Indian Economic White Paper” stated, “As our government restored strong economic fundamentals, the rupee has shown resilience against global shocks such as the Russia-Ukraine conflict and major central bank spending cuts in 2021-22.”
The NDA government not only manages the current account prudently but also ensures smooth and comfortable financing through more stable foreign direct investment (FDI), government documents said.
“As a result, India’s external sector has become more secure, with foreign exchange reserves increasing from $303 billion (equivalent to 7.8 months of imports) in March 2014 to $617 billion (equivalent to 10.6 months of imports) in January 2024,” the report said. import).”
In terms of public finances, the newspaper said that when the Modi government took office in 2014, the state of public finances was not healthy. To bring public finances back to health, our government is making every effort to transform India’s fiscal system into a reformed tax and expenditure ecosystem.
“The UPA government has failed miserably in promoting economic activity. Instead, the UPA government has created hurdles that hinder economic development. It is basking in the lagging effects of the reforms of the Vajpayee-led National Development Alliance government and the benign global environment, and Continue to exploit the resulting rapid economic growth to pursue narrow political ends with little concern for the long-term economic consequences.” to the document.
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