In its economic white paper tabled in Parliament on Thursday, the Center said the UPA government inherited a healthy economy that was poised for further reforms, but the economy has fallen into a slump over the past decade. The UPA leadership rarely takes credit for the 1991 reforms, but abandoned them after coming to power in 2004, the paper said. According to the Center, the UPA government seriously undermined macroeconomic fundamentals in its efforts to maintain high economic growth at all costs after the 2008 global financial crisis.
The white paper, in its first 24 pages, details the UPA government’s economic failures over the past decade, including the Commonwealth Games, 2G Telecom, Sarada Chit Fund, INX Media, Antrix Devas, etc. He enumerated various types of corruption. The white paper dated 25th details the steps taken by the Bharatiya Janata Party government towards economic reforms.
“When our government took office, the economy was well on its way and showing clear signs of deep distress arising from multiple ‘wrong turns’ in economic policy.…2014 As soon as our government took over, we recognized this problem. We have taken steps to revamp our systems and processes and to help India move forward on the path of development while strengthening its macroeconomic foundations. A thorough review is urgently needed.”
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“Amrit Kaal has just begun and our destination is ‘to make India a developed country by 2047’. That is our Kartaviya Kaal,” the white paper said.
From Fragile 5 to Top 5
India’s economy has risen from a weak fifth place to the top five in just about a decade, thanks to the reforms undertaken by the BJP government. “Despite unprecedented obstacles due to external factors (pandemic, geopolitical turmoil, etc.), the rise of the Indian economy over the past decade is reflected in its trajectory in GDP rankings. India ranked 10th in 2014. The giant will become the 5th largest economy in 2023 (but with the 2020 pandemic, we would have been).
It was the fifth largest at least two years ago and is on track to become the third largest by 2027, according to IMF projections.
“The UPA government has failed miserably to boost economic activity. Instead, the UPA government has put up hurdles that hinder the economy. Basking in the slow pace of reforms of the Vajpayee-led NDA government and the good global situation, “They continued to exploit the resulting rapid economic growth for narrow political purposes without much concern for the economic consequences.” Said.
“The result is a mountain of bad loans, a large fiscal deficit, much of which is hidden, a high current account deficit, and five years of double-digit inflation that has hit many Indians in the pockets. , and became a member of the “Fragile Five” club. “In 2013, they not only failed to bring dynamism to the economy, they took it away from the economy and went on record that our industrialists would rather invest abroad than in India. It’s easy to drive away investors. But getting them back is easy.” It’s hard. The UPA government has also demonstrated that it is easier to hurt the economy than to help it. They inherited a healthy economy and bequeathed us a weakened economy. We have regained that vitality. The box below shows the difference we can make We have made progress over the past 10 years and want to build on it over the next 25 years,” the center’s white paper says.
