On Thursday, Union Finance Minister Nirmala Sitharaman unveiled a ‘white paper’ on the Indian economy in the Lok Sabha. The paper juxtaposed the 10-year economic performance under the UPA governments from 2004-05 to 2013-14 with that of the BJP-led NDA governments from 2014-15 to 2023-24. Additionally, a ‘white paper’ proposed by the Centre, comparing the economic scenario before and after 2014, is expected to be introduced in the Rajya Sabha today.
A white paper, such as the one Finance Minister Sitharaman will table in the Rajya Sabha, serves to illuminate the country’s economic condition during a specific period, highlighting both challenges and improvements made by the central government.
In general, a ‘white paper’ is an informational report that delves into government policies, achievements, and pertinent issues. The term ‘white paper’ denotes documents intended for public access, as opposed to those with different colored covers that may be intended for restricted distribution, as outlined by Stanford Law School. These documents are typically released by governments to discuss issues, propose actions, or offer conclusions on specific subjects.
The Center’s decision to release a white paper during this budget session aims to provide clarity on how the Modi government addressed economic challenges left by the previous UPA government in 2014. The White Paper from the Finance Ministry outlines how the Modi government strengthened macroeconomic foundations, revitalized the financial sector, reformed the credit ecosystem, and enhanced India’s infrastructure quality.
The white paper asserts that the economic and fiscal mismanagement by the UPA government had significantly undermined India’s growth potential by the end of its tenure.
In the Lok Sabha session expected today, members are anticipated to engage in discussions regarding the contents of the white paper. As per the agenda listed in the Lower House for the day, the Union Finance Minister will propose, “That this House do consider the White Paper on the Indian Economy and its impact on lives of the people of India.”
The comprehensive nearly 60-page white paper, presented by Sitharaman in both the Lok Sabha and Rajya Sabha on Thursday, identifies the banking crisis as one of the most significant and notorious legacies of the UPA government.
The document highlights that the UPA government ceased pursuing reforms upon assuming power in 2004, failing to build upon the robust foundation laid by the previous BJP-led NDA government. It attributes the rapid economic growth between 2004 and 2008 primarily to the “lagged effects” of the reforms initiated by the NDA government under Atal Bihari Vajpayee. The white paper critiques the UPA government for taking credit for the high growth during this period but failing to capitalize on it. It points out the government’s missed opportunity to strengthen the budgetary position and invest in infrastructure to bolster future growth prospects.
