Editor's Pick | We saved economy from a crisis, government says in White Paper

Finance Minister Nirmala Sitharaman on Thursday presented a White Paper on the economy in the Lok Sabha, alleging that the ten years of the United Progressive Alliance’s (UPA) government created “an inheritance of loss” for the country and the Narendra Modi-led NDA government “rescued the economy from a state of crisis, despair and paralysis.” The 47-page Paper, along with a few data annexures, aims to convince people that the National Democratic Alliance (NDA) government, led by Prime Minister Narendra Modi, revived the economy after the UPA’s rule and moved towards “dynamism and growth, and hope in the people.” It also credited the few UPA years of high growth to reforms undertaken by the Atal Bihari Vajpayee-led NDA government. The Paper was tabled two days before the 17th Lok Sabha is scheduled to be adjourned for the last time. Copies of the paper in Hindi and English were also laid in the Rajya Sabha the same evening. General elections are expected to be held around April-May. “Then, we were among the ‘fragile five’ economies; now, we are among the ‘top five’ economies, making the third highest contribution to global growth every year,” the Paper said, stressing that the economic policy focus has been to undo “the damage of the previous decade.” Although the Paper talks about “pervasive corruption” under the UPA government and mentions “scams” related to coal block allocation, 2G spectrum, Commonwealth Games, and deals such as Aircel-Maxi, Antrix-Devas and INX Media, it does not comment on the status in the procurement corruption allegations related to Augusta Westland Helicopter and Pilatus Basic Trainer Aircraft. While the paper listed out some of the structural reforms undertaken by what it refers to as “our government”, such as the Insolvency and Bankruptcy Code, liberalisation of foreign direct investment (FDI) norms and GST, it makes no mention of the 2016 demonetisation exercise that was aimed at weeding out black money. However, it does state that “We continue to undertake measures to unearth black money and to discourage recourse to it.” Hours before the White Paper was tabled, the Congress tabled a 54-page “black paper” to highlight the failures of the Narendra Modi government and described the last 10 years as a “period of injustice” (anyaykaal) and discrimination against non-BJP States. The Hindu’s Editorials Towards uniformity: On the UCC adopted by the Uttarakhand Assembly Prosecuting Trump: On the ruling by the U.S. Court of Appeals for the District of Columbia Circuit The Hindu’s Daily News Quiz The entire leadership of Karnataka State, led by Chief Minister Siddaramaiah, staged a protest at New Delhi. Where did the protest take place? India Gate Parliament Pragathi Maidan Jantar Mantar To know the answer and to play the full quiz, click here. [logo] Editor's Pick 09 February 2024 [The Hindu logo] In the Editor's Pick newsletter, The Hindu explains why a story was important enough to be carried on the front page of today's edition of our newspaper. [Arrow]Open in browser [Mail icon]More newsletters We saved economy from a crisis, government says in White Paper Finance Minister [Nirmala Sitharaman on Thursday presented a White Paper]( on the economy in the Lok Sabha, alleging that the ten years of the United Progressive Alliance’s (UPA) government created “an inheritance of loss” for the country and the Narendra Modi-led NDA government “rescued the economy from a state of crisis, despair and paralysis.” The 47-page Paper, along with a few data annexures, aims to convince people that the National Democratic Alliance (NDA) government, led by Prime Minister Narendra Modi, revived the economy after the UPA’s rule and moved towards “dynamism and growth, and hope in the people.” It also credited the few UPA years of high growth to reforms undertaken by the Atal Bihari Vajpayee-led NDA government. The Paper was tabled two days before the 17th Lok Sabha is scheduled to be adjourned for the last time. Copies of the paper in Hindi and English were also laid in the Rajya Sabha the same evening. General elections are expected to be held around April-May. “Then, we were among the ‘fragile five’ economies; now, we are among the ‘top five’ economies, making the third highest contribution to global growth every year,” the Paper said, stressing that the economic policy focus has been to undo “the damage of the previous decade.” Although the Paper talks about “pervasive corruption” under the UPA government and mentions “scams” related to coal block allocation, 2G spectrum, Commonwealth Games, and deals such as Aircel-Maxi, Antrix-Devas and INX Media, it does not comment on the status in the procurement corruption allegations related to Augusta Westland Helicopter and Pilatus Basic Trainer Aircraft. While the paper listed out some of the structural reforms undertaken by what it refers to as “our government”, such as the Insolvency and Bankruptcy Code, liberalisation of foreign direct investment (FDI) norms and GST, it makes no mention of the 2016 demonetisation exercise that was aimed at weeding out black money. However, it does state that “We continue to undertake measures to unearth black money and to discourage recourse to it.” Hours before the White Paper was tabled, the Congress tabled a [54-page “black paper”]( to highlight the failures of the Narendra Modi government and described the last 10 years as a “period of injustice” (anyaykaal) and discrimination against non-BJP States. 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