Govt to come out with White Paper on mismanagement of economy prior to 2014

The Indian government will release a White Paper on the mismanagement of the economy prior to 2014 to draw lessons.

The Government will come out with a White Paper on the mismanagement of economy prior to 2014 with an aim to draw lessons. Prime Minister Narendra Modi-led NDA came to power in May 2014 after a 10-year rule by Congress-led UPA at the Centre.

"It is now appropriate to look at where we were then till 2014 and where we are now, only for the purpose of drawing lessons from the mismanagement of those years. The Government will lay a White Paper on table of the House," she announced while presenting the interim Budget for the next financial year on Feb 1.

She said in 2014 when the Modi Government assumed the reins, the responsibility to mend the economy step by step and to put the governance systems in order was enormous. The need of the hour, she said, was to give hope to the people, to attract investments, and to build support for the much-needed reforms. "The government did that successfully following our strong belief of 'nation-first'," Ms. Sitharaman said.

She further said the crisis of those years has been overcome, and the economy has been put firmly on a high sustainable growth path with all-round development.

Ms. Sitharaman began her nearly an hour long Budget speech emphasising that the Indian economy has witnessed profound positive transformation in the last ten years. The people of India are looking ahead to the future with hope and optimism, she said.

"With the blessings of the people, when our Government under the visionary and dynamic leadership of Honourable Prime Minister Shri Narendra Modi assumed office in 2014, the country was facing enormous challenges," the Minister said.

Ms. Sitharaman, who was presenting her sixth Budget, said that with 'Sabka Saath, Sabka Vikas' as its 'mantra', the government overcame those challenges in right earnest. Structural reforms were undertaken, pro-people programmes were formulated and implemented promptly, and conditions were created for more opportunities for employment and entrepreneurship.