Finance Minister Nirmala Sitharaman discusses 'White Paper' in Lok Sabha

Finance Minister Nirmala Sitharaman on Friday discussed the White Paper on Indian Economy in the Lok Sabha. Finance Minister called it a "Statement laid with responsibility".

“White Paper' has been laid on the table by the government, after 10 years of pulling out an Indian Economy which was in fragile five to reach the stage of top five. It is a statement laid with responsibility", said Finance Minister Nirmala Sitharaman.

During the discussion, the Finance Minister accused the Manmohan Singh led UPA government of ruining India’s reputation globally. She further went on to say India suffered a huge loss because of the Coal Scam.

Comparing the 2008 global financial crisis and the economic crisis caused by the covid pandemic, Sitharaman hailed the Modi government of handling it better than the UPA government. She also noted that The White Paper shows which government has put the Nation first and which government has put their families first.

"The White Paper shows which government has put the Nation first and which government has put their families first," Sitharaman said in Lok Sabha.

What does The White paper say?

The White Paper accuses the UPA government of abandoning reforms initiated by the previous NDA government, leading to missed opportunities for consolidating high economic growth during the years between 2004 and 2008.

The White Paper also highlights the banking crisis as one of the most important and infamous legacies of the UPA government, citing political interference in commercial lending decisions of public sector banks and a rise in Gross Non-Performing Assets (GNPA) ratio.

It also criticizes the UPA government for scandals and corruption in the defence sector, resulting in compromised defence preparedness. It mentions delayed acquisitions of weaponry, including artillery, anti-aircraft guns, fighters, submarines, and night-fighting gear.

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