FM Presents ‘White Paper’, Exposes UPA’s Non-Performing Economy In 10 Years
Finance Minister Nirmala Sitharaman presented a ‘White Paper’ in the Lok Sabha, highlighting issues during the 10-year rule of the UPA government. The paper compares the UPA’s tenure with the current Narendra Modi-led government’s ten years.
The report states that the UPA inherited a strong economy in 2004 but failed to maintain its performance. It mentions that the economy was growing at 8% when UPA took over, with positive growth in industry, services, and agriculture.
However, the UPA’s tenure saw high inflation between 2009 and 2014, affecting common people and poorer households. High fiscal deficits were also a problem during this period.
One of the major issues highlighted was the banking crisis, with a significant increase in Non-Performing Assets (NPA) in public sector banks. Additionally, the UPA was criticized for poor policy planning and execution, leading to unspent funds in various social sector schemes.
The paper accuses the UPA of policy misadventures and corruption, citing major scams like the 2G spectrum, coal gate, and Common Wealth Games. These scandals not only cost the exchequer heavily but also damaged India’s reputation as an investment destination.
Another criticism was the handling of the Aadhar project, which the paper claims was inefficiently managed by the UPA. There were also allegations of corruption in defense procurements, impacting national security.
The UPA’s decision-making was described as stagnant due to corruption and scandals. The paper claims that the UPA government failed to facilitate economic activities and instead created hurdles, abandoning principles of economic liberalization.
The White Paper also mentions that the UPA neglected infrastructure and mismanaged development programs. Social sector schemes, which were a focus of the UPA, had a significant amount of unspent funds.
Defence preparedness and health expenditure were other areas where the UPA government was criticized for not paying enough attention. The paper states that by 2012, there was a chronic shortage of combat-ready equipment and ammunition.