White Paper record for posterity, a serious document: FM Sitharaman

Finance Minister (FM) Nirmala Sitharaman on Friday slammed the erstwhile United Progressive Alliance (UPA) government and said the White Paper on the Indian economy is a “record for our posterity.”

Responding to the discussion on the White Paper laid in the Lok Sabha, the FM said: “It shall be a record for our posterity. So that they know what effort it took for a PM with a vision to restore India to its glory. In the last ten years that is what has happened.”

Tearing into the UPA regime for not protecting the country’s interest, and putting the family first, Sitharaman said: “What happened after 2008 when there was a global financial crisis versus post-Covid shows that if the intent of the government is sincere and transparent, then there will be good results.”

Sitharaman said the UPA government caused huge losses to India due to the coal scam. “You turned coal to ashes. And we with our policies have made diamonds out of coal,” she said.  

She said the NDA government has the power and vision, which was lacking during the UPA’s term.

The FM asserted that the Narendra Modi government wants the economy to move forward on two rails – one, correct the misgovernance of the ten years (of UPA) rule and two, usher in a lot of reforms, push the economy and incentivise its smooth movement forward. 

Comparing the two international events hosted by India, Sitharaman said the Commonwealth Games scam during the UPA rule brought a “bad name” to the country, whereas the G20 hosted by the Modi government was appreciated and lauded across the world.

The FM accused the UPA government of misusing the banks as an institution.

The Modi government, Sitharaman said, took a host of decisions and now the Non-Performing Assets (NPAs) of public sector banks have declined to 3.2 per cent and their profitability has soared to Rs 1.08 trillion.

Sitharaman added that national security was compromised in the ten years of UPA rule, and environment clearances were not obtainable.

“The leadership failed the country,” FM asserted.

On inflation, Sitharaman said that during UPA’s ten years from 2004 to 2014, the average annual inflation stood at 8.2 per cent, which touched 9 per cent and soared higher in the last three years of their regime.

“Those who had to manage double-digit inflation should not be questioning others,” she explained. 

Sitharaman also listed out the achievements of the NDA government’s schemes such as Ujjwala Yojana, solar power, and renewable energy, and also the action taken by the investigative agencies such as the Enforcement Directorate (ED) under the Prevention of Money Laundering Act.

She added that the NDA government in the last nine years had seen 112 prosecutions, and 58 convictions under the ED. She said 24 people were handed Red Corner Notices and 12 were declared fugitives.