No quick fixes, took bold reforms to nurture economy: Govt in White Paper

The document criticises UPA govt for falling short of delivering on crucial reforms

Bold reforms undertaken by the ruling NDA government since 2014 have resulted in India’s transition from a league of 'fragile five' to 'top five' with its economy becoming far more resilient amid a challenging global environment, the Centre said on Thursday.

Finance Minister Nirmala Sitharaman tabled in Parliament a White Paper on economy which highlights the economic mismanagement by the UPA government and achievements of the 10 years of NDA rule. The 59-page document underlines the government’s reform agenda and highlights Covid-19 vaccination, elimination of open defecation to e-Shram portal and Insolvency and Bankruptcy Code.

“Rather than employing quick fixes, we undertook bold reforms to nurture the coming decades of economic performance...Since the time our government assumed power in 2014, the Indian economy has undergone many structural reforms that have strengthened the macroeconomic fundamentals of the economy,” it said.

 

“The UPA Government inherited a healthy economy ready for more reforms, but made it non-performing in its 10 years… Aadhar in India, a symbol of digital empowerment, too has suffered at the hands of UPA,” it said.

The White Paper cited various reforms undertaken by the Prime Minister Narendra Modi-led government such as the GST for One Nation One market, tax reforms for improved revenue collection, the Ayushman Bharat programme and digitisation of land records through SVAMITVA for rural land management and individual economic empowerment.

“The government has undertaken diverse reforms to restore and enhance the potential of the economy by creating a business-friendly environment, improving ease of living, and strengthening the governance systems and processes. This led to a substantial decline in policy uncertainty in India, which had peaked under the UPA Government,” it said.

The White Paper highlighted that the additional controls put in place by the UPA government were rationalised during the NDA era. According to the Paper, construction of temporary as well as more durable tourism facilities such as hotels and resorts in zones that were previously restricted as “No Development Zones (NDZs)” by the UPA government in the coastal areas was allowed during the NDA regime. 

“Contrary to the piecemeal delivery of the past, we have achieved saturation coverage for all deserving beneficiaries. We shifted the welfare focus from entitlement-based support to empowering individuals by integrating them into the formal sector,” it said.

It also gave the current government credit for enacting the Coal Mines Special Provisions (CMSP) Act 2015 to ensure transparent allocation of coal resources and energy security of the country.

 “We constituted an expenditure Reform commission to rationalise and prioritise Government expenditures to achieve desired development outcomes and make effective use of taxpayers' money for nation building,” it said.