Modi Govt's 'White Paper' reflects on India THEN and NOW

The White Paper on the Indian economy released by the Narendra Modi government highlights the significant progress made in overcoming the challenges inherited from the previous administration. It contrasts the economic situation before and after 2014, showcasing improvements across various sectors.

Team Asianet Newsable

First Published Feb 8, 2024, 7:37 PM IST | Last Updated Feb 8, 2024, 7:37 PM IST

The Narendra Modi government released a comprehensive White Paper on the Indian economy, highlighting the substantial progress made during its tenure compared to the previous administration led by the United Progressive Alliance (UPA). Finance Minister Nirmala Sitharaman's White Paper meticulously outlined numerous key improvements achieved since 2014.

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Addressing Economic Crisis: In 2014, the Indian economy faced significant challenges and was marred by mismanagement. Under the stewardship of the NDA government, concerted efforts were made to rectify the situation and restore the economy's fundamentals to a state of robust health.
Transformation from Fragile to Top Economy: India's economic status transitioned from being among the 'fragile five' economies to becoming one of the 'top five' globally. This shift underscored India's substantial contributions to global economic growth, signalling increased stability and confidence.
Restoring Confidence: Confidence in India's economic potential and stability was successfully restored under the Modi government's tenure. This newfound confidence has not only inspired optimism domestically but has also bolstered India's standing on the global economic stage.
Global Leadership in Hosting G20 Presidency: India's successful hosting of the year-long G20 Presidency in 2023 showcased the nation's organizational capabilities and its ability to provide effective solutions to global challenges. This event demonstrated India's readiness to assume leadership roles on the international front.
Telecommunications Advancements: Significant strides were made in the telecommunications sector, with widespread coverage under 4G networks and the rapid rollout of 5G technology in 2023. These advancements underscore India's commitment to technological innovation and digital transformation.
Transparency in Resource Allocation: Transparent systems were instituted to replace past instances of corruption, such as the Coalgate scam. These measures aimed to ensure fair and efficient allocation of resources, fostering trust and integrity in governance.
Efficiency in Gold Import Mechanisms: Initiatives like the establishment of a bullion exchange in the Gujarat International Finance Tec-City (GIFT IFSC) were introduced to promote transparency and efficiency in gold import mechanisms. These reforms aimed to streamline processes and eliminate irregularities in the gold trade.
Twin Balance Sheet Advantage: The economy transitioned from facing a 'twin balance sheet problem' to enjoying a 'twin balance sheet advantage.' This shift facilitated increased investment, credit availability, and employment generation, driving sustainable economic growth.
Controlled Inflation: Previous double-digit inflation rates were successfully curbed, with inflation levels now stabilized at around 5%. This achievement contributed to overall economic stability and improved purchasing power for consumers.
Record High Foreign Exchange Reserves: India's foreign exchange reserves surged to record highs, surpassing USD 620 billion. This milestone marked a significant achievement in safeguarding the nation's economic interests and mitigating foreign exchange risks.
Infrastructure Focus and Policy Momentum: The government's renewed focus on infrastructure development and policy momentum stimulated investment, growth, and entrepreneurship. These efforts facilitated the creation of an enabling environment for economic expansion and job creation.
Comprehensive Development Programs: Development programs were revamped to ensure comprehensive coverage, providing basic necessities for all segments of society. These programs aimed to empower individuals to pursue their aspirations while fostering inclusive growth and socio-economic development.