On a bright day of February 9, 2024, the Indian Parliament was abuzz with anticipation. The Union Finance Minister was about to present a ‘White Paper (WP)’ on the Indian economy. This wasn’t just any document; it was a comprehensive report prepared by the Ministry of Finance, unveiled during the Union Interim Budget.
The document, titled “Path to Progress: A Vision for Tomorrow,” outlined key findings and recommendations aimed at addressing pressing challenges facing the country.
A ‘White Paper’ is like a report card from the government. It’s a way for them to share new plans, achievements, and issues, all backed by research and facts. It’s a common tool in politics, business, and tech fields to help people understand complex topics and make informed decisions.
Essence of White Paper
Imagine a WP as a lighthouse, guiding us through the sea of information. It’s a tradition that goes back to 1922, started by British PM Winston Churchill. In India, each white paper is unique, as there are no strict rules.
Recently, our Finance Minister, Nirmala Sitharaman, presented a special ‘White Paper’ in Parliament. It was like a time machine, taking us back 10 years to compare the economic journey under two different governments. This ‘White Paper’ wasn’t just
about pointing fingers, but about understanding challenges and appreciating progress.
It reflected various aspects of our economy – trade, monetary policy, fiscal policy, and exchange rate policy. When this ‘WP’ was presented in the Lok Sabha, it sparked a fiery debate, extending the Budget session by a day. It was more than just a document; it was a reflection of our past, a lesson for our present, and a guide for our future.
Highlights of the govt.’s White Paper
- Economic Showdown: The ‘White Paper’ suggests that the current government took over a struggling economy from the UPA government and turned it around significantly.
- Bumps and Triumphs: The paper recognizes the tough journey the current government had in rejuvenating the economy, but it also celebrates its success in stimulating growth and restoring confidence.
- Past Shadows and Present Lights: The paper brings up past scandals and crises during the UPA tenure and contrasts them with the current government’s wins in areas like technology, transparency, inflation control, and foreign exchange.
- Final Thoughts and Debates: The paper wraps up by applauding the current government’s economic performance and defending the timing of its release. But it’s not all applause; some opposition parties are questioning the paper’s authenticity and intent.
The white paper, spanning 58 pages, was divided into three main sections:
- The first part took a deep dive into the macroeconomic situation during the 10-year reign of the UPA.
- The second part sheds light on the current status of various corruption scams that occurred under the UPA government.
- The third part was a testament to how the NDA managed to turn the economy around.
The white paper was a candid revelation of the governance, economic, and fiscal crises that the NDA government inherited when it took office in 2014. It also highlighted the policies and measures that the NDA government implemented to rejuvenate the economy since 2014.
White Paper Debate
The ‘White Paper’ was recently presented in the Lok Sabha by Finance Minister Nirmala Sitharaman. This document took a critical look at the policy missteps of the Congress-led UPA government during its decade-long tenure and underscored the corrective measures taken by the Modi government. The ‘White Paper’ stated, “The UPA government inherited a robust economy poised for further reforms but rendered it non-performing over its 10-year term.” The opposition Congress leader Mallikarjun Kharge said in Parliament that it will bring a ‘Black Paper’ on the Narendra Modi government’s 10 years in response to the White Paper.
The document was presented as a motion titled “That this House do consider the White Paper on the Indian Economy and its impact on the lives of the people of India.”
The presentation of the Paper sparked a debate in the Lok Sabha. Kerala MP N K Premachandran and AITC’s Saugata Ray were among those who opposed the document.
The discussion on the ‘White Paper (WP)’ was initiated by BJP MP Nishikant Dubey. Due to the intense discussions around the ‘WP’, the budget session was extended by a day to ensure the completion of essential government business.
Wrapping Up
The White Paper, presented by the Finance Minister, is more than just a document. It’s a comprehensive narrative of the Indian economy’s journey over the past decade. It’s a testament to the economic policies and measures implemented by the current government and their impact on the nation’s economic health. It’s a story of resilience, determination, and progress.
