The Finance Minister presented a "White Paper" on the Indian Economy in Parliament on February 08, 2024. The document has been prepared by the Finance Ministry which basically compares the 10-year record of economic governance under the Congress-led UPA governments. (between 2004-05 and 2013-14) compared with the 10-year record of BJP-led NDA governments (between 2014-15 and 2023-24).
Criticism of UPA era: Economic mismanagement and corruption
- Criticizes the economic mismanagement, fiscal indiscipline and corruption of the UPA during 2004–2014.
- Policy paralysis was highlighted which led to delays in project implementation and missed opportunities for development and innovation.
- The UPA tenure was termed as the “lost decade” due to neglect of infrastructure and asset creation.
NDA's fiscal prudence and economic rebound
- The NDA's counter-cyclical fiscal policy is in contrast to the UPA's counter-cyclical approach of promoting economic stability and resilience.
- Appreciated the fiscal discipline of the NDA to ensure economic recovery without compromising fiscal health amid the COVID-19 pandemic.
- The reduction in fiscal, revenue and primary deficit under the NDA government has been highlighted as indicators of prudent fiscal management.
What is white paper?
- A white paper typically provides information about a specific issue to make people aware of the nature and scope of the problem and possible ways to solve it.
- In addition to governments, white papers are often used by businesses and other agencies to showcase and promote their products.
- The earliest example of a government presenting a White Paper dates back to 1922, when then-British Prime Minister Winston Churchill presented a White Paper to detail his government's policy on Palestine.
There are no specific guidelines on issuing or presenting white papers in India. The opposition is within its rights to demand a white paper from the government on issues on which it needs clarity. For example, he recently made demands on black money, demonetization etc. In the last 10 years, the current government presented only two white papers – the second on Railways in 2014, which detailed freight and fare rationalization, capacity addition, etc.