Honourable Finance Minister Nirmala Sitharaman tabled the White Paper in Parliament about the condition of the Economy of our Nation before 2014 in the Congress-led UPA Government under the leadership of Manmohan Singh and post-2014 BJP-led NDA Government under the leadership of Prime Minister Narendra Modi about the facts around the Macro Economic situation. As per the detailed data provided in the White paper, the Congress-led UPA Government inherited the deeply damaged economy in the year 2014 from the BJP-led NDA Government with horizontal and vertical structural paralysis relevant to the finance, economy and governance policies of our Nation due to undue political interference in the decision-making process of the Government in Congress mark approach. In this process, our country suffered comprehensively in social, political, geographical, financial, and Economic issues simultaneously, and citizens of our Nation paid the repercussions of all these adversities.
The most worrying issue was “Inflation”; it was double-digit, around 10 per cent on average, between 2009 and 14. In 2009 – 10, it registered a peak level of 12.40. The living conditions for sustaining the Common Men in our country had become measurable due to the lower purchasing power, high interest rates, and uncontrollable Inflation. Further, It has been noted that the Economic Policies and reforms of the Vajpayee -led NDA Government before 2004 and the Global Economy boom between 2002 – 2007 had registered high growth and low inflation rate in the first term of Congress-led UPA between 2004 – 09. However, this positive environment had not converted into a natural value addition to our Nation in the Congress-led UPA 2 due to malfunction of policies and Union Government inaction when the situation was demanded between 2004 – 09 of UPA 1 with compromised political approach and too much of the left-oriented involvement in the Government. Further, the Monetary policy of the government was beyond the control of the Inflation.
Policy uncertainty adversely impacted our country’s business and investment climate between 2004 and 2014; it simultaneously dented our country’s image and investors’ confidence. As far as the Banking system was concerned, the Gross Non-Performing Assets of the Public Sector Banks in March 2004, before leaving office then Prime Minister Vajpayee, came down to 7.8 per cent from 16 per cent with Gross Advances of Rs. 6.6 lakh Crores. However, been raised to 12.3 per cent per cent, Advgross advances Lakh Crores during the UPA Government due to the political interferences in the Banking. Most particularly, nearly Rs. 4 Lakh Crores of the Problem Loans was not recognised for the provisioning, and a large number of Bad loans had been given between 2006 – 2008 in Congress-led UPA 1 Government. Today, our country is paying the price due to the malfunction of the system in the UPA Government.
As everyone knows, “Corruption and Scams “were rampant in the Nation’s Wealth and the exchequer during the Congress-led UPA Government, destroying the country’s investment-friendly environment. As per the observations from the CAG, “Coal Blocks Allotment “caused 1.86 Lakh Crores loss to the exchequer and the Honourable Supreme Court cancelled 204 allotments in the Congress-led UPA Government along with 47 cases were filed, and 10 cases are still under investigation. Apart from this, 8 cases were filed in the “Commonwealth Games Scam”, and Congress leader Suresh Kalmadi got arrested; in connection with the “2G Telecom Scam”, 1.76 Lakh crore was lost to the Nation, and this case is in the Appellate Court. Several other Scams like “Sarada Chit Funds, INX Media, Adarsh Housing, Augusta Westland,” etc. The numerous Scams happened between 2004 and 2014 for ten years. Everyone accepts that there were no specific corruption charges against then-Prime Minister Manmohan Singh. The key to the Union Government was in the hands of close aides Sonia and Vadra Parivar, and their influence on the Government decisions that caused the damage to the Nation couldn’t be ruled out.
Despite all the adversities when Hon’ble Prime Minister Narendra Modi assumed office in the year 2014, He scheduled to operate all the required structural reforms like Demonetisation to arrest the fake and counterfeit currency in the economy, GST for the transparent indirect tax system, Banking mergers, relaxations to NBFCs for the funds infusion, special measures for Automobile and Textile Industries and so on during the last nine years irrespective of unforeseen uncertainties happened like COVID-19. The beauty of Narendra Modi’s governance was the “flexibility and adaptability “of policies depending upon the situation and circumstances to synchronise the ongoing policies per his predetermined schedules with solutions for unforeseen uncertainties. While in the progress of the reforms by the Narendra Modi-led Union Government, COVID-19 posed a challenge on the globe with the greater uncertainty taking place and how that would influence each component of the economy. But, that challenge was taken as an opportunity by the Narendra Modi-led Union Government with more than Rs. 20 Lakh Crores worth of “Atmanirbar Bharat Package “consists of allocations for all the segments that are needed for safeguarding the Lives of the people and Economy together and stood our country model as the best model among the other countries in the world.
Prime Minister Narendra Modi has faced multiple challenges. Most of the challenges were caused by the timely inaction of his predecessor Government and the economic growth, Inflation, Investments, and Employment in the worst global slowdown scenarios like the European Economy crisis, Brexit, Greece crisis, Volatile oil price fluctuations, Ukraine and Russia war created supply chain disruption on the world etc. In these circumstances, Major Economies have been performing adversely for the last nine years, particularly post-COVID-19. But, the only country that is Bharat has become hopeful for the rest of the world for the Global economic recovery with a Real GDP growth rate of 7.3 per cent and GDP at current prices of Rs. 296.58 lakh Crores for the year 2023 – 24. We need to make the important point to note that our country was the 10th world’s largest economy in the year 2014, with approximately 2.00 trillion dollars. But, after structural reforms and timely decisions with effective policies been taken by the Narendra Modi-led Union Government, today our country stands as 5th largest economy in the world with 3.7 Trillion dollars and marching towards 5 Trillion dollars economy with the status of 3rd largest economy in the world by the year 2027 – 28.
Apart from the “Economy and Finance “, Prime Minister Narendra Modi has given most priority to “Social Security as the Responsibility in the Governance “for the last nine and half years to reach the Union Government schemes to the truly needed poor with the concept of “Antyodaya “. Farmers are benefiting from PM Kisan Samman Nidhi “scheme for Rs 6,000/- per annum in three equal instalments as Crop investment assistance since 2019 and Rs. 2.60 lakh crores rupees disbursement for 11 Crore families in the country, “Fertiliser subsidy “is outlay on the union government exchequer for Rs. 2,000/- on each bag of the fertiliser, nearly it costs for around Rs 1.64 Lakh Crores. Union Government assistance for 5 Kg free rice distribution for 80 Crore individuals of the BPL families since the COVID-19 first lock in April 2020 under “Gareeb Kalyan Anna Yojana (GKAY)”, it might cost around Rs. 4.50 Lakh Crores till now. This scheme has been extended for the next five years along with continuing the existing subsidy ration through PDS as per the “National Food Security Act (NFSA)”.
Apart from this, after achieving around 98 per cent ODF through Swacha Bharat, more than 3 Crore Houses were sanctioned for the poor in the country under PMAY, and its construction is almost at the completion stage, and 2 Crore new homes as the target fixed in the latest budget. In addition to this, PM Narendra Modi had announced the Jal Jeevan Mission ( JJM ) for safe tap drinking water to every house in rural India with 3.75 lakh crores assistance consisting of 50 per cent – 50 per cent share between Union and State Governments, almost 75 per cent of the target reached till now. Further, nearly 11 Crore eligible families in the country consisting of 50 Crore people are availing the Health Insurance for Rs. 5 Lakhs under “Ayushman Bharat “. Mainly, PM Narendra Modi-led Union Government has transferred 38 lakh crores for the last nine and half years into 50 Crore Jandhan Accounts directly under various schemes, in which women beneficiaries are significantly higher as the part of Narishakti.
Hence, the Hon’ble Finance Minister Nirmala Sitharaman has exposed the Black and White of the pre and post-2014 Governance of Congress-led UPA and BJP-led NDA Governments with White Paper on the floor of our temple of democracy, i.e. Parliament, to understand the facts by the people of our country as Prime Minister Narendra Modi always express “Janata Janardan”.