‘India’s economy back on rails in 10 years, corrected all misgovernance’: FM Sitharaman on ‘White Paper’ in Parliament

On defence sector

In her response, Sitharaman highlighted that the UPA government indulged in “glaring mismanagement” of the defence sector. “Critical shortage of ammunition & defence equipment was the main feature of 2014 when we inherited the economy. Bullet proof jackets were not available for our soldiers. Night vision goggles were not available,” Sitharaman said.

The Modi government more than doubled defence budget to Rs 6.22 lakh crore for fiscal 2024-25, from Rs 2.53 lakh crore in 2013-14, she added.

On inflation

Sitharaman also to the inflation-related queries raised by several Opposition members during the discussion on Friday afternoon.

“From 2004-14, the average annual inflation in India was 8.2 per cent. Further, in the last three years of the UPA government, the retail inflation was 9.8 per cent. Meanwhile, the global inflation was around three to four per cent,” she said.

The FM took a jibe at the Congress and said, “It is not good that those who kept inflation in double digits are speaking on this.”

Meanwhile, the Opposition MPs created an uproar while the Finance Minister began her reply. She lashed out and said: “I will not mislead the House. I am not the Congress.”

Parliament Budget Session 2024 | ‘This is a political manifesto’, Congress hits back during ‘White Paper’ discussion in LS

Earlier Friday morning, Sitharaman presented her opening remarks on the ‘White Paper on Indian Economy’, and said that this is “a factual record for posterity.” She accused the UPA of economic mismanagement during the 2008 global financial crisis, claiming the Congress put “family first”.

Initiating the debate on the ‘White Paper on Indian Economy and its impact on the lives of people of India,’ Sitharaman said the Modi government worked with sincerity and pulled the economy out of ‘fragile five’ and sent it to top five globally. It is now on the verge of becoming one of the top three global economies, she said.

“When you don’t put the nation first, when you put your first family first, and when you have other consideration than transparency, the results are out there for you to see. So what happened after 2008 when there was a global financial crisis and what happened post-COVID shows clearly that if the intent of the government is sincere results will be good,” she added.

The Common Wealth Games (CWG), held during the UPA regime, brought “bad name” to the country, but India’s G20 presidency under the PM Modi government earned India global respect, she added.

“Ten years of one government with some crisis and 10 years of a different government with different crisis. The comparison shown in this ‘White Paper’ clearly says how if the government handles it with true sincerity, transparency and putting the nation first, the results are there for everybody to see,” Sitharaman said.

— With PTI inputs