The White Paper on the Indian Economy was presented in the Lok Sabha today by Finance Minister Nirmala Sitharaman. This ‘white paper’ states that the coal scam had shaken the conscience of the country in 2014. Before 2014, allocation of coal blocks was done on an arbitrary basis without following a transparent process. Allocate blocks. The coal sector was excluded from competition and transparency and there was a lack of investment and efficiency in the sector. These actions were scrutinized by investigative agencies, and in 2014, the Honorable Supreme Court of India de-allocated 204 coal mines/blocks allotted since 1993.
The Finance Minister said that the ‘White Paper on Indian Economy’ presented by Sitharaman states that – The decade of UPA government’s rule (or its absence) has been marked by policy misadventures and scams like non-transparent auction of public resources (coal and telecom spectrum). Was marked by. The specter of retrospective taxation, unsustainable demand incentives and non-targeted subsidies and reckless lending by the banking sector with a tone of favouritism, etc.
The 2G spectrum scam involving 122 telecom licenses had drained Rs 1.76 lakh crore from the exchequer. Comptroller and Auditor General (CAG) estimates, Coal Gate scam that cost the exchequer Rs 1.86 lakh crore, Common Wealth Games (CWG) scam etc. indicated an environment of growing political uncertainty and had a negative impact on India’s image. . As an investment destination. It tells how the foundation of strong economy laid by NDA was weakened during the tenure of UPA. It also shows how inflation increased between 2009 and 2014 and how the common man had to bear the brunt of it.
Between 2009 and 2014, the fiscal deficit had also reached its highest limit. The average annual inflation rate reached double digits between 2010 and 2014. When NDA took charge under the leadership of Atal Bihar Vajpayee, the GNPA of banks was 16 percent. When he left the government it had come down to 7.8 percent. Whereas, during the tenure of UPA, by 2013 it had touched the figure of 12.3 percent.