New Delhi: The Centre has released a comparative White Paper on the 10-year tenure of the UPA government and the decade under Prime Minister Narendra Modi, accusing the former of turning a healthy economy into a non-performing one. Ahead of the upcoming Lok Sabha elections, the Centre launched a scathing attack on the Congress, alleging mismanagement and short-sighted handling of public finances, which undermined macroeconomic foundations.
The government criticized the UPA for abandoning the principles of economic liberalization, leading to economic mismanagement, financial indiscipline, and widespread corruption. The White Paper particularly targeted the Manmohan Singh government, coinciding with the end of his Rajya Sabha tenure. In 2004, when the UPA came to power, the economy was growing at a robust rate of 8%, driven by strong growth in the industry and services sectors, as well as a revitalized agriculture sector. However, instead of building upon these achievements, the UPA government merely took credit for the growth spurred by the previous NDA government's reforms and favorable global conditions.
The White Paper highlighted the UPA's failure to address key economic challenges, such as the soaring fiscal deficit, heavy external borrowing, and neglect of infrastructure development. Additionally, social sector schemes were plagued by underutilized funds. Furthermore, the average annual inflation rate during the UPA era was around 8.2%, with the government being accused of taking inadequate measures to curb inflationary pressures. Overall, the White Paper paints a damning picture of the UPA's economic stewardship, contrasting it with the reforms and achievements of the Modi-led government.
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