Finance minister Sitharaman releases 'white paper' on Indian economy
Union Finance Minister Nirmala Sitharaman on Thursday presented a "white paper" on the Indian economy in the Lok Sabha. The paper has accused the previous United Progressive Alliance (UPA) government of causing a "mountain of bad loans" and "double-digit inflation" before the Narendra Modi-led administration took over. The document is aimed at highlighting the alleged economic mismanagement during the UPA's tenure from 2004 to 2014.
UPA government's economic failures
The white paper claims that the UPA government "failed miserably to facilitate economic activities," creating obstacles that hindered economic growth. It also accuses it of using rapid economic expansion for narrow political gains, leading to a high fiscal deficit, double-digit inflation, and India's inclusion in the "Fragile Five" club in 2013. Fragile Five was the term issued to India, Turkey, Brazil, South Africa, and Indonesia by Morgan Stanley for being overly reliant on foreign investment to fund their growth aspirations.