Finance Minister Sitharaman sheds light on economic landscape inherited by Modi government during White Paper debate

Finance Minister Nirmala Sitharaman took the floor of the Rajya Sabha to contribute to the ongoing debate concerning the White Paper, offering perspectives on the economic landscape inherited by the Modi government and outlining pivotal initiatives taken to confront challenges and drive economic progress.

Reflecting on the economic trajectory since 2014, Sitharaman acknowledged the strong foundation laid during Atal Bihari Vajpayee’s tenure (1998-2004) and attributed subsequent downturns to mismanagement during the UPA’s 10-year rule.

Addressing the government’s decision not to release a White Paper earlier, Sitharaman cited Prime Minister Modi’s concerns about maintaining public confidence in the nation’s institutions and economy. She emphasized that the Prime Minister was keen to avoid undermining the trust citizens had bestowed upon the government to serve the country effectively.

Highlighting the government’s approach to economic recovery, Sitharaman stressed a dual-track strategy aimed at rectifying past malpractices while simultaneously implementing forward-looking reforms. She likened this strategy to operating on two rails, with one focused on correcting past errors and the other dedicated to implementing reforms essential for sustainable growth.

Recalling the government’s swift action upon assuming office in 2014, Sitharaman cited the establishment of a Special Investigation Team (SIT) to tackle black money and the formation of an Expenditure Reform Commission under former RBI governor Bimal Jalan to rationalize government spending. These early decisions, she argued, laid the groundwork for a more accountable and systematic approach to governance.

In a notable moment, Sitharaman underscored the government’s commitment to infrastructure development, particularly highlighting the establishment of a second railway station in the Northeast—a historic milestone in India’s independent history. She lamented the region’s neglect in previous administrations and called for greater attention to its needs, especially considering former Prime Minister Manmohan Singh’s ties to Assam.

Sitharaman’s address in the Rajya Sabha provided insights into the government’s economic strategy and its efforts to navigate challenges while steering the nation towards sustainable growth and development.