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Finance Minister Nirmala Sitharaman delivered speech in Lok Sabha on February 9, as she laid the 'White Paper' on the table, calling it a statement of utmost responsibility.

 

 The White Paper, a comprehensive assessment of India's economic trajectory, garnered attention for its critique of the previous UPA government's economic policies.

 

During her address in Lok Sabha, Sitharaman highlighted the significance of the White Paper, emphasizing the government's steadfast commitment to steering the Indian economy from a fragile state to one of resilience and growth.

 

She highlighted the transformative journey undertaken by the Modi government, catapulting India into the league of top global economies.

 

The Finance Minister didn't mince words in her criticism of the UPA regime, alleging a stark lack of economic reforms and a failure to capitalize on the groundwork laid by the preceding BJP-led NDA government. Sitharaman's speech resonated with accusations of economic mismanagement, pointing to instances such as the infamous Coal Scam, which she described as a substantial setback inflicted upon the nation.

 

Referring to the term 'Fragile Five,' coined during the UPA era by a Morgan Stanley analyst, Sitharaman criticized the previous government's handling of the economy, asserting that the Modi government had successfully steered India away from such precarious rankings to achieve commendable global standing.

 

Further diving into the UPA's purported mismanagement, Sitharaman accused the Congress-led government of prioritizing familial interests over national welfare, thereby exacerbating economic challenges.

 

She juxtaposed the UPA's handling of the 2008 global financial crisis with the Modi government's response to the COVID-19 pandemic, asserting that the former fell short in safeguarding India's interests.

 

Drawing attention to the coal sector, Sitharaman also highlighted the ramifications of the coal allocation scandal, emphasizing the lack of transparency and accountability under the UPA government.

 

She drew upon the Supreme Court's intervention in 2014, which nullified the allocation of numerous coal mines due to irregularities and opaque practices.