Foreseen commotion looms in the Lok Sabha on Friday as members delve into discussions on the ‘White Paper’ put forth by Union Finance Minister Nirmala Sitharaman. This document draws parallels between the economic management during the ten-year tenure of the Congress-led UPA government and that of the Bharatiya Janata Party-ruled dispensation. According to the day’s agenda in the Lower House, the Finance Minister will propose, “That this House do consider the White Paper on the Indian Economy and its impact on the lives of the people of India.”
Sitharaman’s nearly 60-page White Paper, presented in both the Lok Sabha and Rajya Sabha, underscores the banking crisis as a significant and infamous legacy of the UPA government. It argues that the UPA government abandoned reforms after assuming power in 2004, failing to build upon the strong foundation laid by the preceding BJP-led NDA government. The document asserts that the economic growth between 2004 and 2008 was primarily due to the “lagged effects” of the NDA government’s reforms led by Atal Bihari Vajpayee.
The White Paper censures the UPA leadership for disregarding reforms and not capitalizing on the burgeoning economy, despite claiming credit for high growth. It accuses the UPA government of interfering in the lending decisions of public sector banks, contributing to the banking crisis. The document also highlights scandals in defense compromising defense preparedness and mentions delays in the acquisition of weapons.
Additionally, the White Paper touches on the “coal scam,” spotlighting arbitrary coal block allocations before 2014. Controversies such as the 2G spectrum scam, coal gate scam, and the Common Wealth Games (CWG) are cited, reflecting negatively on India’s image as an investment destination.
In the Rajya Sabha, the Union Minister of State for Home, Nityanand Rai, will present the Jammu and Kashmir Local Bodies Laws (Amendment) Bill, 2024, while Union Minister Jitendra Singh will move the Public Examinations (Prevention of Unfair Means) Bill, 2024.
The Lower House concluded the Interim Budget exercise on Wednesday with the passage of the Finance Bill, 2024, presented by the Union Finance Minister on February 1 during the ongoing Budget Session. The session, initially scheduled to conclude on February 9, has been extended by a day until February 10.