NDA WHITE PAPER
THEN AND NOW – A SUMMARY
SARASIJ MAJUMDER
When the NDA government took over the reins in 2014, the
economy was in a very bad shape, nay, crisis. We faced the hydra-headed
challenge of fixing an economy mismanaged for a decade, and we started
restoring its fundamentals to sound health.
·
Then, we were among the 'fragile five' economies;
Now, we are among the 'top five'
economies, making the third highest contribution to global growth every year.
·
Then, the world had lost confidence in India's economic potential and dynamism;
Now, with our economic stability
and growth prospects, we inspire hope in others. We share at Annexure 1 a
snapshot of perceptions of two major international organizations.
·
Then, we had a scam-riddled 12-day Commonwealth Games;
Now, we successfully hosted a
far-bigger and year-long G20 Presidency in 2023, showcasing India at its best
in terms of content, consensus and logistics, providing acceptable solutions to
global problems.
·
Then, we had 2G scam;
Now, we have extensive coverage
of the population under 4G with the lowest rates and the world's fastest
rollout of 5G in 2023.
· Then, we had the Coalgate
scam;
Now, we have built systems for
transparent and objective auctions for harnessing natural resources to boost
the economy and the public finances.
·
Then we provided gold import license for a chosen few;
Now, we have set up a bullion
exchange in GIFT IFSC with a transparent mechanism for import.
·
Then, we had the economy facing a 'twin balance sheet problem';
Now, we have turned the economy
to having a 'twin balance sheet advantage' for companies as well as banking
sector with ample capacity to ramp up investments and credit and generate
employment.
·
Then, we had double-digit inflation;
Now, inflation has been brought
down too little over 5 per cent.
·
Then, we had a foreign exchange crisis;
Now, we have record foreign
exchange reserves of over USD 620 billion.
·
Then, we had 'policy-paralysis'; infrastructure was not a priority;
Now, the wheels of the virtuous
cycle of 'investment, growth, employment and entrepreneurship, and savings'
leading to more investments and productivity has been set into fast motion.
· Then, we had sporadic
coverage of development programmes;
Now, we have 'saturation
coverage' for providing basic necessities for all, with measured, targeted, and
inclusive support for the needy and empowerment of all to pursue their
aspirations.
In sum, the progress achieved in the ten years of our government
has overcome the malaise and paralysis of the previous ten years of the UPA
government. In 2024, confidence and purpose have replaced the diffidence and
drift of 2014.
Reference, and acknowledgement:
NDA WHITE PAPER—Page 45 (LAST para), and 46.
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