Why Modi govt took 10 years for White Paper on Indian Economy?

New Delhi: Finance Minister Nirmala Sitharaman on Thursday tabled a 'White Paper on the Indian Economy' in the Lok Sabha.

According to the White Paper, the economy was in a fragile state in 2014, public finances were in bad shape, there was economic mismanagement and financial indiscipline, and there was widespread corruption.

"It was a crisis situation," the report said.

"Our government refrained from bringing out a white paper on the poor state of affairs then. That would have given a negative narrative and shaken the confidence of all, including investors.

"Now that we have stabilised the economy and set it on a recovery and growth path, it is necessary to place in the public domain the seemingly insurmountable challenges – left behind as a legacy by the UPA Government.

"Every challenge of the pre-2014 era was overcome through our economic management and our governance. These have placed the country on a resolute path of sustained high growth. This has been possible through our right policies, true intentions, and appropriate decisions," highlighted the White Paper.

Sitharaman in her Interim Budget speech had announced that the government will come out with a white paper on the economy outlining the economic mismanagement in the 10 years of UPA rule till 2014.

The NDA government has overcome the crisis of those years, and the economy has been put firmly on a high sustainable growth path with all-round development, Sitharaman said.

"It is now appropriate to look at where we were then till 2014 and where we are now, only for the purpose of drawing lessons from the mismanagement of those years. The Government will lay a White Paper on table of the House," she had said.