India's Economic Evolution: From 'Fragile 5' to 5th Largest, Government Credits Turnaround and Slams UPA Policies

In a comprehensive white paper presented in Parliament on Thursday, the Narendra Modi-led government attributed India's economic woes, branding it among the "Fragile Five," to the United Progressive Alliance's (UPA) governance from 2004 to 2014. The document, serving as both a report card for the National Democratic Alliance's (NDA) decade in power and a prelude to the upcoming general elections, highlighted the turnaround orchestrated by the Modi administration since 2014.

Finance minister Nirmala Sitharaman, while tabling the document, emphasized the government's achievements in restoring economic vitality, making India the fifth-largest economy globally. She stated, "The exemplary track record of governance, development, and performance, effective delivery, and 'Jan Kalyan' has given the government trust, confidence, and blessings of the people to realize the goal of 'Viksit Bharat.'"

However, the Congress party swiftly dismissed the white paper, terming it an attempt to conceal "the dark truth." Congress general secretary KC Venugopal ridiculed the BJP's timing, stating, "Laughable that after a decade in power, the BJP comes out with a White Paper on our performance because they have no real accomplishments to speak of."

The 59-page document is structured into three segments, scrutinizing the macroeconomic situation during the UPA era, highlighting corruption scandals from 2004 to 2014, and showcasing the NDA's efforts in revitalizing the economy and fostering hope for a brighter future.

According to the white paper, the UPA government, despite inheriting a robust economy, succumbed to policy paralysis and corruption, ultimately leading to a weakened economic state. The document criticized the UPA for abandoning reforms after coming to power in 2004, stating, "Even as the country was standing at the cusp of emerging as a powerful economy, little was done by the UPA government to build upon the strong foundation laid by the previous NDA government."

Highlighting corruption issues, the white paper listed various cases, including irregularities in the allocation of coal blocks, the Commonwealth Games, the 2G spectrum allocation, and more. The document also emphasized the Modi government's efforts to address these issues, citing convictions in some cases and ongoing investigations in others.

The white paper underscored transformative reforms implemented since 2014, propelling India to become the fifth-largest economy in 2023, with projections to reach the third-largest by 2027. It highlighted the speed of project implementation, citing a significant increase in national highway construction during the NDA's tenure.

As the government celebrates its achievements, the white paper concluded with a humble acknowledgment that challenges persist and emphasized the commitment to further progress.