BJP Unveils ‘White Paper’ at National Convention, Highlights Financial Irregularities During UPA Era

During the second day of the Bharatiya Janata Party’s (BJP) National Convention, a ‘White Paper’ detailing the Indian economy’s performance under the United Progressive Alliance (UPA) government was unveiled, shedding light on alleged financial irregularities during the UPA’s tenure.

The release of the White Paper marks the BJP’s latest effort to scrutinize and critique the economic policies implemented by the Congress-led UPA government. The document, previously presented by the BJP in Parliament, provides a comprehensive account of perceived shortcomings and lapses in financial management during the UPA’s ten-year rule.

Highlighting key findings, the White Paper underscores the magnitude of the banking crisis that unfolded in 2014, citing a substantial increase in gross advances by public sector banks. From a modest Rs 6.6 lakh crore in March 2004, the figure soared to Rs 39.0 lakh crore by March 2012, indicative of what the BJP characterizes as financial mismanagement.

Moreover, the White Paper accuses the UPA government of compromising external and macroeconomic stability, citing a significant depreciation of the Indian rupee against the US dollar between 2011 and 2013. It alleges that infrastructure development was neglected, resulting in adverse implications for industrial and economic growth.

The document further reveals discrepancies in budgetary expenditure across crucial social and rural sector ministries during the UPA regime. A staggering Rs 94,060 crore, representing 6.4 percent of cumulative budget estimates between 2004 and 2014, reportedly remained unspent, raising concerns about resource allocation and utilization.

Drawing comparisons with the National Democratic Alliance (NDA) government’s track record, the White Paper contends that the pace of national highway construction slowed significantly under the UPA. While the NDA added approximately 24,000 kilometers of national highways from 1997 to 2002, the UPA’s tenure saw a meager addition of about 6,000 kilometers.

Critiquing the UPA’s fiscal management, the White Paper asserts that the government’s fiscal deficit ballooned beyond expectations, necessitating extensive market borrowing. It alleges that these funds were utilized in an unproductive manner, exacerbating economic challenges and burdening future generations with unsustainable debt.

The release of the White Paper at the BJP’s National Convention reflects the party’s commitment to holding the opposition accountable for perceived lapses in governance and economic stewardship. As India prepares for upcoming elections, the document is poised to fuel political discourse and shape public opinion on matters of economic policy and governance.