Prime Minister Narendra Modi stated on Friday that he could have introduced a white paper on the economy as soon as he took office in 2014, but he opted for “rashtraneeti” over “rajneeti” because he did not want to undermine the trust of the people.
The document has been introduced in the last Parliament session before the general elections.
The current administration released a white paper on Thursday criticizing the Congress-led UPA government, claiming that it was responsible for the non-performing state of the Indian economy due to careless tax spending, borrowing outside of the budget, and an abundance of bad bank loans.
Addressing the Times Groups’ ET NOW Global Business Summit, Modi said that in the decade before 2014, the policies on which the country was running were taking the country on the path of bankruptcy.
“On this, we have tabled a white paper on the economy in Parliament,” he said.
“The discussion on it is ongoing. Since there is such a big audience, I would like to state my ‘Mann ki Baat’ also that the white paper that I have brought now, I could have brought in 2014. If I had aimed to derive political gain, then I would have kept those figures before the people 10 years ago,” Modi said.
“When things came before me in 2014, I was stunned. The economy was in a critical situation. Due to scams and policy paralysis, there was widespread pessimism among global investors. If I had brought these things to light if a wrong signal would have gone, probably the country would have lost its confidence in the country like when a patient gets to know that he has a serious disease, he panics, and the country would feel like that,” the prime minister said.
Modi said that bringing the white paper in 2014 would have suited him politically.
“‘Rajniti’ tells me to do that but ‘Rashtraneeti’ does not allow me to do that and, therefore, I chose ‘rashtraneeti’ over ‘rajneeti’. And when the situation has become strong in 10 years and we can sustain any assault, then I thought I should tell the truth to the people and that is why I released a white paper in Parliament,” he said.
“When you look at it, you will know where we were and from what situation we have risen and reached here. Now you are seeing the new height of development,” Modi said.
Modi said he guarantees that in his third term, India will become the world’s third-largest economy.
Speaking at the summit, Times Group MD Vineet Jain said the last ten years have been transformative for India with its economy undergoing significant structural reforms, boosting its macroeconomic foundations.
“As we embark on ‘Amritkaal’, I want us all to envision a futuristic, inclusive, and prosperous society rooted in a human-centric approach. This will be our India. The next two decades belong to India, where initiatives like Make in India, Create in India, Serve from India, and Startup India converge into a majestic narrative, transforming the nation into a knowledge, innovation, and manufacturing hub,” Jain said.
“This vision aligns perfectly with the theme of this year’s ET Now Global Business Summit – Disruption, Development, Diversification – an intricate tale echoing your vision to craft India as the Vishwaguru. During this time of change, there is no better guide than you, Prime Minister, to set the course,” he said.
(with PTI inputs)