New Delhi, Feb 8 : Union Finance Minister Nirmala Sitharaman presented a 59-page 'White Paper' in the Lok Sabha on Thursday, highlighting the economic mismanagement by the erstwhile United Progressive Alliance (UPA) government, and comparing the country’s economic performance between the UPA years and 10 years of the Narendra Modi government.

The 'White Paper' reels out statistics to back the government’s claim of the fragile state of the Indian economy in the UPA years and lists the steps taken by the NDA government to transform the economy into the 5th largest in the world. 

“In 2014 when we formed the government, the economy was in a fragile state; public finances were in bad shape; there was economic mismanagement and financial indiscipline, and there was widespread corruption. It was a crisis situation," it stated. 

It highlights the double-digit inflation, ailing banking sector, high policy uncertainty marred India’s business climate, dented its image and the people’s confidence about their future, despite the Vajpayee-led NDA government having handed over a healthy and resilient economy with high growth potential in 2004..  The 'White Paper' also discussed the mismanagement and short-sighted handling of the public finances during FY04-FY14. "Numerous scams were bringing colossal revenue losses for the exchequer and fiscal and revenue deficits spiralling out of control. In 2014, our government inherited a deeply damaged economy whose foundations had to be rebuilt to enable self-sustaining long-term economic growth."  It highlights the telecom and coal scams "which have set the country back by 10 years".