The white paper compared UPA and NDA

- Both the papers have provided a platform for election campaigning

- The purpose of both the letters has been more political than economic. However, the economic facts are quite clear. The issues raised in both the letters should be discussed in Parliament

- Opinion - P. Chidambaram

Sometimes there is wisdom in madness. The final budget of the government before the Lok Sabha elections was the interim budget. The presented budget was also with vote on account for the four months of April to July of the next financial year. In this type of budget, the concerned finance minister usually highlights the record of the government during his tenure and what he intends to do in the future. The present Finance Minister has done both these things. However, as a result of the white paper presented by the government against the black paper presented by the Congress, the finance minister's budget was scrapped.

The white paper presented at the end of 10 years of BJP rule was expected to be an accounting of its rule, but instead, it gave an account of the UPA's rule from 2004 to 2014. UPA and NDA were compared in Sadr White Paper. In any such comparison, UPA's performance on some maths will be seen to be better than NDA's.

Big difference

One figure that comes to mind is the economic growth rate. The UPA has lost its grip on this issue. As per the old base year 2004-05, the ten-year average growth rate at constant prices was 7.50 percent. In 2015, the BJP government has changed the base year to 2011-12 to blur the figures of UPA. Despite this, the average economic growth rate has come to 6.70 percent. In comparison, NDA's average economic growth rate has been 5.90 percent. A difference of 1.60 per cent or (0.80 per cent) per year over a period of ten years creates a huge difference in GDP size, per capita income, volume of goods and services, fiscal and revenue deficit and other calculations. One thing leads to another and the comparison game begins. The details are mentioned in the table given below.

NDA's performance has been poor on many counts. The total national debt, decline in domestic savings, increase in loan defaults, expenditure on health and education and reduction in the number of government employees are all due to mismanagement and wrong policies of the NDA government. There are some maths where NDA is doing well.

The government's white paper is too white. It has overshadowed many achievements of the UPA government and many failures of the NDA government. (Especially demonetisation and destruction of small scale industries). The white paper has been nicknamed the white lie paper. Jan Dhan, mobile revolution, Aadhaar are not acknowledged in the white paper as ideas that arose during the UPA era.

The period of so-called mismanagement of UPA is said to be 2008-2012. No country could be spared from the global financial crisis in 2008. During this crisis, international financial markets collapsed.

Inflation soared as a result of massive borrowing and spending to provide massive relief. Pranab Mukherjee was the Finance Minister from January 2009 to July 2012 when inflation and fiscal deficit were at their peak. In defense of Mukherjee I can say that he took practical steps to provide development and employment which resulted in inflation and fiscal deficit.

The black letter presented by the Congress is also one-sided. The Congress letter mentioned the deplorable condition of the agricultural sector, persistently high inflation, high rate of unemployment and nepotism.

Apart from this, the tragedy of Manipur, the misuse of government investigative bodies, the issue of Chinese intrusion into Indian territory have also been included in the letter.

The purpose of both the letters has been more political than economic. However, the economic facts are quite clear. The issues raised in both the letters should be debated in the Parliament but it is obvious that the government will not allow it because, the government will not allow discussion on quick issues. Both papers have provided a platform for campaigning in the run-up to the elections. Only time will tell whether such a debate will take place or abuse of money, religion and power will determine the outcome of the election.