Union finance minister Nirmala Sitharaman has said India could have become the fifth largest economy in the world earlier itself, but for the ‘imported philosophy of socialism’ which depended on centralised planning.
Calling the economic policies of then Congress government in 1991 as ‘aadhe-adhure reforms’ (half-baked reforms), Sitharaman said the economy was not opened in the right way but as per the strictures imposed by the International Monetary Fund, PTI reported.
During an event, the finance minister said no economic progress took place till the National Democratic Alliance government led by Atal Bihari Vajpayee came to power. She later launched an all out attack on the Congress, saying ten more years were lost after the corrupt UPA government came to power. She alleged under the UPA government the focus was on making personal gains and India’s interests were left behind.
“UPA regime left economy in the mess and India became part of fragile five,” PTI quoted the finance minister.
Sitharaman hailed Prime Minister Narendra Modi initiated fundamental path-breaking reforms including direct benefit transfer scheme which ensured transparency in public delivery leakages. She added that benefits of up to ₹2 lakh crore have occurred due to the scheme.
The finance minister said that ‘Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anushandhan’ and ‘Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas’ will be the mantra for the next 25 years and this spirit will make India a developed economy by 2047.