The NDA government in last 10 years has successfully overcome the challenges left behind by the UPA government, and took "tough decisions" to place India on the path of sustainable high growth, said the White Paper on Economy on Thursday.
The 59-page 'White Paper on the Indian Economy' said when the Modi government assumed office in 2014, the economy was in a "fragile state"; public finances were in "bad shape"; there was economic mismanagement and financial indiscipline, and widespread corruption.
"It was a crisis situation. The responsibility to mend the economy step by step and to put the governance systems in order was enormous," said the paper which was tabled by Finance Minister Nirmala Sitharaman in Parliament.
The UPA government failed miserably to facilitate economic activities. Instead the UPA government created hurdles that held back economy, the paper said, adding that in 2014 NDA government inherited a "deeply damaged" economy.
Armed with political and policy stability, the Paper said that the Modi government recognised the need to make tough decisions for the greater economic good.
"Our government, unlike its predecessor, invested in the foundations of the economy along with building a sturdy superstructure.
"Looking back at the last ten years, we can say with humility and satisfaction that we have successfully overcome the challenges left behind by the previous government," it added.
The Paper further added that there are "miles to go and mountains to scale before we sleep" as the destination is to make India a developed nation by 2047.
