Brought out just before the general elections, the white paper cherry-picked data and quotes of experts to attack the UPA government for mismanaging public finances, creating a banking crisis, and making India externally vulnerable.The paper termed the banking crisis of 2014 as massive with gross bad loan levels touching as high as 12.3% of the advances ‘largely because of political interference by the UPA government in the commercial lending decisions of public sector banks’. It pointed out the gross advances by PSU banks were Rs 6.6 lakh crore in March 2004, but ballooned to Rs 39 lakh crore by March 2012.The paper cited RBI reports to show the UPA government showcased poor policy planning and execution. The 54-page document also elaborated the measures taken by the NDA government since it came to power in 2014 to fix the economic crisis.
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