In a scathing attack on the Nehruvian economic model of Centralised Planning, Finance Minister Nirmala Sitharaman criticized the policies of the UPA government from 2004 to 2014, calling it a “lost decade” due to bad policies and massive corruption. Speaking at the Viksit Bharat Ambassador – Campus Dialogue at GITAM Deemed University in Vishakhapatnam, Sitharaman highlighted the flaws of the centralised planning approach that was prevalent until 2014.
Sitharaman pointed out that the one-size-fits-all solutions imposed by the central government failed to be implemented effectively on the ground, leading to a lack of monitoring and accountability. She emphasized the need for a more dynamic and responsive economic model that could adapt to the diverse needs of the country.
The Finance Minister also acknowledged the importance of liberalizing the Indian economy, which brought in resources from abroad and triggered growth. However, she noted that the enthusiasm for liberalization soon waned as the benefits failed to materialize as expected.
Sitharaman credited the efforts made after 2014 for pulling up the country and channeling its diverse talent towards progress. She stressed the significance of addressing the issues that had been neglected during the previous decade and expressed optimism for the future.
As the Lok Sabha elections continue to spark debates on the economy, Sitharaman’s critique of the past economic policies serves as a reminder of the challenges and opportunities that lie ahead for India’s economic growth.