White paper in 2014 would have scared investors, PM driven by needs of next gen not next polls: Sushil Modi

NEW DELHI: BJP MP Sushil Kumar Modi has said that a white paper on the Congress-led UPA government's "mismanagement" of the economy in 2014 after his party came to power would have scared investors, asserting that Prime Minister Narendra Modi is driven by needs of the next generation and not next elections in his decisions.

Asked about Finance Minister Nirmala Sitharaman's announcement of bringing a white paper in Parliament on the "mismanagement" of the economy till 2014 and what was the need for it now, he said people should know the reality and added that such a document will now present no danger as the crisis has been dealt with.

He told PTI at the news agency's headquarters, "A new government was formed in 2014 and a white paper would have sent out a message of negativity about India which anyway then suffered from a poor image. It would have adversely affected the FDI and foreign investors would be wary of India."

India has since then drawn record foreign direct investment (FDI), with the government ushering in a host of reforms and laying the ground for sustainable growth, he said.

The BJP leader said some people might have expected populist measures in the budget while noting that the government has over the last 10 years offered a lot of concessions, including in tax measures, and now is the time for consolidation.

"Narendra Modi generally does not believe in populism but in structural reforms. His decisions are driven by the needs of the next generation and not the next election. He has this blueprint for the next 25 years about the country and works accordingly," he said.

Reforms in India have never been easy as they do not pay dividends soon, he said, noting that the PV Narasimha Rao government lost in the 1996 Lok Sabha polls after effecting several reform measures that benefited the country later.

He lauded Prime Minister Modi for a host of reforms, including the insolvency law and in the banking sector.

The former Bihar deputy chief minister said the interim budget traces India's journey from a difficult time in 2014 when inflation ran high and the country was seen as a part of the fragile five economies to now when it is the fastest growing major economy.

It must be kept in mind that it is an interim budget and can't have policy announcements, he said, noting that the ruling BJP is confident of retaining power under Prime Minister Modi's leadership and presenting a full-fledged budget after the polls.

The budget presented by Sitharaman strengthens the foundation for a developed India by 2047 while continuing with its thrust on the poor's welfare by proposing to build two crore new homes for the poor. It shows the direction for the future, he said. Reacting to the finance minister saying the government will lay a white paper on the table of the House, Congress chief Mallikarjun Kharge said the Modi government should tell how many of the promises made by it in the last 10 years have been fulfilled.