"SCOTLAND is a wealthy and resourceful nation that can afford to be an independent," insists the paper's section on finance.

While it does not paint a picture of a land of milk and honey; at times it comes close. With a few qualifications, it makes clear that, unleashed from the constraints of the Union, independence would set Scotland on a course to emulate the fairer and more prosperous nations of Scandinavia.

It begins by setting the context of how despite charges to the contrary and screaming headlines about how official figures show Scots get £1600 more money per year than the English, Scotland more than pays its way.

It notes how during each of the last 32 years estimates show Scotland has contributed more tax per head of population than the rest of the UK.

In 2011/12, it generated £10,700 of tax revenues per head compared to £9000 for the UK.

Among OECD countries, it is estimated that Scotland would be ranked eighth in terms of output per head.

The paper points out that in the last five years Scotland's accounts have been healthier than the UK's to the tune of £12.6bn - almost £2400 for every person living in Scotland.

"That is money that could be used to deliver more for public services such as our schools and hospitals, to reduce taxes or cut the amount we need to borrow.

"More importantly, it shows Scotland has firm financial foundations. We have the economic and the financial strength we need to choose independence."

Of course, oil and gas account for much of Scotland's wealth and, despite warnings from the Lib-Con Coalition about placing too much emphasis on a volatile commodity, noting how it will eventually run out, the Scottish Government puts the North Sea asset front and centre.

The paper declares how Scotland has "energy security", producing six times its current demand in oil and three times its demand in gas.

It also has "extraordinary potential" in renewables.

Investment in oil and gas is at a record high of £13.5bn this year and planned investment is estimated at £100bn. Production is expected to go beyond the middle of this century with £24bn barrels still to be recovered.

North Sea reserves could be worth £1.5tr with a "further bonus" of green energy sales of £14bn by 2050 from offshore tidal and wind energy.

"By making the most of our strengths, we can provide the strongest guarantees in the years to come" and be able to "respond in a more effective way to economic downturns or unexpected challenges," it insists.

The nearest the paper comes to qualifying the rosy outlook is when it admits Scotland as a result of the recession would "inherit a challenging fiscal position that will require careful stewardship in the years immediately following independence".

Yet it tempers this by saying: "Scotland's public finances are forecast to improve as the economy continues to strengthen."

The paper sets out the SNP Government's initial plans, which include:

l reducing defence and security spending to £2.5bn per year - "which is still more than Westminster spends on defence in Scotland";

l scrapping the married couples' allowance and

l maintaining policies like free personal care, free prescriptions and free tuition fees;

l simplifying the tax system and reducing tax avoidance;

l halving air passenger duty with the aim of abolishing it;

l cutting corporation tax by up to three percentage points;

l committing to increase the personal tax allowance, benefits and tax credits in line with inflation;

l setting up a jobs convention to bring employers and employees to improve labour relations and

l creating a new industrial strategy to boost investment.

The paper insists an independent Scotland would be able to create a "more supportive, competitive and dynamic business environment".

Surprisingly perhaps, it says: "Being close to a global economic hub such as London can be an advantage for Scotland."

But it goes on to say how the UK capital inevitably acts as an economic magnet, attracting jobs and investment away from other parts of the state. The ability to vary corporation tax would be "essential to redress the unbalanced nature of the UK economy".

But, of course, Chancellor George Osborne has already lowered the tax rate on company profits and there would be nothing to stop him cutting it further in the face of a lower rate north of the border.

The paper also refers to one of the major bones of contention - a currency union. It refers to how the Scottish Government's Fiscal Commission said keeping the pound as part of a monetary union with the rest of the UK would be the best option.

"Its analysis shows that it will not only be in Scotland's interests to retain sterling but that, post independence, this will also benefit the rest of the UK."

The paper points out the advantages such as - Scotland is the UK's second largest trading partner, there is a high degree of cross-border labour mobility and a "relatively high degree of synchronicity in short-term economic trends". But Mr Osborne has said a currency union was "unlikely".

Scottish Secretary Alistair Carmichael went further and insisted: "It isn't going to happen."

Yesterday, the Coalition claimed such a plan would neither be in an independent Scotland's interests nor in the UK's, pointing out how a currency union would limit an independent Scotland's ability to set its own economic policies as it would not set its own interest rates and would also give oversight of its tax and spending plans to a foreign government.

But the paper insists the Bank of England, "accountable to both countries", would be a lender of last resort to an independent Scotland.

It concludes: "The strength of our economy, our natural resources and the degree of political consensus we enjoy gives us confidence that choices will be made to use the wealth of our nation to transform our economically productive country into a rich and fair society."