Chidambaram Slams Modi Govt claims

Mumbai Oct 28: Former Finance Minister and senior Congress leader P Chidambaram on Saturday has taken a dig at the Modi government's claim that all was well with the Indian economy.

He said that "Indian economy grew 8.5 percent between 2004 and 2009, which is the best ever rate in India so far. But it has slowed down terribly since 2014,".

He has also slammed Current Finance minister Arun Jaitley and questioned that "Finance Minister says macroeconomics are strong. If the economy is strong, why announce 6 lakh crore Bharatmala programme? Why bank recapitalisation?"

Earlier this week Finance Minister has announced that govt would recapitalise the Public sector banks of Rs 2.11 lakh crore so that there lending capacity increases and the problem of NPAs would be solved to some extent.

Finally, Chidambaram has said that "Economy is at inflection point. If you take right steps, it will go up but will go down if wrong steps are taken."