A day after a 24% drop in the GDP signaled India's worst economic contraction on record, Chidambaram took on Sitharaman for her "act of God" comment, saying, "Don't blame God for a man-made disaster."
"In fact, you should thank god. God has blessed the farmers of the country. The pandemic is a natural disaster. But you are compounding the pandemic, a natural disaster, with a man-made disaster," Chidambaram told NDTV in an interview.
Sitharaman earlier had put the blame on the pandemic in response to the states' demand for compensation due to GST losses. "This year we are facing an extraordinary situation. We are facing an act of God where we may even see a contraction," she said.
Questioning Chief Economic Adviser KV Subramanian's claim that the economy would see a better performance in the coming quarters on the back of a V-shaped recovery, Chidambaram said, "I don't know if anyone takes the Chief Economic Adviser seriously. When is the last time he had a conversation with the Prime Minister? He has been predicting V-shaped recovery for months. Then he saw green shoots when the Finance Minister said it. Where are the green shoots?"
Chidamabaram said the data point on which Subramanian relied had been refuted by the Reserve Bank of India.
Talking about the path to recovery, Chidambaram said, "This is the time to borrow, spend, boost demand, put money in the hands of the poor so that consumption increases."
On the 'Aatma-nirbhar package' during the pandemic, the former minister simply said, "It is a joke."
Record bank profits to boost loans to po…
20-05-2024
PM Narendra Modi praised banks for record profits in FY24, aiding the poor, farmers, and MSMEs. Challenges like bad loan provisions, bank insolvency, and govt recapitalisation were overcome, leading to...
Read moreDA hike news: EPFO puts 25% increase in …
20-05-2024
7th Pay Commission DA Hike: EPFO had on April 30, 2024, announced a 25% increase in the maximum retirement benefit and death benefit, raising it from Rs 20 lakh to...
Read moreIndian Railways' RITES to supply 200 pas…
20-05-2024
Indian Railways to supply 200 passenger coaches to Bangladesh! The contract, valued at $111.26 million (approximately Rs 915 crore), was secured by RITES, the export arm of Indian Railways, through...
Read moreGold loan interest rates 2024: Check lat…
20-05-2024
Gold loans offer quick funds with minimal paperwork, fair interest rates, and repayment options like bullet repayment, monthly EMI, and monthly interest repayment. Loan appraisal charges vary based on the...
Read moreWhen will your investment double, quadru…
20-05-2024
Learn about the Rule of 72 and Rule of 144 for investment growth. Calculate time to double and quadruple returns using these rules as explained by ET with examples, taking...
Read moreOil little changed after death of Iran's…
20-05-2024
Oil prices remained stable on Monday due to political uncertainty in key oil-producing nations. This uncertainty arose after the president of Iran passed away in a helicopter crash, and the...
Read moreSilver beats Sensex, Bitcoin, and even g…
20-05-2024
Silver prices have surged in May driven by increased industrial demand, interest rate expectations, positive global manufacturing activity. The white metal has outperformed gold, Sensex and Bitcoin.
Read moreCGHS major reform plan: Central Governme…
20-05-2024
The Centre is reforming the CGHS to streamline processes and reduce red tape. Addressing issues like bill settlement delays and financial distress of empaneled hospitals, the reform aims to enhance...
Read moreWhy Infosys’ Narayana Murthy wants to be…
20-05-2024
During the dot-com bust around 2001, Narayana Murthy recounted the company's decision to honor 1,500 job offers made to young individuals, even as competitors across the industry postponed such hirings...
Read moreBank holiday for Lok Sabha elections: Ba…
20-05-2024
Today marks the fifth phase of voting for the 18th Lok Sabha elections, leading to bank closures in Mumbai, Lucknow, and Belapur. Maharashtra government mandates a paid holiday for workers...
Read moreMore iconic Harleys in India soon? After…
20-05-2024
Hero MotoCorp and Harley-Davidson are likely to announce an expanded partnership in India to introduce a wider range of Harley-Davidson models, focusing on production and export to other markets. The...
Read moreCrackdown! Why telecom operators may blo…
20-05-2024
Telecom operators are likely to disconnect 1.8 million mobile connections to combat cybercrime and online fraud. SIM cards are being scrutinized for misuse in cybercrimes.
Read moreBoost for Centre’s finances! RBI may tra…
19-05-2024
Recent actions by the Reserve Bank of India (RBI) signal a larger dividend transfer to boost government finances. As the government's debt manager, the RBI is expected to announce the...
Read moreStock market today: Why BSE Sensex, Nift…
19-05-2024
On Saturday, Indian equities traded in two special sessions, from 9:15 a.m. to 10 a.m. (0345-0430 GMT) at a primary site and from 11:30 a.m. to 12:30 p.m. (0600-0700 GMT)...
Read more