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."
Sebi amends rules to streamline process …
19-09-2024
Sebi has amended rules to streamline the process for public issuance of debt securities, reducing the period for seeking public comments on draft offer documents and cutting the minimum subscription...
Read moreSebi bars Axis Capital from taking new d…
19-09-2024
Sebi has restricted Axis Capital from taking on new assignments as a merchant banker for debt securities. This decision comes after it was found that Axis Capital provided unauthorized guarantees...
Read moreRBI lifts restrictions on IIFL Finance's…
19-09-2024
The Reserve Bank of India has lifted its restrictions on IIFL Finance's gold loan business, effective immediately. These limitations were placed in March 2024 and prevented various gold loan activities...
Read moreIndia will be third-largest economy by 2…
19-09-2024
India is on track to become the third-largest economy by fiscal 2030-31 with a projected annual growth rate of 6.7%, according to S&P Global. Key factors include continued reforms, infrastructure...
Read moreNTPC surges over 2% as its renewable arm…
19-09-2024
NTPC shares soared to an all-time high of Rs 424 on BSE following NTPC Green Energy's filing for a Rs 10,000 crore IPO. The raised funds will be used to...
Read moreUS jobless claims fall to lowest since M…
19-09-2024
US unemployment benefit applications have dropped to their lowest level since May, signaling a robust job market despite a slowdown in hiring. Initial claims decreased by 12,000 to 219,000 for...
Read moreSalesforce to expand its innovation hubs…
19-09-2024
Salesforce is set to expand its innovation hubs in Bengaluru and Hyderabad, emphasizing talent acquisition across locations. The company's Indian workforce has grown to approximately 13,000 over two years. Salesforce...
Read moreCognizant CMO Chand leaves firm, churn i…
19-09-2024
Cognizant's chief marketing officer, Gaurav Chand, has abruptly resigned. This comes after Sarat Varanasi, head of the North America Insurance business unit, also left the firm. Thea Hayden will temporarily...
Read moreVodafone Idea slumps nearly 20 per cent;…
19-09-2024
Vodafone Idea and Indus Towers experienced substantial declines in their share prices following the Supreme Court's dismissal of their pleas to correct alleged errors in adjusted gross revenue calculations. Vodafone...
Read moreGovernment approves sale of Ferro Scrap …
19-09-2024
The Centre has sanctioned the sale of Ferro Scrap Nigam, a wholly-owned subsidiary of MSTC Ltd under the Steel Ministry, to Japanese firm Konoike Transport for Rs 320 crore. This...
Read moreStock market today: BSE Sensex hits fres…
18-09-2024
Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, surged in trade on Friday to hit lifetime highs following a more than expected 50 basis points rate...
Read moreUS stocks dip despite larger Fed interes…
18-09-2024
Wall Street stocks experienced a slight decline after the Federal Reserve announced an unexpected half-percentage-point interest rate cut. Fed Chair Jerome Powell emphasized a careful approach to further cuts while...
Read moreStar seeks $940 million from Zee over fa…
18-09-2024
Star India has filed a claim for $940 million in damages against Zee Entertainment Enterprises in the London arbitral court due to payment defaults on cricket broadcasting rights. The arbitration...
Read moreEY staffer's death puts focus on work st…
18-09-2024
Anna Sebastian Perayil's death at EY in Pune has led to calls for better employee well-being in India Inc. HR leaders emphasize the need for improved work-life balance. This incident...
Read moreIn first cut in 4 years, US Fed slashes …
18-09-2024
The US Federal Reserve has lowered its benchmark interest rate by half a percentage point to bolster the labour market. The new rate range is now 4.75% to 5%. Further...
Read moreStarting early: Pension a/cs for childre…
18-09-2024
Finance Minister Nirmala Sitharaman has unveiled NPS Vatsalya, a new pension scheme designed for minors to foster long-term financial security. The initiative was simultaneously launched at 75 locations across India...
Read moreRBI's pause may continue, Dalal Street t…
18-09-2024
The US Federal Reserve's decision to cut rates by 50 basis points is unlikely to prompt an immediate reaction from RBI. This move could help stabilize the rupee and lower...
Read more