Chidambaram refusal to contest election is a blunt admission of his role in economic debacle of India

Chidambaram refusal to contest election is  blunt admission of his role in economic debacle of India

BJP leader and former Finance Minister Yashwant Sinha war of words over P Chidambaram has cited the dismal state of the economy as the reason for not contesting this year's general election by Chidambaram.

Yashwant Sinha was justified in blaming,"Not contesting polls is Chidambaram's no-trust against himself". But the bigger embarrassment lies with P Chidambaram due to his inability in offering a satisfactory reply to latest salvo list of 18 questions posted to him by Yashwant Sinha.

Mr Chidambaram had derided as "puerile" , this list of 18 questions posted to him by the BJP leader and described him as a "distant memory', and tried in vain to defend his decision not to contest this year's election by saying, "I have categorically denied I am retiring from politics. I am not contesting elections because I want to do other things in life." ( INDIA HONEST regrets , why this thought did not stuck Cidambarm four years back.)

The Finance Minister took umbrage at Mr Sinha calling him a "spoiler" for the economy and had unleashed an "economic fact sheet" to defend his government's economic policies and switching fast gear to changing the topic by launching a fierce attack on the BJP's prime ministerial candidate Narendra Modi.

Chidambaram said,"Modi has deep character flaws",one most repeated gimmick used by his party by alleging that the BJP candidate is a divisive leader who fuels communal tension.This of course is a nasty tactics by a finance minster to avoid answering economic debacle of UPA2.

Chidambaram lost his wit merged with his cool on Modi, who as a Chief Minister of Gujarat, is often credited with overseeing twelve years of Gujarat's fastest growth, when he said, "His brand of capitalism is crony capitalism," .

INDIA HONEST hoped , it would have been better if the Harvard-trained finance minister Chidambaram along with Congress' economist Prime Minister, had sensed the consequence of the economic malaise at least four years earlier and opted to resign then, India would have been saved from this worst economic peril , not seen in last three decades.

Moody's Pushed India to Lowest Investment- Grade Sovereign Rating.

Rating agency Moody's said that while the rupee depreciation was a new variable for the economy, the factors underpinning it have been incorporated in its investment grade rating for India. India is at the lowest investment-grade sovereign rating. Prime Minister Manmohan Singh's weak coalition government, heading into national elections by next May, has been hamstrung from pushing through reforms to attract more long-term capital. 

The rupee's plunge adds to worries about India's ability to fund a record high current account gap and whether Finance Minister P. Chidambaram will be able to meet his goal to pare the fiscal deficit to 4.8 percent of gross domestic product (GDP) this fiscal year.

Analyst Atsi Sheth said, "We believe that meeting the fiscal deficit target will be very challenging this year, given lower than anticipated growth holding back revenue growth and steep rupee depreciation raising the subsidy bill on imported goods,".

Gujarat Chief Minister Narendra Modi today attacked the government for the free fall of rupee against the US dollar, saying the Centre is not concerned about the economy. Terming the leadership as direction less, he said, "The country might have never imagined that it would face such an economic crisis. But when leadership during such a crisis is direction less, then hopelessness increases. The Centre has not taken any step to install confidence among people."