Deep character flaws in Narendra Modi, says Chidambaram

Edited by Amit Chaturvedi | Updated: March 31, 2014 17:16 IST

Finance Minister P Chidambaram defended UPA government's economic record

New Delhi: Finance Minister P Chidambaram today derided as "puerile" the list of 18 questions posted on the weekend to him by the Opposition BJP's Yashwant Sinha, who described him as a "spoiler" for the economy. (Read: Chidambaram will be remembered as a spoiler, says Yashwant Sinha)

Mr Chidambaram, defending his government's economic policies and listing their benefits, said, "I will keep a firm hand on the wheel till the last day. I hope to pass it on to someone equally firm." (Read: Market rally due to Centre's stability, not due to some 'fond hope', says Chidambaram)

Mr Chidambaram, 68, is not running for Parliament - he has vacated his constituency in Tamil Nadu for his son. He made it clear today this is not the end of his political run. "I said I am not contesting these elections," he said.

The election comes as India struggles through its longest period of sub-5 percent economic growth since the 1980s. Mr Chidambaram, a Harvard-trained former lawyer, is often credited with overseeing India's years of fastest growth from 2004 to 2009. But he was less successful in his third stint in the Finance Ministry from 2012, a period of economic malaise that has fuelled the slide in his party's popularity.

Investors, who once praised the minister as a market-friendly reformer and a good candidate for Prime Minister, are now cheering for Narendra Modi, the BJP's choice for PM.

"Modi has deep character flaws," Mr Chidambaram said, repeating his party's allegation that the BJP candidate is a divisive leader who fuels communal tension. "His brand of capitalism is crony capitalism," he said of Mr Modi, who is credited with giving Gujarat a booming economy.