Modi represents crony capitalism, big businesses support him: FM

March 31, 2014 18:06

Finance Minister P Chidambaram on Monday hit out at Narendra Modi, the prime ministerial candidate of the BJP, saying he represented "crony capitalism" and big businesses which liked it, supported him.

"Modi is associated with crony capitalists. Big businesses which are comfortable with the idea support him," he said.

The Finance Minister sought to present a rosy picture of the economy under the UPA regime.

"The year will end with a fiscal deficit of 4.6 per cent as planned. The current account deficit is much smaller, perhaps about USD 35 billion. The economy is stable. No one talks about the downgrade anymore. Our biggest success has been in containing the fiscal deficit. We have moderated inflation, but there is some distance to go. The economy today is far more stable and stronger than it was three years ago," Chidambaram said.

Taking a dig at opposition BJP, Chidambaram said that Indian economy was at its worst during 2000-2002 when Yashwant Sinha was the Finance Minister.

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