Will FM reply find out how to describe mismanagement of financial system earlier than pandemic: Chidambaram

New Delhi, August 29

Senior Congress chief P Chidambaram on Saturday took a dig at Finance Minister Nirmala Sitharaman over her ‘Act of God’ remarks on the financial system, saying will “the FM as the Messenger of God” reply how the “mismanagement” of the financial system earlier than the coronavirus pandemic needs to be described.

Sitharaman on Thursday had mentioned the financial system had been hit by the pandemic, which is an ‘Act of God’, and it will see a contraction within the present fiscal.

Taking a swipe at Sitharaman over the remarks, Chidambaram mentioned, “If the pandemic is an ‘Act of God’, how do we describe the mismanagement of the economy during 2017-18, 2018-19 and 2019-20. Before the pandemic struck India?”

“Will the FM as the Messenger of God please answer?” the previous finance minister requested.

Chidambaram additionally slammed the Centre for asking states to borrow extra to make up for income losses resulting from pending GST dues.

He asserted that the 2 choices given by the Modi authorities to the states to bridge the GST compensation hole are unacceptable.

“Under the first option, the states are asked to borrow by pledging their future receivables under Compensation cess. The financial burden falls entirely on the states,” Chidambaram mentioned.

“Under the second option, states are asked to borrow from the RBI window. It is more market borrowing, only by a different name. Again, the entire financial burden falls on the states,” he mentioned in a sequence of tweets.

Chidambaram claimed that the central authorities is absolving itself of any monetary duty.

This is a “gross betrayal” in addition to a “direct violation of the law”, he alleged. PTI

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