Will FM answer how to describe mismanagement of financial system: Chidambaram

Senior Congress chief P Chidambaram on Saturday took a dig at Finance Minister Nirmala Sitharaman over her ‘Act of God’ remarks at the financial system, pronouncing will “the FM because the Messenger of God” answer how must the “mismanagement” of the financial system prior to the coronavirus pandemic be described.

Sitharaman on Thursday had stated the financial system has been hit by means of the pandemic, which is an ‘Act of God’, and it’s going to see a contraction within the present fiscal.

Taking a swipe at Sitharaman over the remarks, Chidambaram stated, “If the pandemic is an Act of God’, how can we describe the mismanagement of the financial system all the way through 2017-18, 2018-19 and 2019-20. Before the pandemic struck India?”

“Will the FM because 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 due to pending GST dues.

He asserted that the 2 choices given by means of the Modi executive to the states to bridge the GST repayment hole are unacceptable.

“Under the primary choice the states are requested to borrow by means of pledging their long run receivables underneath Compensation cess. The monetary burden falls fully at the states,” Chidambaram stated.

“Under the second one choice, states are requested to borrow from the RBI window. It is extra marketplace borrowing, handiest by means of a unique identify. Again, all the monetary burden falls at the states,” he stated in a chain of tweets.

Chidambaram claimed that the central executive is absolving itself of any monetary accountability.

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

(Only the headline and film of this file can have been remodeled by means of the Business Standard body of workers; the remainder of the content material is auto-generated from a syndicated feed.)

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