BJP today termed as "wrong and hasty"
Finance Minister P Chidambaram's statement that Narendra Modi was giving
lessons in economy and sought an apology from him. The controversy
erupted when Chidambaram said Modi had quoted him wrongly as having
claimed that buying gold leads to inflation. The Finance Minister issued
a statement denying having said so and took a dig at Modi, saying he is
giving "first lessons in economy". A leading newspaper today said it
had incorrectly quoted Modi. He had not mentioned inflation and only
said the country was facing an economic crisis. "In his hasty
statement, unbecoming of a union minister, he (Chidambaram) betrays his
party's incapacity and frustration to politically engage with Modi," BJP
spokesperson Nirmala Sitharaman said in a statement. BJP demanded that
Chidambaram issue an apology. "Through his hurried statement,
typically worded with pompousness and put-on sarcasm, Chidambaram has
only rushed to cover up his failures to manage the economy. The minister
has failed to check what was actually said by Modi. Had he checked the
speech, Chidambaram would have known that 'aarthik sankat' were the
exact words used and not inflation," Sitharaman said. She took potshots
at Chidambaram, saying while the Finance Minister was interested in
delivering "lectures and lessons," Modi is busy providing good
governance and development to people in Gujarat. "All 'economists' are
already taking due 'note' of Modi's performance vis-a-vis the worsening
current account deficit (CAD) for which he (Chidambaram) and his party
are solely responsible," Sitharaman said.
Correlating the ups and down in the Indian rupee with the stock market, Vijay Bhambwani, CEO, bsplindia.com, suggests that if the rupee continues with its downward fall, the Indian stock market may fall breach October lows and fall further. “If the rupee falls below the 53.0-53.50 mark vis-a-vis the USD, expect a mini meltdown atleast in the equity markets. In that case, the 2250 level (on Nifty) will be breached easily to form a new low. The possibility of that low being below the 2000 levels on the Nifty spot is fairly high,” he says. Bhambwani supports his outlook by comparing the value of rupee at the time of October lows. “The October 2008 lows were made with the INR at 51.20 - 51.40 band. The rupee has breached the 52 level since then. Clearly the nation’s ‘share price’ (currency) indicates weakness. The curency market is a far more accurate barometer of the nation’s health compared to the equity indices. Whether you like it or not, we are under siege. Had it not been March (NAV ...
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