Finance Minister Nirmala Sitharaman on Thursday hit back at former prime minister Manmohan Singh's criticism of the government's economic policy. She slammed him saying India under the Congress-ruled UPA was classified among the "fragile five" when he was leading the country as prime minister.
'Fragile five' was a term used in 2013 to describe Brazil, Indonesia, India, South Africa and Turkey as investors pulled out funds from the emerging market economies to invest in developed markets anticipating higher yields. India was put under fragile give during the global financial crisis of 2007-08.
Accusing the earlier Congress government of bleeding the economy, she said, "Manmohan Singh kept inflation at over 10% for 22 straight months". "Under his tenure, a major part of FDI moved out," she added.
Hitting out at the central government, Manmohan Singh, who is a noted economist, said that the government has no understanding of the economy, which was not in a healthy shape.
The finance minister asked the former PM if he is talking about the economy in view of the Punjab assembly elections? "Didn't he notice the NSE scandal under his tenure then?," she questioned the former PM. "Though, I respect him but i didn't expect this from him. Is he doing this just for the sake of elections?
In a video message delivered in Punjabi, Manmohan Singh targeted the central government on a host of issues, including the farmers' agitation, foreign policy, price rise and unemployment. Just two days ahead of the Punjab elections on February 20, Singh further said that the BJP's nationalism was "fake" and was based on the British policy of "divide and rule". The Congress played the message delivered in Punjabi at a press conference in Chandigarh.
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