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Business News/ News / India/  Nirmala Sitharaman, Chidambaram lock horns over 2,000 note

The incumbent Union Finance Minister Nirmala Sitharaman and her predecessor Congress leader P Chidambaram traded barbs over the withdrawal of the 2,000 denomination. Both leaders were present in Mumbai at two different conferences. While Sitharaman emphasised the achievements of the central government, Chidambaram listed out his version of the 'failures' of the government.

The former Finance Minister said that the withdrawal of the 2,000 note has cast doubt on the integrity, stability of India’s currency. The BJP leader hit back saying that casting aspersions on matters of this nature “does not augur well with the former finance minister".

Chidambaram said, "The thoughtless — some would even say foolish — introduction of the 2,000 notes, and the mortifying spectacle of withdrawing it have cast a doubt on the stability of India’s currency".

Sitharaman reacted to his statement and said, "To cast aspersions on the matters of this nature, currency, decision of the central bank does not augur well with the former finance minister who has been with the ministry".

She said the withdrawal of the 2,000 note's decision was not of the Central government but of the RBI.

"Former finance minister P Chidambaram knows well that the RBI takes the decision about the currency. Currency is the sovereign business and RBI takes the decision. Besides that, the life span of currency was also over," FM Sitharaman said.

Further Chidambaram slammed the Centre for mishandling India's economy. He said, "The present situation is a far cry from the average of 9% growth rate that marked the boom years between 2004 and 2009. The Indian economy is growing modestly at a much-reduced pace facing serious issues of unemployment, inflation, widening inequalities and stumbling welfare programmes".

On the other hand, Sitharaman said that the Central government is monitoring price pressures and will not let the guard down.

“Now, retail inflation has come down to 4.8% and the gross inflation is close to negative. We are continuously monitoring inflation. We are monitoring the prices of food grains, vegetables, fruits, etc from different local markets all over India," said Sitharaman.

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Updated: 30 May 2023, 07:26 AM IST
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