Former FM Chidambaram slams state of economy


NEW DELHI: The former finance minister P Chidambaram on Monday referred to an editorial in the Economist magazine that said the Indian economy is "incompetently managed and doing badly".

The senior Congress leader also said in a tweet that the magazine is read by the Fortune 500 companies that will invest in India.
"Read the Economist magazine of October 26. It is read by the Fortune 500 companies that must invest in India. The Editorial says 'India's economy is incompetently managed and doing badly'," he said on Twitter.
"'Doing badly' is what Nobel Prize winner Dr Abhijit Bannerjee said last week. And he was severely criticised by our Commerce and Industry Minister Mr Piyush Goyal," he said in another tweet.
The former finance minister had asked his family to tweet on his behalf.
Chidambaram is in judicial custody in Tihar Jail since September 5 in a corruption case related to the alleged scam being probed by the CBI and ED.
The CBI had registered an FIR alleging irregularities in the Foreign Investment Promotion Board (FIPM) clearance given to INX media to the tune of Rs 305 crore in 2007 when Chidambaram was the finance minister.
Based on the FIR, the Enforcement Directorate (ED) had filed a Prevention of Money Laundering Act (PMLA) case against him.
His son Karti has also been named in the case, was arrested by the CBI on February 28, 2018. However, he was later released on bail.
Chidambaram was arrested by the CBI on August 21, a day after the Delhi High Court denied his anticipatory bail plea.
After the expiry of the maximum time period for police custody, the Court had remanded Chidambaram to judicial custody on September 5.

Image credit: Business Today

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