New Delhi: A war of words has erupted between BJP leader Amit Malviya and former Finance Minister P. Chidambaram following the latter's remarks concerning the Indian economy and its "C" rating by the International Monetary Fund (IMF). Malviya has strongly criticized Chidambaram, accusing him of "selective amnesia" and "desperation" in his assessment of the current economic situation.

Chidambaram's comments alluded to wage stagnation and consumer exploitation due to insufficient competition in several sectors, including air travel, insurance, and pharmaceuticals. He also highlighted the IMF's assessment, which Malviya has vehemently contested.

Malviya, in charge of BJP's National Information and Technology Department, took to social media to express his disagreement with Chidambaram's portrayal of the economy. He stated that Chidambaram was displaying "selective amnesia" regarding India's economic journey. Malviya argued that Chidambaram conveniently ignores that economic reforms during his tenure were "half-baked measures, forced by a crippling Balance of Payments crisis".

Furthermore, Malviya contested Chidambaram's claim that the concept of "profit not being a bad word" originated solely during his time as Finance Minister. He suggested that Chidambaram's remarks overlooked the economic realities and reforms that preceded his term.

Malviya also criticized Chidambaram's attempt to credit the UPA government for economic reforms. He reminded Chidambaram of the UPA era's "notorious legacy," including the "Jayanti Tax," rampant corruption scandals, and policy paralysis that caused India to be included among the "Fragile Five". Malviya stated that during the UPA era, big industries were hesitant and actively sought exits, implying that profits seemed reserved for a select few, stifling genuine enterprise.

The BJP leader's sharp rejoinder underscores the ongoing political debate surrounding the Indian economy, with the ruling party and the opposition offering contrasting perspectives on its performance and trajectory. Malviya's response suggests an attempt to defend the current government's economic policies and highlight what he perceives as the shortcomings of the previous administration.