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Ex-Prime Minister Manmohan Singh, reacting to Finance Minister Nirmala Sitharaman’s remarks

By India Business Story 

Former Prime Minister Manmohan Singh, replying to Finance Minister Nirmala Sitharaman’s comment imputing him for the bank mess, told today that the government “is troubled with trying to fix liability on its contestants” instead of finding answers.

He also added 

“I have just seen the comments by Finance Minister Nirmala Sitharaman. I won’t like to discuss that statement, but before one can fix the economy, one needs a correct determination of its infirmities and their causes.

The government is obsessed with trying to fix blame on its opponent, thus it is incapable to find a solution that will guarantee the revival of the economy,” Manmohan Singh said at a press conversation in Mumbai in the run-up to the Maharashtra election on Monday.

On Tuesday, Nirmala Sitharaman had, at an appearance in the US, said she held the Manmohan Singh-Raghuram Rajan combination liable for reducing public sector banks (PSBs) to their “worst phase”.

I have no reason to doubt that Rajan feels for every word of what he is speaking. And I’m here today, giving him his due respect, but also placing the fact before you that Indian public sector banks did not have the worst state than when the combination of Singh and Rajan, as Prime Minister and the Governor of the Reserve Bank of India (RBI), had. At that point, none of us acknowledged about it,” the Finance Minister said at the Columbia University’s School of International and Public Affairs on Tuesday.

Bad credits of PSBs increased from Rs. 9,190 crore in 2011-2012 to Rs. 2.16 lakh crore in 2013-2014, according to the Reserve Bank of India (RBI). The National Democratic Alliance (NDA) government came to power in May 2014.

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