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Modi to Chidambaram: You came from Harvard, I through hard work

Around 400,000-500,000 had gathered to hear the speech on the outskirts of Chennai

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BS Reporters Chennai
Last Updated : Feb 09 2014 | 9:01 AM IST
Bharatiya Janata Party (BJP)'s prime ministerial candidate Narendra Modi on Saturday challenged Finance Minister P Chidambaram and called for an open debate on issues related to the country's economics. Calling him "recounting minister" through his speech at the public meet at Chennai, Modi said, "Knowledge of economics does not come from books alone. Good governance is required." He added "Harvard was not the solution for growth, what was required was hard work."

After addressing public meets in the northeast, Modi arrived at Chennai on Saturday evening. In an hour-long speech he touched on various issues, specially institutional sanctities, questioning the power of the apex court, the Central Bureau of Investigation, Planning Commission and various commissions. Around 4-500,000 had gathered to hear the speech on the outskirts of Chennai.

Towards the end, he came down heavily on Chidambaram, who hails from Tamil Nadu, for 15-20 minutes, and openly challenged the finance minister by comparing India and Gujarat's numbers.

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"He (Chidambaram) had lost the elections, but he won at recounting," noted Modi.

"Dear finance minister, knowledge of economics does not come from books alone. Good governance is required," said Modi, asking why were the finances of the nation suffering.

"You came from Harvard, but I came through hard work. Every country tries to achieve high GDP growth. During (ex-prime minister) Atal Bihari Vajpayee's time, India's GDP was growing at 8.06 per cent, today. Now, by your own estimates, GDP growth for 2012-13 is only 4.6 per cent".

"In 2001, when I took over as chief minister of Gujarat, the GSDP was -4.8 per cent. But with our so-called limited knowledge, look at what we have achieved. Between 2001 and 2011, India grew at an average rate of 7.6 per cent, whereas Gujarat has grown at GSDP 10.1 per cent, a double-digit growth."

"The Congress government is headed by an eminent economist in the prime minister. The finance minister also considers himself an equally efficient economist."

He thinks there is no one more intelligent than him. Only if you put a postal stamp, a letter is delivered."

Earlier, the finance minister had said that Modi's knowledge can be written behind a postage stamp. Modi responded by saying, "I have proved myself with my delivery. What have you proven as a top economist?"

"This intelligent recounting minister also said the Gujarat government had created a lot of liabilities. But the central government's liabilities stood at Rs 50 lakh crore by the end of March 2013, which is 50 per cent of the nation's GDP. This is his economics," said Modi.

The maximum limit of a country's fiscal deficit is less than 3 per cent. The centre's fiscal deficit is 5.6 per cent. "You are responsible for the fiscal deficit in India. The Congress government could not manage the finances properly. As per the National Sample Survey Organisation's report for June 2013, the all India un-employment rate is 2.2 per cent, but the state, which is being run by a man who sold tea to come here and have not even seen Harward University's gate, could lead a state where the unemployment is 0.5 per cent," said Modi.

"We have the lowest unemployment and also the highest growth. The Congress did not make jobs. People are losing jobs," said Modi.

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First Published: Feb 08 2014 | 9:12 PM IST

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