The government is "good owners of programmes but incompetent managers", he said.
Referring to the Economic Survey, he said some of the flagship programmes such as Swachh Bharat, Rural Electrification and LPG distribution are yet to produce tangible and measurable outcome.
Toilets were built under the Swachh Bharat scheme, but they lacked water connection and waste disposal system, he said, citing reports.
"Nobody is questioning the intentions of the government or the prime minister. I am sure the intentions are good. But what it proves is while they (government) are good owners of the programme, they are very incompetent managers of programmes.
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The Economic Survey had indicated that agricultural growth was stagnant, which was not a good sign as over 50 per cent of our population depends on the farm sector, the Congress leader said.
The Budget also failed the test of fiscal consolidation, he said.
Indian economy has "decoupled" from the rest of the world, and the Narendra Modi Government was very late to notice the decline of growth rate, Chidambaram said.
To a question, the former finance minister said people of the country may not accept privatisation of all public sector banks.
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