Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

P Chidambaram rejects Narendra Modi's 'lesson in economy'

Dec 02 2013, 13:46 IST
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'After history lesson, Narendra Modi has delivered his first lesson in economics...' 'After history lesson, Narendra Modi has delivered his first lesson in economics...'
SummaryI don't recall saying that buying gold causes inflation: Chidambaram

In another dig at Narendra Modi, Finance Minister P Chidambaram today said the BJP Prime Ministerial candidate was giving his "first lesson in economy" and denied he had ever said that buying gold causes inflation.

"After history lesson, Narendra Modi has delivered his first lesson in economics...I recall having said on many occasions that buying gold, which is almost entirely imported, worsens current account deficit (CAD). I don't recall saying that buying gold causes inflation," Chidambaram said in a statement here.

He was apparently referring to several goof-ups by Narendra Modi in his recent speeches relating to ancient history and some other events

With an obvious tinge of sarcasm, Chidambaram asked economists to "take note of the new lesson" by Modi.

The Finance Minister was responding to the reported remarks of Modi at an election rally at Jodhpur in which he had said that Chidambaram has attributed inflation to buying gold.

"I am not as educated as him...but I know inflation is not because of buying gold but due to corruption," Chidambaram's statement quoted Modi's remarks in newspapers. Modi has been under attack from opponents over his remarks in election speeches which were not in sync with historic facts. Earlier at a rally in Patna, Modi said that Chandragupta belonged to the Gupta dynasty.

At the same rally, he praised the "might of Bihar" saying that Alexander's army conquered the world but was defeated by the Biharis. In reality, Alexander's army neither crossed the Ganga nor was it defeated by Biharis.

At Kheda in Gujarat, Modi had slammed Congress for not bringing back the ashes of freedom fighter Shyamaji Krishna Varma from Switzerland. Instead of naming Shyamaji Krishna Varma, he referred to Shyama Prasad Mookherjee, who founded the Jan Sangh which later became the BJP.

However, he later apologised for the mistake.

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