"What he (Narendra Modi) knows about economics can be written on the back of a postage stamp," P. Chidambaram said in an interview to BBC.
"He (the Gujarat Chief Minister) has said nothing about the fiscal deficit, nothing about the CAD, nothing about monetary policy... He is in a learning process and I am sure he will learn very quickly," P. Chidambaram said.
He was commenting on Modi's assertion that economy under management of P. Chidambaram had been a "debacle".
When asked if Gujarat under Narendra Modi had fared well, the Finance Minister said it was only in the last few years the state has performed better than the national economy.
"When India's economy was booming and we had the golden period of 9 per cent plus growth, his State was no better than any other state," he said.
P. Chidambaram further said UPA government has done lot of work and poverty has registered a steep decline in the last five year.
However, P. Chidambaram said that he did not have a magic wand to solve all problems in short time.
"...more people have metalled roads today than before, more people have access to drinking water than before, more children are enrolled in schools than before. There is no magic wand (to solve problems), that can't be done in 2-3 years," he added.