Deep character flaws in Narendra Modi, says Chidambaram

Finance Minister P Chidambaram today attacked the opposition BJP, deriding as "puerile" a list of questions posed on the weekend to him by its Yashwant Sinha, and describing the party's prime ministerial candidate, Narendra Modi, as an exponent of "crony capitalism."

The BJP has retorted, "The Congress and Chidambaram are the biggest patrons of crony capitalism in India. The 2G scam is an example of Chidambaram's crony capitalism."

The Finance Minister also said, "Modi has deep character flaws," repeating his party's allegation that the BJP candidate is a divisive leader who fuels communal tension.

A week before general elections begin, Mr Chidambaram defended his government's policies and expounding on their benefits, saying,"Hope I can hand over the economy to another firm hand."

He presented an "economic factsheet," and said, "The economy is more stable, no one talks about a downgrade anymore, fundamentals have strengthened." The BJP's Ravi Shankar Prasad asked, "What about upgrade?"

Mr Chidambaram, 68, is not running for parliament - he has vacated his constituency in Tamil Nadu for his son. As has Yashwant Sinha, a former Finance Minister, whose 18-point questionnaire on inflation, price rise and employment earned him a sharp attack from Mr Chidambaram.

"Mr. Yashwant Sinha is a distant memory for the people of India, I hope he remains that," the Congress leader said.

"Mr Chidambaram you were suffering from selective memory while replying," was Mr Prasad's riposte.

The election comes as India struggles through its longest period of sub-5 percent economic growth since the 1980s.

Mr Chidambaram, a Harvard-trained former lawyer, is often credited with overseeing India's years of fastest growth from 2004 to 2008. But he was less successful in his third stint in the finance ministry from 2012, a period of economic malaise that has fuelled the slide in his party's popularity.

Investors who once praised the minister as a market-friendly reformer and a good candidate for prime minister are now cheering for Narendra Modi.