Indian economy under the BJP rule since 2014 has covered the journey from policy paralysis to structural reforms which have taken out the economy from being in fragile five to being a bright spot, he said.
"I do believe that some people can make very good comment at us because they write and speak with right logic but I am not so sure whether they make the best administrators," he said.
Replying to the debate on the Union Budget 2018-19 in the Rajya Sabha, Mr Jaitley reeled out statistics on GDP growth, inflation, fiscal deficit and current account deficit (CAD) to draw a contrast between the previous UPA rule and the present regime.
He picked on Chidambaram for questioning the rationale of plan to lower corporate tax to 25 per cent from current 30 per cent, saying the Direct Tax Code drafted and finalised by the former finance minister had first proposed lowering of the tax paid by Indian companies to leave them with surplus to invest.
"In some cases, where you stand depends on where you sit," he said alluding that his predecessor had changed stand after moving from treasury to opposition benches.
While there was division within the ruling UPA over the issue of national biometric ID Aadhaar, stand on the Goods and Services Tax (GST) and corporate tax change was also changed, he said. "What is the consistency of your stand on economic policy," he asked.
"The work is still pending a lot and this is the real reality. We are not living in the air castle," he said.
Referring to Chidambaram's quip that chief economic adviser - the author of Economic Survey, was a very good doctor but the government is a terrible patient, he said even a bad patient ends up being curred if there is a good doctor.
"For those ten years 2004-2014 you had a terrible doctor. And when you have a terrible doctor, even the healthiest of the patients are likely to disappear," he said.