Carrying on the exchange of words Finance Minister Nirmala Sitharaman on said that the present government is clearing the mess in the banking sector from the times of former RBI governor Raghu Ram Rajan and former PM Manmohan Singh.
The minister who is on a visit to the U.S. said this while interacting with the Indian media. She was responding to the former PM’s comment that she can’t blame UPA for the condition of the economy (in her earlier comment she put the blame on UPA).
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She added that “I respect Dr. Manmohan Singh for telling me not to do the blame game, but recalling when and what went wrong during a certain period is absolutely necessary to put it in context,”
In her address at Columbia University on Thursday, the Finance Minister said that public sector banks had gone through their “worst phase” during the tenures of Mr. Singh and Mr. Rajan.
Talking on the recent measures taken by the government to initiate the recovery of the economy she said that the government had seen signs of recovery. However, she refused to tell a timeframe by which things would come back on track.
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The finance minister said that the government is not focusing on fiscal deficit targets when asked about the revenue losses from the new policy measures on the defined fiscal deficit limit of 3.3% of GDP. She was optimistic about achieving the disinvestment targets for the fiscal year.
On trade talks with the U.S. told the media that differences between the two sides are narrowing. She said that the negotiations are going on and she hopes that the deal would be finalized soon.
After a failed attempt to chalk out a deal during PM Modi’s visit to the U.S last month, both sides are putting in efforts to negotiate it out as soon as possible.
She is scheduled to meet U.S. Treasury Secretary Steven Mnuchin who will be in India in the first week of November for a financial dialogue.