Finance Minister P Chidambaram has said that BJP leader Narendra Modi's business is based on crony capitalism.
Addressing a press conference in New Delhi on Monday. He said the country's economy is stable and no one talks of downgrade as its fundamentals are very strong.

Talking to reporters in New Delhi, he said that in the past 18 months, the government has tried to pull back on monetary expansion, contained expenditure and tried to stabilise growth.

He said there are sections of businesses which are biased in favour of Mr Narendra Modi because his particular brand of capitalism.
Countering the criticism of BJP veteran Yashwant Sinha on his handling of the economy, he asserted that the base of the Indian economy are extremely strong and the forex reserves have crossed 300 billion dollars.

He said the Current Account Deficit CAD has been brought down to 35 billion dollars in 2013-14 in comparision to 88 billion dollars in last fiscal and fiscal deficit contained to 4.6 during his tenure.

Finance Minister P Chidmabaram has indicated that government may further ease restrictions on gold imports after the release of monetary policy by RBI.

On the issue of new bank licences, Chidambaram said the RBI had sought the approval of the Election Commission only out of abundant caution and suggested that the process of issuing new licences should continue without interruption.

Regarding gas pricing issue, the minister said the Ministry of Petroleum and Natural Gas should not have sought the approval of the Election Commission since the issue had already been cleared by the Cabinet.

Asked about the reluctance of the Swiss government to share banking data, Chidambaram noted that, on every forum India will raise the issue that Switzerland is non-compliant with the G20 resolution that the era of bank secrecy is over.