War of words between Chidambaram, Sinha over economic data

"I may point out that 2000-2001 and 2002-2003 were the worst years since liberalisation in terms of growth and Prime Minister Vajpayee was forced to replace the finance minister," he added.

In an interview to a newspaper published Thursday, Sinha said Chidambaram is "trying to fool the country by saying the fiscal deficit has come down to 4.6 percent. It is a fraud."

"He (Chidambaram) savagely cut planned expense, milched the PSUs and postponed the subsidy expenses for the next year. In response to the global crisis, he created a domestic crisis. He only gave Crocin to the ailing economy to bring down the temperature. He didn't treat the disease. The new government must bring out a white paper on the economy to expose Chidambaram's lies," Sinha said.

Reacting sharply to the allegations, Chidambaram said it was either born out of ignorance or is mischievious.

Chidambaram pointed out that subsidy bill of each year is paid at the end of every quarter and, therefore, the bill for the fourth quarter is paid in the first quarter of next year, and the same practice was followed in 2013-14 also.

"This has been the practice for many years and nothing unusual has happened in 2013-14," he said.

Chidambaram also blamed Sinha and his party BJP for stalling key reforms, including Goods and Services Tax (GST), Direct Tax Code (DTC) and insurance bill.