5 Bigwigs Who Are Blamed For India's Economic Crisis

By siliconindia | Tuesday, 03 September 2013, 13:06 Hrs

2. P. Chidambaram

The finance minister, P. Chidambaram, has faced criticism for the last couple of months. Although he was able to temporarily shut off the criticism by controlling the fiscal deficit last year, his inability to address the deficit is not hidden from the world. His entire focus was on financing the current account deficit; imposing tax on gold imports without trying to understand why Indians prefer gold over financial instruments, and the decision ultimately encouraged gold smuggling.

3. Dr Subbarao

The erroneous decision made by Dr Subbarao of keeping the level of money stagnant until that level priced out exports caused the gap in current account deficit. He blames the government for the gap in CAD but he cannot shun the fact that his record as a central bank governor is not pleasant. Dr Subbarao, however, admits that he had made few wrong moves on monetary policy.