Finance Minister P Chidambaram and PM Manmohan Singh refuse to resign for collapsing Indian economy with hyperinflation
Latha Nair
Jun. 14, 2008

Communist Party of India (CPI) has demanded the resignation of Union Finance Minister P Chidambaram for financial and fiscal mismanagement that led to catastrophic hyperinflation in India. BJP has demanded PM Manmohan Singh should also resign for the same reasons.

But Mr. Chidambaram has refused categorically and blamed the global inflation trend as the root cause of inflation in India.

PM Manmohan Singh jokingly said, it is the opposition and communists who should really resign.

Inflation touched 8.75 per cent by May end, the highest during the UPA government's tenure, mainly due to rising prices of food articles and vegetables. But in fact if oil subsidy is taken out in India, inflation will be close to 28% according to many economists and business think tanks.

Finance Minister P Chidambaram and PM Manmohan Singh refuse to resign for collapsing Indian economy with hyperinflation
Latha Nair
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