"After history lesson, Narendra Modi has delivered his first lesson in economics...I recall having said on many occasions that buying gold, which is almost entirely imported,
worsens current account deficit (CAD). I don't recall saying that buying gold causes inflation," Chidambaram said in a statement here. He was apparently referring to several goof-ups by Modi in his recent speeches relating to ancient history and some other events. With an obvious tinge of sarcasm, Chidambaram asked economists to "take note of the new lesson" by Modi.
The Finance Minister was responding to the reported remarks of Modi at an election rally at Jodhpur in which he had said that Chidambaram has attributed inflation to buying gold.
"I am not as educated as him...but I know inflation is not because of buying gold but due to corruption," Chidambaram's statement quoted Modi's remarks in newspapers.