Finance minister Sitharaman rips into Akhilesh's barb on IDBI Bank sale
Finance Minister Nirmala Sitharaman defended the government's decision to sell IDBI Bank, countering criticism from Samajwadi Party leader Akhilesh Yadav. She argued that the previous UPA government left public sector banks in a state of ruin, while the current administration has revitalized them through reforms.
Why it matters
The exchange highlights the ongoing political debate in India regarding the privatization of state-owned assets and the legacy of banking sector management.
NEW DELHI: Samajwadi Party neta Akhilesh Yadav's swipe at govt over its approval for the sale of IDBI Bank drew a sharp retort from finance minister Nirmala Sitharaman, who reminded him of the state of "ruin" public sector banks were left in by the previous UPA govt before they were revived by the Narendra Modi govt."Only the govt is left to be sold. It seems the BJP govt has decided to sell everything through 'season end sale' as its own shop is closing down," Akhilesh, a Congress ally, said following the Union Cabinet's nod for the bank's sale.Hitting back, Sitharaman said, "The UPA received support from your party starting in 2004. The UPA left banks in a pathetic condition.
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