BJP under Modi not unbeatable: Chidambaram

Senior Congress leader P. Chidambaram on Sunday attacked Prime Minister Narendra Modi on lack of job creation and said jobs would be a critical factor in polls over the next 16 months, including the Lok Sabha election.

In a series of tweets, the former Finance Minister said the Bharatiya Janata Party (BJP) under Modi's leadership was not unbeatable as was proved in Delhi and Bihar and that "a strong narrative and a carefully-crafted strategy" can defeat the BJP again.

Chidambaram said Mudra loans are simply an aggregate of loans given by public sector banks and regional rural banks -- something that they had been doing for many years.

"As of July 28, 2017, 8.56 crore loans were sanctioned. The total amount was Rs 3.69 lakh crore. The average loan size was Rs 43,000.

"We are asked to believe that a loan of Rs 43,000 will create an additional job! If the 'new' worker is paid less-than-minimum wage of Rs 5,000 a month, the loan will evaporate in eight months! Can an investment of Rs 43,000 generate additional income of Rs 5,000 per month?"