Former Union Finance Minister P. Chidambaram on Sunday attacked the Modi government on the falling value of rupee and said the manner of implementation of the GST is an example of tax terrorism. The senior Congress leader also said that stagnant investment, fiscal deficit under pressure and the state current account deficit is having an impact on the macroeconomic stability.

Asked if absence of a regular Finance Minister in the Modi government is responsible for the economic slowdown, Chidambaram said: "I thought there were three Finance Ministers -- one is de facto, one de jure, and one invisible." On the falling rupee, the former finance minister said:"The investment is stagnant at 28.5 per cent. You cannot expect the GDP to grow more than 7 per cent.