new delhi a stable upa government and steps taken by it were responsible for market rally and not some kind of hope finance minister p chidambaram has said dismissing suggestions that propect of a narendra modiled government after polls could be responsible for it the rally is due to the fact of a stable government not because of some kind of fond hope he said and hit out at narendra modi saying he is known to favour crony capitalism in the last 18 months government has taken a number of measures to strengthen the economy chidambaram told ndtv in an interview we have contained the fiscal deficit we have contracted the current account deficits substantially we have added to our reserves we have tamed inflation i only wish that the firm hand on a wheel can continue for some time he refuted that the bjps prime ministerial candidate is seen to be growth oriented even modi wont make such an extravagant claim its obvious that big business and i am using the word big with capital b big business is supporting the bjp but thats because mr modi is known to favour crony capitalism he added that the hallmark of upa government is growth we delivered 85 per cent growth in the first five years and we have delivered 72 per cent growth in the next four years the nda record does not even match 72 per cent chidambaram said in hindsight what we did in 2009 was right but perhaps perhaps we should have pulled back beginning 2011 the pullback started only after i returned to the finance ministry in august 2012 and we have shown result if we had pulled back a year earlier these results would have been visible even last year he said when asked whether there is a mistake which he as finance minister thinks the upa should have never committed on the vodafone tax issue well i have explained it is not a retrospective tax it is a clarificatory amendment that has retroactive operations i think there is a vast difference in law between retrospective tax and clarificatory amendment which has a retroactive application because of the perception that it is a retrospective tax we have offered conciliation it is vodafone which is turning down the request for conciliation