BJP MP Subramanian Swamy said that both Prime Minister Narendra Modi and Finance Minister Arun Jaitley knew economics. The senior BJP leader also said that he does not understand why PM Modi says India is the world's fifth largest economy when the Indian economy is the third largest after the USA and China.

"I don't know why our prime minister keeps saying the fifth largest… because he doesn't know economics, and the finance minister also doesn't know any economics," said Swamy on Saturday.

"The correct way to calculate the size of economy is the purchase power parity, on the basis of which India is at number three," added Swamy.

Notably, controversial Rajya Sabha MP holds a PhD in economics from Harvard.