Turning Rahul Gandhi's loan waiver jibe at PM Modi on its head, finance minster said that the NDA govt decided to go ahead with Demonetisation after then RBI governor Raghuram Rajan revealed that there were NPAs to the tune of 8.5 lakh crores under the UPA II regime in 2014. He added that inflation under UPA II was 10.4%, forcing international commentators to put India in the fragile 5 list. India was defined as a country that suffered policy paralysis.