Union Home Minister Rajnath Singh said India is one of the world's fastest growing economies and it has been well documented.
Singh, who was responding to a question on Sinha's remarks over the state of the economy, said no one should forget these facts about the country.
"The whole world admits that India is the fastest growing economy in the world. No one should forget this fact. In the matter of economy, in the international arena, India's credibility has been established," he told reporters in the national capital.
In a newspaper article headlined, "I need to speak up now", Sinha criticised Arun Jaitley over what he called the "mess the finance minister has made of the economy".
"I shall be failing in my national duty if I did not speak up even now," wrote Sinha.
"I am also convinced that what I am going to say reflects the sentiments of a large number of people in the BJP and elsewhere who are not speaking up out of fear."
Sinha, a former finance minister in Prime Minister Atal Bihari Vajpayee-led NDA government who has been sidelined in the party, claimed a revival by the time of the next Lok Sabha election was "highly unlikely" and a "hard landing" appeared inevitable.
Meanwhile, Rahul Gandhi took to Twitter on Wednesday to deliver a caustic denouncement of the Narendra Modi government by saying "the wings have fallen of our plane" so the country needs to fasten its seat belt and "take brace position".
Chidambaram said Sinha's "first truth" was about what the latter thinks is the actual growth of the country - lower than what the government has been touting.