BJP slams Soros for saying Adani crisis weaken Modi

• George Soros is accused of attempting to undermine India’s democracy by speculating.
• That the Adani Group’s troubles will weaken Modi’s hold on power.
• The Indian government has requested that a group investigate the “truthfulness”.

Indian’s Bharatiya Janata Party (BJP) slams Soros for saying Adani crisis will weaken Prime Minister Narendra Modi.

The party of Indian Prime Minister Narendra Modi has charged billionaire financier and philanthropist George Soros of attempting to undermine the country’s democracy by speculating that the difficulties facing the Adani Group would weaken the Hindu nationalist leader’s hold on power.

Speaking at the Munich Security Conference on Thursday, 92-year-old Soros said “Modi and business tycoon Adani are close allies; their fate is intertwined” and the conglomerate’s troubles would “significantly weaken Modi’s stranglehold on India’s federal government” and “open the door to push for much needed institutional reforms”, the Financial Times reported.

The seven publicly traded companies that make up the apples-to-airports Adani Group have collectively seen their market value decline by about $120 billion since a Hindenburg Research report on January 24 raised allegations that the conglomerate had improperly used offshore tax havens, manipulated stock prices, and raised red flags about its excessive debt.

When Modi was Gujarat’s chief minister nearly two decades ago, according to his detractors, he had close relations to the organization’s founder, Gautam Adani.

Additionally, they claim that the government favours the group in business transactions, a claim that the government has dismissed as “wild claims”.

“A foreign power at the centre of which is a man named George Soros has announced that he will hurt India’s democratic structure. He has announced that Prime Minister Narendra Modi will be his main target.

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He has also announced that he will help build a system in India that will protect his interests, not India’s,” Smriti Irani, the federal minister for women and child development, told reporters at the Bharatiya Janata Party (BJP) office.

“This is not just an attempt to hurt India’s image. If you listen to him carefully, he talks of regime change,” she said. “India has always defeated foreign powers whenever it was challenged and will continue to defeat them in the future too.”

Since the crisis brought on by the Hindenburg report, Modi has avoided mentioning Adani by name, but last week, as opposition lawmakers chanted “Adani, Adani,” he told parliament that the “blessings of 1.4 billion people in the country are my protective cover and you can’t destroy it with lies and abuses.

According to a government document seen by Reuters, the Indian government has requested that a group established to study investor protection investigate the “truthfulness” of charges made by the American short seller Hindenburg against the Adani Company.

The panel’s formation and scope are still subject to Supreme Court orders.

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