India’s BJP slams Soros for saying Adani crisis will weaken Modi

February 17, 2023

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 listed companies of the apples-to-airports Adani Group have together lost about $120bn in market value since a January 24 report by Hindenburg Research alleged the conglomerate improperly used offshore tax havens and manipulated stock, and flagged concerns over its high debt levels.

Related video: How a Big Short Cost India's Adani Empire $100 Billion (QuickTake)

Meet Gautam Adani, one of India's biggest tycoons on one of the

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Modi’s opponents say he has longstanding ties with Gautam Adani, the founder of the group, going back nearly two decades to when Modi was chief minister of the western state of Gujarat.

They also accuse the government of favouring the group in business deals, charges the government has rejected as “wild allegations”.

“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. 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.”

Modi has not referred to Adani by name since the crisis triggered by the Hindenburg report, but last week 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”, as opposition legislators chanted “Adani, Adani”.