Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Reuters
Reuters
Politics

India's BJP slams Soros for saying Adani's troubles will weaken Modi

India's Prime Minister Narendra Modi greets the media inside the parliament premises upon his arrival on the first day of the budget session in New Delhi, India, January 31, 2023. REUTERS/Adnan Abidi/File Photo

NEW DELHI - Prime Minister Narendra Modi's party accused billionaire financier-philanthropist George Soros of trying to undermine India's democracy on Friday by predicting that the Adani group's woes would loosen the Hindu nationalist leader's grip 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 listed companies of the apples-to-airports Adani group have together lost about $120 billion in market value since a Jan. 24 report by Hindenburg Research alleged the conglomerate improperly used offshore tax havens and manipulated stock, and flagged concerns over its high debt levels.

A supporter of India's ruling Bharatiya Janata Party (BJP) waves his party's flag during celebrations after learning of the initial poll results of Gujarat state assembly election in Gandhinagar, India, December 8, 2022. REUTERS/Amit Dave/File Photo

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.”

FILE PHOTO: Billionaire investor George Soros speaks to the audience at the Schumpeter Award in Vienna, Austria June 21, 2019. REUTERS/Lisi Niesner/File Photo

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 lawmakers chanted "Adani, Adani".

(Reporting by YP Rajesh; Editing by Simon Cameron-Moore)

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.