Modi’s BJP Denies Shielding Adani Amid Mounting Criticism

A political storm has erupted in India as opposition parties accuse Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) of protecting industrialist Gautam Adani and obstructing independent investigations into his conglomerate’s alleged financial misconduct. The controversy gained momentum following a U.S. Department of Justice indictment of Adani Group executives over allegations of bribery and regulatory violations.
Rahul Gandhi, a leading opposition figure, has repeatedly charged Modi with favoring Adani, citing what he describes as close ties between the government and the industrialist. Gandhi has demanded a Joint Parliamentary Committee probe into Adani's business dealings, alleging that both Indian and international laws were violated. He has also called for the immediate arrest of Adani and an inquiry into financial regulators' alleged complicity in overlooking these issues.
The BJP has dismissed the accusations, stating that allegations in the U.S. indictment remain unproven and should not be conflated with broader governance concerns. Amit Malviya, who oversees the BJP’s digital communications, argued that the opposition’s focus on the Adani issue was politically motivated and aimed at diverting attention from their own lapses when in power.
Adani Group has categorically denied all allegations of misconduct, describing the U.S. charges as baseless. Nevertheless, the scandal has sparked a sharp selloff in the group’s stocks, with shares in its renewable energy and other subsidiaries plunging by as much as 20%. This has wiped out billions of dollars in market value, further fueling concerns over the conglomerate's stability and its reliance on public sector banks for financing.
The opposition has linked the government’s ambitious development policies, such as "Make in India," to what they perceive as undue favoritism toward Adani’s business interests. Critics argue that the government has prioritized the interests of a few corporate giants over broader economic and social welfare. The BJP, however, maintains that the allegations are a politically motivated attempt to tarnish India’s image and deter investment. Open URL