The meteoric rise and spectacular fall of billionaire Gautam Adani should serve as a cautionary tale about the excessive influence of oligarchs in Prime Minister Narendra Modi’s India. While it is too soon to assess the political fallout, the fate of the Adani Group is an indictment of Modi’s development strategy.
NEW DELHI – Over the past two decades, Indian multi-billionaire Gautam Adani’s close ties to Prime Minister Narendra Modi have helped the Gujarati businessman become Asia’s wealthiest person. Adani’s meteoric rise, which in some ways eclipsed that of his political mentor, also made him the poster boy for India’s growth story – until allegations of fraud and stock manipulation brought his eponymous business empire to its knees. With his conglomerate losing $110 billion in market value within days, Adani has become a cautionary tale about the perils of cronyism in Modi’s India.
NEW DELHI – Over the past two decades, Indian multi-billionaire Gautam Adani’s close ties to Prime Minister Narendra Modi have helped the Gujarati businessman become Asia’s wealthiest person. Adani’s meteoric rise, which in some ways eclipsed that of his political mentor, also made him the poster boy for India’s growth story – until allegations of fraud and stock manipulation brought his eponymous business empire to its knees. With his conglomerate losing $110 billion in market value within days, Adani has become a cautionary tale about the perils of cronyism in Modi’s India.