Adani-Hindenburg row: Political uproar over billionaire George Soros' PM Modi remarks

Hours after billionaire investor George Soros made comments on Gautam Adani’s ongoing stock rout and how that might spur 'democratic revival in India', Union minister Smriti Irani said that the billionaire is not only targeting PM Narendra Modi but also the Indian democratic system. In a press conference on Friday, Irani said the billionaire investor is waging a war against India and PM Modi is standing between the war and India's interests.

“The man who broke the Bank of England, and is designated by the nation an economic war criminal, has now pronounced his desire to break Indian democracy. George Soros, an international entrepreneur, has declared his ill-intention to intervene in the democratic processes of India," the minister said on Friday.  

She added: “Those who Mr Soros finds the pliable need to know India has defeated imperialistic design before and shall do again. Democracy has prevailed in India and will continue to do so. Designs to weaken Indian democracy will be met with the might of India under the leadership of PM Modi.” 

She alleged that Soros wanted some "hand-picked" people to run the government here in India. Irani said that he has created a fund of over US $1 billion to intervene in democratic systems, including in India.

Soros, with a net worth of about $.8.5 billion, said that the recent turmoil in Gautam Adani’s business empire that’s sparked a punishing stock market selloff and shaken faith in India as an investment opportunity may open the door to a democratic revival in the country. 

Ahead of the 2023 Munich Security Conference, Soros on Thursday said PM Modi "have to answer questions" from foreign investors and Parliament on allegations of fraud and stock manipulation against the billionaire's companies. 

He also said that the recent stock rout will "significantly weaken Modi's stranglehold on India's federal government" and open the door to push for much-needed institutional reforms. I may be naive, but I expect a democratic revival in India," said Soros. 

Soros is the founder of Open Society Foundations, which gives grants to groups and individuals that promote democracy, transparency, and freedom of speech. 

Following Irani's remarks, Opposition leaders targetted the government for reacting to the comments. The Opposition parties have been trying to highlight Adani's massive growth under the current government. Modi has not directly addressed the issue.

Senior Congress leader Jairam Ramesh said Sorors had 'nothing to do with Adani controversy'. He said whether the Adani controversy would 'spark a democratic revival' depended on Congress, Opposition parties, and India's electoral process.

"Whether the PM-linked Adani scam sparks a democratic revival in India depends entirely on the Congress, Opposition parties & our electoral process. It has NOTHING to do with George Soros. Our Nehruvian legacy ensures people like Soros cannot determine our electoral outcomes," he tweeted.

The Adani Group has lost more than Rs 10 lakh crore in market value since the report by US-based short-seller Hindenburg was made public on January 24. The report accused the conglomerate of 'brazen stock manipulation and accounting fraud.  The Adani Group in its defence has said that the report was an attack on India, and reassured investors that things are well.