At a recent rally, Prime Minister Narendra Modi accused the Congress party of cutting a “deal” with business tycoons Gautam Adani and Mukesh Ambani after allegedly stopping criticism of the two billionaires.
While Modi’s premise that Congress has gone silent on Adani and Ambani is false, as top Congress leaders have continued calling them out, his broader point touches on a real issue concerning many Indians.
There is a widespread perception that Modi’s policies have disproportionately benefited India’s biggest corporations and wealthy elite at the expense of the common citizen. The Adani Group’s rapid expansion into various sectors and Reliance’s growing dominance, both based out of Modi’s home state Gujarat, have fueled accusations of crony capitalism. The Hindenburg report earlier this year alleged corporate malpractice and stock manipulation by the Adani Group, raising further scrutiny.
An India Today poll found that 52% of people believe economic policies favor big business over others. This speaks to the economic insecurities and inequalities large segments of India’s population face amid joblessness and rising costs of living. As Modi put it bluntly, there are concerns that a few businessmen have disproportionately gained from his administration.
Whether Congress indeed has any illicit financial ties to Adani and Ambani as Modi claims is unclear. But the Prime Minister’s provocative statements have brought a legitimate issue to the fore – are India’s economic policies too favourable and tailored for select corporate houses? Voters would do well to critically examine all parties’ stances and plans to address these inequities and enable equitable growth benefiting all Indians, not just the wealthy few at the top.
