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Business News/ News / India/  Why is BJP sparring with investor George Soros amid Adani-Hindenburg row?
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Why is BJP sparring with investor George Soros amid Adani-Hindenburg row?

The Narendra Modi-led government has found itself sparring with billionaire financier-philanthropist George Soros after the latter said Adani's troubles would “significantly weaken Modi’s stranglehold on India’s federal government”.

New Delhi, Feb 17 (ANI): Union Minister of Women and Child Development and Minority Affairs Smriti Irani addresses a press conference on Billionaire investor George Soros's remarks on Prime Minister Narendra Modi, at the Bharatiya Janata Party (BJP) Headquarters, in New Delhi on Friday. (ANI Photo) (Ishant)Premium
New Delhi, Feb 17 (ANI): Union Minister of Women and Child Development and Minority Affairs Smriti Irani addresses a press conference on Billionaire investor George Soros's remarks on Prime Minister Narendra Modi, at the Bharatiya Janata Party (BJP) Headquarters, in New Delhi on Friday. (ANI Photo) (Ishant)

As the Adani-Hindenburg controversy rages on, the Narendra Modi-led government has found itself sparring with billionaire financier-philanthropist George Soros. The development came after the 92-year-old said the conglomerate’s troubles would “significantly weaken Modi’s stranglehold on India’s federal government". The BJP was quick to counter that Soros wanted to ‘destroy’ Indian democracy and wanted some "hand-picked" people to run the government.

Several critics and Opposition leaders have latched onto Soros' comments to attack the ruling party. Meanwhile, BJP leaders took umbrage at the investor's expectation that the Adani crisis would prompt a “democratic revival in India". 

As Union Minister Smriti Irani put it, Soros' remarks made it ‘evident’ that he had pronounced funding over $1 billion ‘to target leaders like PM Modi’.

What exactly did George Soros say?

Addressing the Munich Security Conference on Thursday Soros said that Prime Minister Modi's fate was ‘intertwined’ with Adani's. Opining that the PM would be ‘weakened’ by the recent stock rout, he said the current upheaval could open the door to a ‘democratic revival’ in India.

“Modi and business tycoon Adani are close allies. Their fate is intertwined. Adani is accused of stock manipulation and his stock collapsed like a house of cards. Modi is silent on the subject, but he will have to answer questions from foreign investors and in Parliament," he asserted.

Also read: Adani crisis to spark democracy revival in India, says billionaire George Soros

The billionaire philanthropist also said that the Adani-Hindenburg controversy had ‘shaken’ faith in India as an investment opportunity.

“This 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 naïve, but I expect a democratic revival in India," he added.

What has the Indian government and BJP leaders said?

The BJP has alleged that Soros wants to destroy Indian democracy and that a war was being mounted against the country. What stood between the war and New Delhi's interests was Prime Minister Narendra Modi, asserted Irani. 

“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," she said. 

Also read: 'George Soros to Rajan to BBC, it's a confluence of…' Smriti Irani lashes out

Addressing a presser on Friday, Irani claimed that Soros sought a regime change ‘pliable to his needs’ in order to make his ‘nefarious plans successful’. 

What have Opposition leaders said?

Several Opposition leaders have highlighted Soros' remarks to take a swipe at the ruling party, while others have distanced themselves from the situation. 

“Modi may dodge answering questions about Adani in Parliament and in India but he cannot escape from foreign investors," asserted Congress MP Rahul Gandhi's close aide Praveen Chakravarty, sharing a news article on the same. 

The BJP has claimed Congress was a ‘vector of this propaganda and of this self-styled economic war criminal called George Soros’.

Meanwhile others including Trinamool Congress MP Mahua Moitra took a jibe at the BJP over their own assertions without actually weighing in on Soros' remarks. 

“Every Indian urged by Hon’ble Cabinet Minister to give fitting reply to George Soros. Please bang your thalis at 6 pm sharp today," Moitra tweeted in response to a call to action by Irani. The Union Minister had urged every Indian to give a ‘fitting reply to George Soros’.

 

(With inputs from agencies)

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Published: 17 Feb 2023, 04:00 PM IST
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