Two of India’s wealthiest businessmen, Mukesh Ambani and Gautam Adani, are at the center of the nation’s divisive election campaign as Prime Minister Narendra Modi seeks a rare third consecutive term. Both Ambani and Adani are known for their vocal support of Modi and their perceived closeness to the Prime Minister has drawn criticism from rival politicians who accuse Modi’s opponent, Rahul Gandhi, of accepting money from the two billionaires. Modi, at a recent rally, accused Gandhi of taking money from Ambani and Adani, sparking further controversy.
Both Ambani and Adani have been successful in their businesses over the past decade, with Ambani being Asia’s richest man and controlling a vast empire that includes oil, clean energy, telecom, and media. Adani’s conglomerate, valued at $200 billion, spans industries like energy and logistics, crucial for India’s economic growth. Despite their success, critics have accused them of fueling crony capitalism in India, with their close ties to Modi coming under scrutiny.
The issue of political funding in India was highlighted when the Supreme Court declared the electoral bonds system introduced by the Modi government in 2017 as unconstitutional. The system allowed for anonymous donations to political parties, raising concerns about transparency in political funding. Despite accusations from both Modi and Gandhi of receiving money from Ambani and Adani, no proof has been provided to support these claims. Analysts do not expect Modi’s comments to lead to further investigation due to the close ties between the media, top businesses, and the ruling party in India.
The relationship between the media, top businesses, and the ruling party in India has raised concerns about the lack of scrutiny and investigation into allegations of crony capitalism. With large media conglomerates owning leading news outlets and having investments in various industries, there is pressure to maintain favorable relations with the ruling party. Adani’s takeover of NDTV and Ambani’s ownership of Network 18, which includes CNN-News18, have further highlighted the close ties between media and businesses in India.
Despite facing accusations of fraud from an American short-seller in 2023, Adani has emerged from the crisis and seen his company’s shares reach record highs. Adani’s relationship with Modi has been under scrutiny, with political leaders questioning the nature of their connection and accusing the ruling party of punishing those who investigate the issue. The influence and success of Ambani and Adani in India’s economy are undeniable, but questions remain about their impact on crony capitalism and political funding in the country.
