‘Modi Is Silent’: This Billionaire Investor Says Adani Crisis Will ‘Spark Democratic Revival’ In India
George Soros, the Hungarian-American, businessman and philanthropist has given an addendum to the heated political atmosphere in the country following the Adani crisis. Soros has directly taken on Prime Minister Narendra Modi saying, “Modi is silent on the subject, but he will have to answer questions from foreign investors and in parliament.”
“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 naive, but I expect a democratic revival in India,” Soros added while speaking ahead of the Munich Security Conference.
George Soros, 92, who has a net worth of about $8.5 billion, is the founder of the Open Society Foundations, which gives grants to groups and individuals that promote democracy, transparency and freedom of speech.
During his speech, Soros said that the turmoil engulfing Gautam Adani’s business empire has sparked a punishing stock market selloff and shaken faith in India as an investment opportunity.
Adani Group’s listed companies have been facing a constant downfall in the stock market on almost all trading days ever since the publication of Hindenburg Research report on 24 January 2023. The sell-off sparked by the short seller’s report accusing Adani Group of parking funds abroad illegally and market manipulation has lost the conglomerate over $120 billion in market value.
