Modi’s Bad Judgment in Choosing “National Champions”

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Swaminathan S. Anklesaria Aiyar
Swaminathan S. Anklesaria Aiyar

Under 10 years of Indian Prime Minister Narendra Modi’s rule, industrialist Gautam Adani became a “national champion” in infrastructure and one of the richest men in the world. He is India’s main face in attempts to combat China’s Belt and Road Initiative. To compete with China in building infrastructure across Asia and Africa, Modi has nominated or backed Adani companies in several ventures abroad to boost India’s image and prowess.
That is proving a terrible choice. US prosecutors have indicted Adani for paying or planning to pay $265 million in bribes to secure financing and 12 gigawatts of solar-power contracts from Indian government agencies. US Deputy Assistant Attorney General Lisa Miller has accused Adani and two codefendants of “corruption and fraud at the expense of US investors” in Adani companies. Given Adani’s stature, the US prosecutors would not have asked for Adani’s arrest without careful accumulation of clinching evidence.
Earlier in 2023, US short-seller Hindenburg alleged that Adani had misused tax havens and engaged in stock market manipulation to push up his stock prices. Separately, the Financial Times (London) repeatedly claimed that Adani had over-invoiced the price of coal imported from Indonesia to his power plant in Gujarat, where his power tariff is linked to the coal import price.
These claims temporarily crashed Adani prices, but they recovered soon. Given Adani’s closeness to Modi, it was no surprise that neither India’s market regulator nor customs authorities followed up on Hindenburg’s or the Financial Times’s accusations. But Adani can expect no leniency from US prosecutors. His share prices and ability to borrow abroad cheaply will be hit, as will India’s image.
Cynical Indians will say that bribes are standard practice in India. But the sign of good management is that it observes the 11th commandment—Thou shalt not be caught.  » Read More
https://www.cato.org/blog/modis-bad-judgment-choosing-national-champions

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Types of Data
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Order Placement
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Partner Promotion
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Surveys
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We use this information to understand your opinions and collect information relevant to our organization.
Sweepstakes or Contests
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Website Interactions
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Web Logs
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Revisions to This Policy

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PaperlessTimes is really just a hobby site comprised of some of my favorite and most read conservative leaning sources.  The main idea is just aggregate RSS feeds centralized in one area so I can simply take a quick look at the latest articles and pop on over to the full article if wanted; saves a bit of time from going from site to site looking for something that might interest me.

I long ago lost any faith in what is commonly known as mainstream “news” recognizing that it’s not just how a story is framed, but also what is omitted in what passes for information these days.  There are many, many great authors and thinkers in conservative thought who have the freedom to focus not on narrative and instead on substance.

This is always a work in progress for my own use, but if you find it useful, that is awesome.  If there’s a feed you read that you would possibly like added, (always interested in expanding), have any complaints or suggestions, feel free to use the contact form .  There is a bit of marketing on this site which is more of a test run for developing stuff.  If anything catches your eye, buy away, for it does go to me.

thanks, Steve

 

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