OPINION

India's oligarchs under Modi facing a crisis

Oped, Jayati Ghosh, Published on 21/02/2023

» Over the past two decades, Indian multi-billionaire Gautam Adani's close ties to Prime Minister Narendra Modi have helped the Gujarati businessman become Asia's wealthiest person. Mr Adani's meteoric rise also made him the poster boy for India's growth story -- until allegations of fraud and stock manipulation brought his eponymous business empire to its knees. With his conglomerate losing US$110 billion in market value within days, Mr Adani has become a cautionary tale about the perils of cronyism in Mr Modi's India.