Foreign Minister Subrahmanyam Jaishankar has recently pushed back against billionaire investor George Soros’s recent criticism of Indian Prime Minister Narendra Modi and his close ties with businessman Gautam Adani. Soros had alleged that Adani’s recent troubles could weaken Modi’s hold on India and lead to a “democratic revival” in the country.

Jaishankar’s Response

At an energy conference in Sydney, Jaishankar criticized Soros’s views on the country and Modi’s association with Adani. He referred to Soros as “old, rich, opinionated, and dangerous” and cautioned against foreign investors attempting to shape narratives about the country.

He stated that individuals like George Soros believed their definitions and views were superior to all others, reflecting a typical "Euro-Atlantic view" in which Western countries are dominant authorities. Jaishankar dismissed Soros’s prediction that Modi’s role would weaken in India and asserted that India is a vibrant democracy where people can make their own choices.

Soros’s Comments on Modi and Adani

Soros had accused Modi of not being a “democrat” even though he leads a democratic country like India. During a security conference in Munich, George Soros accused Indian Prime Minister Narendra Modi of being tight-lipped about the financial troubles of Adani Enterprises, a conglomerate with which he is allegedly closely allied. 

According to Soros, the failure of Adani Enterprises to raise funds in the stock market could weaken Modi's power at the government level, potentially leading to institutional reform, which Soros believes is much needed. He also asserted that the fates of Modi and business tycoon Adani are intertwined.

Jaishankar had argued that such foreign investors do not understand the complex reality of Indian politics and their involvement could potentially cause more harm than good.

Adani’s Troubles and Modi’s Ties

Recently, Adani’s India-based energy conglomerate has faced allegations of financial fraud, causing the company’s stock prices to plummet. Adani had previously been ranked as the third-richest man in the world, but he lost $58 billion of his wealth in less than a week.

Adani’s close ties with Modi have come under scrutiny following these allegations. Some critics have claimed that Modi’s government has been protecting Adani and that the scandal could undermine Modi’s image as a leader and his grip on power.

Final Thoughts

Jaishankar’s comments reflect the Indian government’s frustration with foreign investors like Soros, who they believe do not fully understand the complexities of Indian politics and democracy. It is a reminder that while foreign investors can offer valuable insights and resources, they must be careful not to overstep their bounds and try to shape the country’s narrative.

It remains to be seen how Adani’s financial troubles will affect Modi’s image and political fortunes in the long run. However, Jaishankar’s remarks suggest that the government is unwilling to let foreign investors dictate the conversation about India’s future.