India’s election campaign has become a battleground for two of the country’s richest businessmen, Mukesh Ambani and Gautam Adani, who are known for their close relationship with Prime Minister Narendra Modi. Modi, seeking a rare third consecutive term, has been accused by his political opponent, Rahul Gandhi, of accepting money from Ambani and Adani. Both Ambani and Adani have been vocal supporters of Modi, sparking intense criticism from rival politicians.
The accusations of financial ties between Modi and the two billionaires stem from a lack of transparency in political funding in India. Earlier this year, the Supreme Court ruled the Modi government’s system of anonymous donations through electoral bonds as unconstitutional, highlighting the ongoing issue of crony capitalism in the country. However, despite the allegations made by both candidates, no concrete proof has been provided regarding illegal financial transactions with Ambani and Adani.
The relationship between politics and big business in India is further complicated by the ownership of major media companies by large conglomerates. Many analysts believe that the close ties between legacy media outlets and top businesses prevent in-depth scrutiny of allegations of crony capitalism. Adani and Ambani have made significant strides in their business empires over the past decade, with Adani even briefly overtaking Jeff Bezos as the world’s second-wealthiest person in 2022.
Although both businessmen have faced scandals and accusations of fraud, they have managed to maintain their influence and success. Adani weathered a stock market meltdown in 2023 after being accused of engaging in fraud, but has since made a remarkable comeback. Despite the controversies surrounding them, Ambani and Adani continue to be key players in India’s economic growth, with their businesses spanning multiple industries crucial to the country’s development.
As the election campaign heats up, the accusations of financial ties between Modi and the two billionaires add another layer of complexity to India’s political landscape. Modi’s comments about Ambani and Adani at a recent rally have sparked further debate, with analysts questioning the likelihood of a thorough investigation into the matter. The close relationship between politics, business, and media in India raises concerns about transparency and accountability in the country’s democratic processes, with allegations of crony capitalism continuing to play a significant role in shaping public discourse.