Chidambaram hits out at BJP, Narendra Modi at Davos

January 22, 2014

Chidambaram
Davos, Jan 22: As India prepares for elections, Finance Minister P Chidambaram today hit out at BJP terming its economic policies as retrograde and "blood-eyed" and asked why the Opposition Party's Prime Ministerial candidate Narendra Modi never fielded a Muslim candidate.

He also expressed confidence that Rahul Gandhi would be Prime Minister if Congress comes back to power, saying the young leader as enough "fire in his belly" for the post, although it was unlikely that any party would get majority and polls were likely to throw a "very very fractured mandate".

Speaking at the World Economic Forum (WEF) Annual Meeting here, Chidambaram also took dig at Aam Aadmi Party, saying there was no place for mob-democracy in India and the country was a party-based democracy where individuals can not be bigger than a party.

On BJP being anti-muslim, Chidambaram said some sections of Muslim people may have voted for BJP, as Narendra Modi himself claims, but the fact is that Modi has never fielded any Muslim candidate ever in any election in his state. "What does that mean," he wondered.

When asked why doesn't he join BJP, Chidambaram said BJP does not represent all sections of India and it does not even have presence in many parts of the country."It has got policies that would destroy the very idea of India. Their's a blood-eyed economic model," he said.

Asked about the next Prime Minister, Chidambaram said, "nothing is impossible, but it is unlikely because Congress party is clear that if Congress is in position to form a government it will be headed by Rahul Gandhi".

In 2004 Sonia Gandhi was elected leader, but the next day she declined and another leader was chosen. That model has worked, but that does not mean that we will have same model again, he said.

"If Congress is called to form the government, I'm pretty certain in my mind that Rahul Gandhi will be the Prime Minister," he said.

Asked whether Rahul Gandhi had enough fire in his belly for the PM post, Chidambaram said: "There was enough fire in his belly when he spoke at the AICC meeting".

On upcoming general elections, Chidambaram said it may be an unfortunate event that no party is a clear winner and no one gets majority, as the elections are likely to throw a very fractured mandate.

Meanwhile, the Finance Minister said that unravelling of AAP has already begun within weeks of it coming to power in Delhi and it remains to be seen whether an "urban rejection" of mainstream parties that was seen in Delhi elections would be replicated in other parts of the country.

"One time that Mrs Gandhi stumbled and brought in an authoritative model that was at the time of Emergency, it failed and she had to go back," Chidambaram said.

In Delhi elections the rejection was for both Congress and BJP, he said, adding that one was ruling the state government and the other municipal bodies.

"But it is just a few weeks and we are seeing an unravelling of the Aam Aadmi Party," he said.

Saying that he was not privy to discussions in the state party unit regarding support to AAP, Chidambaram said Congress party was divided in its decision to give outside support to AAP and it was one section favouring the support that prevailed.

Responding to a query on how BJP can be described as following 'blood-eyed' economic model when factories were not being destroyed in Gujarat and businessmen were happy, Chidambaram said it is not about destroying factories.

Giving examples, he said that BJP is opposing multi brand retail on premise that it would kill jobs, while the fact was just the opposite.

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News Network
November 21,2024

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After the US prosecutors charged Gautam Adani with bribery and fraud, Congress reiterated its call for a Joint Parliamentary Committee (JPC) probe into the transactions of the Adani group, and hit out at Prime Minister Narendra Modi, alleging an "internal nexus" between him and "his favourite businessman."

Senior Congress leader Jairam Ramesh said the indictment of Gautam Adani and others by the US Securities and Exchange Commission validates his party’s call for a Joint Parliamentary Committee investigation.

The Congress has been pushing for the probe since January 2023, raising concerns over alleged irregularities involving Adani and his business dealings, said Ramesh.

Ramesh referred to the party’s “Hum Adani ke Hain” series, where 100 questions were raised about the alleged scams and the links between Prime Minister Narendra Modi and Gautam Adani.
He noted that the questions remain unanswered, reiterating the need for accountability in the matter.

The US prosecutors have charged Adani with deceiving investors by concealing information about his firm's solar energy project in India, which allegedly involved bribery.

Adani has been charged with securities fraud and conspiracy, according to an indictment unsealed on Wednesday. The case focusses on an agreement between Adani Green Energy Ltd. and another organisation to supply 12 gigawatts of solar power to the Indian government.

'BETRAYAL OF INDIAN INVESTORS'

Congress leader Pawan Khera described the allegations against Gautam Adani and his conglomerate as a “betrayal of Indian investors.”

Taking to X, Khera outlined the US charges, including claims that Adani’s group bribed Indian government officials between 2020 and 2024 to secure contracts. Citing media reports, he also pointed out that Gautam Adani personally met a government official to advance the scheme.

Khera referred to a March 2024 incident where the Adani Group allegedly misled the Bombay Stock Exchange and the National Stock Exchange, calling it a “grave violation of investor trust.”

He further highlighted a March 2023 FBI raid on the premises of Sagar Adani, Gautam Adani’s nephew, where electronic devices were seized as part of the investigation.

'SEBI NOT ABLE TO PROVE ANY CHARGES AGAINST ADANI'

Shiv Sena (UBT) leader Priyanka Chaturvedi criticised central probe agencies following US charges against Gautam Adani and others in an alleged bribery case linked to solar energy contracts.

Chaturvedi raised concerns about corporate governance and regulatory oversight in the country. “They talk about corporate governance, responsibility, and accountability. The industrialists should be asked to follow the rules and regulations, but even the agencies were defending him. The SEBI has not yet been able to prove charges against him,” she said, pointing to what she viewed as failures in ensuring accountability.

'BROUGHT DISREPUTE TO INDIA'

On US charges against Gautam Adani, AAP leader Sanjay Singh called for a probe against the industrialist. He said that the probe should be conducted by an investigation agency under the Supreme Court.

"Adani Group has brought disrepute to India. This is a very serious matter. The PM of India should come forward and answer this. All the pending matters against Adani should be probed by an investigation agency under Supreme Court monitoring, and all the corruption done by him, within and outside the country, should come out before the country and action should be taken against him," he said.

BJP DFENDS

BJP IT cell chief Amit Malviya responded sharply to the Opposition’s criticism regarding allegations involving Adani Green Energy and US-based Azure Power. He pointed out that the charges in the indictment are only allegations and emphasised, “The defendants are presumed innocent unless and until proven guilty.”

Malviya argued that the crux of the case concerns agreements to supply 12 GW of power to the Solar Energy Corporation of India (SECI), contingent on SECI securing power purchase agreements with state electricity distribution companies (SDCs).

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News Network
November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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News Network
November 15,2024

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Union minister Amit Shah on Friday, November 15, said PM Narendra Modi will amend the Waqf Act despite opposition from leaders like Uddhav Thackeray and Sharad Pawar.

"Modi ji wants to change the Waqf Board law, but Uddhav ji, Sharad Pawar and Supriya Sule are opposing it," Shah said, addressing a rally at Umarkhed in Maharashtra's Yavatmal district.

"Uddhav ji, listen carefully, you all can protest as much as you want, but Modi ji will amend the Waqf Act," he said. Shah said there are two camps in the November 20 Maharashtra assembly polls, one of 'Pandavas' represented by the BJP-led Mahayuti and the other of 'Kauravas' represented by Maha Vikas Aghadi.

"Uddhav Thackeray claims that his Shiv Sena is the real one. Can the real Shiv Sena go against renaming Aurangabad to Sambhajinagar? Can the real Shiv Sena go against renaming Ahmednagar to Ahilyanagar? The real Shiv Sena stands with the BJP," Shah said.

"Rahul Baba used to say that his government would credit money in the accounts of the people instantly. You were unable to fulfil your promises in Himachal, Karnataka, and Telangana," he said.

Shah said the Mahayuti alliance has promised that women will get Rs 2,100 per month under the Ladki Bahin Yojana. "Kashmir is an integral part of India and no power in the world can snatch it away from us," Shah said.

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