Jairam Ramesh criticises Modi's FDI policy, links it to Adani's growing influence

Glancing askance at PM Narendra Modi's FDI (foreign direct investment) policy, Congress MP Jairam Ramesh took to X on Tuesday, 13 August, to accuse the government of fostering an environment of 'fear, deceit, intimidation'.

Ramesh’s post pointed to the alleged close ties between the Modi government and the Adani Group, which has been under intense scrutiny following the latest set of allegations by US-based short seller Hindenburg Research.

Ramesh's post on X stated: 'Modani's FDI policy: Fear, Deceit, Intimidation. Is this how private investment will be stimulated? Is it any wonder that Indian businessmen are being forced to relocate and seek investment opportunities abroad?'

He credited X users for bringing attention to these issues and referenced the Congress' 'HAHK — Hum Adani ke Hain Kaun' [how we are related to Adani] series, which raises highlights alleged connections between Modi and industrialist Gautam Adani.

In a lengthy continuation of his critique, Ramesh drew correlations between government actions and the subsequent rise in Adani Group's influence in various sectors.

He noted the following 'chronologies':

• CBI raids NDTV offices, founder Prannay Roy's Home. Result: Adani group now owns 64.71 per cent stake in NDTV

• CCI team raids ACC, Ambuja Cement offices. Result: Adani Group now the second-largest player in the cement industry after acquisition of Ambuja Cements.

• ED raids GVK Group offices in Mumbai airport. Result: Adani Airport holdings owns nearly 98 per cent stake in GVK Airport Developers.

• Income tax officials raid the Quint office in Noida. Result: Adani acquires 49 per cent stake in Quintillion Business Media for Rs 48 crore.

• IT officers' raid in Nellore Krishnapatnam Port. Result: Adani Ports and SEZ complete acquisition of Krishnapatnam Port.

• UltraTech Cement (Kumar Mangalam Birla) pips Adani Group to the post, taking over India Cements. Result: Eight years into the probe, the CBI books Aditya Birla Group's Hindalco for 'corruption' over environmental clearances.

Ramesh’s comments suggest a pattern where government agencies’ actions have paved the way for Adani's expansion into critical industries and geographies.

This latest attack by Ramesh is part of the Opposition's broader campaign against the Modi government in light of the Hindenburg report, which accuses SEBI chairperson Madhabi Puri Buch of holding stakes in offshore entities tied to the Adani Group.

The report has intensified the Opposition’s demands for accountability, with many parties in the INDIA bloc calling for a joint parliamentary committee (JPC) probe.

Ramesh’s comments highlight the Opposition’s concern over what they perceive as a growing influence of the Adani Group across various sectors — a trend facilitated by the government’s policies and actions, they hold.

As the political battle over these issues intensifies, the Modi government faces increasing scrutiny over its ties to powerful business interests and its handling of the economy.

The Opposition’s attacks, bolstered by the Hindenburg report, are likely to keep these issues at the forefront of the national political discourse in the coming weeks.