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Adani’s downfall will weaken PM Modi, spur democratic revival in India: George Soros

The downfall of the billionaire Gautam Adani-led Adani Group will weaken Prime Minister Narendra Modi and pave the way for “a democratic revival” in India, US billionaire George Soros has said.

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US billionaire George Soros

The downfall of the billionaire Gautam Adani-led Adani Group will weaken Prime Minister Narendra Modi and pave the way for “a democratic revival” in India, US billionaire George Soros has said.

In his speech ahead of the Munich Security Conference, Soros said that even though PM Modi is silent on the subject when questioned by the Opposition, he will, however, eventually have to answer questions from foreign investors and in the Parliament.

The billionaire investor, observed that this will “significantly weaken” PM Modi’s stranglehold on India’s federal government and “open the door to push for much-needed institutional reforms.”

George Soros, who has a net worth of about $.8.5 billion, is the founder of the Open Society Foundations, which gives grants to groups and individuals that promote democracy, transparency and freedom of speech.

Read Also: Delhi man, son shot over parking dispute: Police

Soros added that he expected a “democratic revival” in India, naïve as it may sound.

Calling Soros a “designated economic war criminal”, Union minister Smriti Irani lashed out at the billionaire, dubbing his comments as an “attack on India that would not be tolerated” and called upon Indians to unitedly respond to “foreign powers who try to intervene in India’s democratic processes.”

A damning report by US short-seller Hindenburg Research late last month, sparked a rout in the shares of the Adani Group that wiped out more than $120 billion of the conglomerate’s market value and caused a massive drop in the personal fortunes of its Chairman Gautam Adani, who dropped out from the Forbes Top 10 rich list.

The Adani crisis also put the Prime Minister in the firing zone as Opposition parties have levelled allegations of a nexus between Gautam Adani meteoric rise since Narendra Modi’s election to the nation’s top post in 2014. However, PM Modi hasn’t directly issued a response instead resorting to taking snide jibes at his political opponents without naming anyone.

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India News

Delhi Building Collapse: Many trapped as 5-storey structure comes down

A building collapsed in Delhi’s Seemapuri area on Wednesday, with several people feared trapped under the debris. Rescue teams have reached the spot.

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A building collapsed in Delhi’s Seemapuri area on Wednesday, with several people feared to be trapped under the debris.

The incident took place in northeast Delhi, where emergency teams were rushed to the site after the collapse was reported.

Rescue operation underway

A search and rescue operation has been launched at the site as authorities work to determine whether people are trapped beneath the debris.

The Delhi Fire Service received information about the collapse at around 3:30 pm and sent fire tenders to the location. An official said some people might be trapped in the debris.

The incident has prompted an emergency response in the area, with rescue personnel working to locate anyone who may be trapped.

Collapse comes a month after Satya Niketan tragedy

The Seemapuri incident comes about a month after a building collapse in Delhi’s Satya Niketan area, where people were trapped after a multi-storey structure came down.

Further details about the Seemapuri collapse, including the number of people trapped and any casualties, are awaited as the rescue operation continues.

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Bhagwant Mann hits back at BJP over CBI search in Sangrur

Bhagwant Mann hit out at the BJP over a CBI search in Sangrur, alleging political targeting and claiming the agency returned empty-handed after a nearly six-hour search.

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Punjab Chief Minister Bhagwant Mann has criticised the BJP over a CBI search at the residence of his officer on special duty (OSD) Rajbir Singh Ghuman in Sangrur, alleging that central agencies are being used against political opponents ahead of elections.

Mann said the CBI action was an indication that elections were approaching and accused the BJP of using agencies such as the CBI and Enforcement Directorate against Opposition leaders or their associates.

“The CBI raid shows that elections have arrived,” Mann said.

The Punjab Chief Minister cited cases involving Jharkhand Chief Minister Hemant Soren and leaders close to former West Bengal Chief Minister Mamata Banerjee while alleging that central agencies have been used ahead of elections. He also said Aam Aadmi Party leaders faced similar action before the Delhi Assembly elections.

Mann says CBI returned empty-handed

According to Mann, the CBI search at Gharachon village in Sangrur lasted nearly six hours.

The Chief Minister claimed that the agency “did not find anything” during the search and returned empty-handed. He alleged that the action was part of a BJP conspiracy to defame him and his government.

Mann also linked the CBI action to the BJP’s anti-drug campaign in Punjab and questioned the political impact of the campaign.

He alleged that the CBI action was politically motivated and intended to create a narrative against the AAP government ahead of upcoming elections.

CBI search at Mann aide’s house

Earlier, a CBI team searched the house of Mann’s OSD Rajbir Singh Ghuman in Gharachon village in Sangrur.

The search triggered a political confrontation involving the ruling AAP and Opposition parties. Representatives of Waris Punjab De and Akali Dal Punar Surjeet gathered in the village and welcomed the CBI team.

After the CBI vehicles left the area, people were seen beating dhols, performing bhangra and showering flower petals on the vehicles carrying the agency officials.

Sources cited in the report said the CBI was investigating allegations involving people accused of causing significant losses to Punjab and looting public money.

BJP hits back at Bhagwant Mann

BJP leader Tarun Chugh criticised the response to the CBI search, calling it an “extraordinary display of shamelessness”.

Taking a swipe at AAP chief Arvind Kejriwal, Chugh said the time for political drama was over and that those responsible would have to answer for money allegedly stolen from the people of Punjab.

“Stop the drama. Let the investigation proceed and let the facts speak,” he said.

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India’s 3-part peace plan to end Russia-Ukraine war explained

India has proposed a three-part truce plan for the Russia-Ukraine war, focusing on energy infrastructure, Black Sea trade and commercial shipping.

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India has proposed a three-part truce plan aimed at reducing hostilities in the Russia-Ukraine war, with the proposal focusing on energy infrastructure, Black Sea trade and commercial shipping.

New Delhi conveyed the proposal to Ukraine during External Affairs Minister S Jaishankar’s visit to Kyiv last month, people familiar with the development said.

Ukrainian Foreign Minister Andrii Sybiha confirmed that Kyiv had received the proposal and described it as the most comprehensive among four international initiatives under consideration for ending the conflict.

What is in India’s three-part truce plan?

India’s proposal seeks action on three key areas linked to the continuing conflict.

First, it calls for an end to attacks on energy facilities and other infrastructure.

Second, the plan seeks to ensure that grain and energy continue to move through Black Sea ports, protecting important commodity flows.

Third, it proposes ending attacks on commercial shipping travelling through the Black Sea.

The proposal therefore brings together energy infrastructure, trade and maritime security as part of a broader ceasefire framework.

How does Ukraine view India’s proposal?

Ukraine has said it is willing to consider different formats for a truce.

Mr Sybiha said any agreement should go beyond combat operations and address attacks on energy and port infrastructure as well as the situation in the Black Sea.

Ukraine has also received ceasefire proposals from Turkey, Egypt and the United States. According to diplomatic sources, India’s plan differs from the Egyptian and Turkish proposals, which primarily focus on maintaining the flow of grain from the Black Sea by seeking an end to attacks on commercial shipping.

The US proposal, meanwhile, focuses on an “energy ceasefire”.

India steps up peace efforts

India has maintained that dialogue and diplomacy are the way forward for resolving conflicts.

Earlier this week, Mr Jaishankar said New Delhi had moved beyond advocacy and was holding practical discussions with both Moscow and Kyiv on reducing hostilities.

He said India had been discussing issues including the safety of Black Sea shipping, grain and energy exports and possibilities for avoiding attacks.

The proposal comes as India seeks a more active role in diplomatic efforts to reduce the intensity of the Russia-Ukraine conflict while continuing its engagement with both sides.

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