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.

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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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