On Thursday, George Soros during his nearly 42-minute speech at the Munich Security Conference said that PM Modi has remained silent thus far on the matter of allegations of fraud and stock manipulation at Adani's industrial empire. The PM would "have to answer questions" by foreign investors and parliament, he said, adding that he expects a "revival of democracy in India".
He also said, "Adani Enterprises tried to raise funds in the stock market, but he failed. Adani is accused of stock manipulation and his stock collapsed like a house of cards...This will significantly weaken Modi’s stranglehold on India’s federal government and open the door to push for much-needed institutional reforms."
This is not the first time that George Soros has remarked against the PM. In 2020, he criticised PM Modi for creating a “Hindu nationalist state” while delivering his address at the World Economic Forum meeting at Davos. “Nationalism, far from being reversed, made further headway," said Soros, adding that the biggest and “most frightening setback" was in India.
"...a democratically elected Narendra Modi is creating a Hindu nationalist state, imposing punitive measures on Kashmir, a semi-autonomous Muslim region, and threatening to deprive millions of Muslims of their citizenship," the Hungarian-born billionaire said making a reference to the protests against the controversial Citizenship Amendment Act (CAA) across India.