The Hypocrisy of the West: A Business Recorder Editorial.
India’s renowned billionaire Gautam Adani and his conglomerate, Adani Group, have faced a rollercoaster of challenges in recent times. From a steep market cap loss and accusations of fraud and market manipulation by US short-seller Hindenburg Research in 2023 to a current criminal indictment by American prosecutors, SEC, and DOJ for alleged bribery and fraud, Adani’s empire is facing turbulent waters.
As the owner of the largest infrastructure empire in the world’s fastest-growing emerging market, Adani’s financial woes have global implications. The cancellation of the Adani Green Energy dollar bond post-indictment makes it impossible for the Group to access funds in global capital markets. This has prompted concerns about the impact of Adani’s troubles on India’s financial system and the potential for a foreign investment exodus.
Critics have raised questions about the timing of the US legal action against Adani, considering his close relationship with India’s PM and the transition in the White House. Some speculate whether this move aims to disrupt the rapport between Narendra Modi and Donald Trump. However, the motives behind the sudden crackdown remain murky.
Western countries, particularly the US and Canada, seem to be reassessing their expectations of India in light of recent events. While India has been positioned as a counterbalance to China’s influence, the reality of India’s priorities has become apparent. The public showcases of Indian intelligence involvement in high-profile incidents by American and Canadian governments suggest a strain in the international dynamics.
Despite allegations of misconduct against Adani, India, its intelligence services, and business elite, the US has historically embraced India for strategic reasons. The current shift in attitude raises questions about western double standards and geopolitical interests. The US’s confrontational approach with India hints at broader global power plays and self-serving agendas that exacerbate tensions and divisions.
Whether these dynamics will change in the future remains uncertain. The world watches with skepticism as the superpower plays a coercive role in international affairs, disregarding the nuances of diplomacy and cooperation. The strained relations with India reflect a growing discomfort with unilateral power dynamics and a lack of inclusive global leadership.
In a complex landscape of geopolitics and economic interests, the Adani saga serves as a reminder of the intricate interplay between nations and the consequences of power dynamics. As uncertainties loom, the world awaits to see how these tensions will unfold in the coming days.
