1. #AdaniScam is a unique scandal when compared to other scams that have rocked the nation. Let’s examine.
a. The Role of the Media - compare with every other scandal, Adani scam is unique in terms of media coming to the defence of the accused. Compare with Bofors, 2G, Coalgate,
2. CWG or even Coffingate where the media not only exposed but actively pursued the case. They didn’t spare the accused who mostly were people of influence. Adani case, hence shows the media in a poor light. It’s a worrying sign as it comes in days when media has either been sold
3. to corporates or dependent on the gov for advertising
b. The absence of Opposition - except for the Congress & its leader, #RahulGandhi, there has been a radio silence by the opposition on the Adani issue. The other exception has been #MahuaMoitra. Most disappointing is the
4. silence of #AAP whose raison d'être was fight against corruption
c. The role of regulators - SEBI, RBI, ED have stood as mute spectators while share markets are wiping out investors’ wealth like a wild fire. Citizens’ savings & dreams are at stake & the very institutions that
5. were meant to protect the same have turned into puppets of the accused
d. Why have no heads rolled yet- a big scam is succeeded with a massive coverup & blame game. People are fired, scapegoats are identified & atleast there is a pretence of major reforms. Adani case is unique
6. as none of this has happened. Nor does this look likely. This is disturbing as it indicates that those accused & in power sit comfortable with a firm belief that they’ll tide over the #HindenburgReport tsunami. Perhaps they’ll even when the scale of the scale is unprecedented
7. e. Business Community Reaction - apart from Mr. Anand Mahindra, who has backed the ‘nation under attack’ call of Adani, rest of the business community seems to be silent on the unfolding saga. Not many have come to Mr. Adani’s defence. Globalised Indian firms like Tata, Bajaj,
8. Wipro, Airtel have neither been attacked, nor have they spoken out. Shows how monopolised the 2 A’s had made the Indian biz scene
The Adani scandal is unique because perhaps for the 1st time ever a corporate’s greed & manipulation is defended under the garbs of nationalism. It
9. was for so far a reserved of dictators. But with Mr. Adani & Mr. Ambani in cohorts with Modi-Shah, India seems to be testing out a new system of penny-dictators where a select cohort of politicians & businessmen come together to share absolute power & national assets.
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1. Nationalism is a lofted ideal to follow. I see it as a complete devotion to the interest of nation & all its people. Nationalism to me is the courage to speak up for nation
The Constitution of India for example is an exemplary work of nationalism dedicated to India. It sets
2. the vision for an Indian state based on principles of freedom, equality & liberty. It is set in the ideas of a Welfare State & laid down rules for the creation of a great state without prejudices & discrimination of caste, religion or gender. It recognises & celebrates the
3. diversity of its people, regions & languages
Nationalism is the ‘shield of the nation’. It brings people together. It inspires them to defend the nation against all forms of tyranny & abuse both external & internal
The current day pseudo-nationalists have mutated the Shield of
1. Amidst the bloodbath in the #adani stocks, a lot has been talked about on
a. Adani’s wealth rank fall
b. Loss to big investors like Blackrock
c. Adani cos valuation loss
d. Extent of overvaluation
e. Threat to LIC, SBI & other PSU banks
Basically focus on the big nos. for the
2. big-boys. What are its implications on the common investors & rest of the people covered indirectly through Adani racket. My questions are as follows,
a. How massive is the loss to the retail investor
b. Is there a way to segment by investment exposure
c. Just like the FPO
3. roll-back on moral grounds, does Mr. Adani has any moral urges to cover losses of retail investors
d. Can there be a legal action against various influencers who actively championed people to buy Adani stocks
e. Is there any loss in investment to small savings due to impact on
1. Is there a similarity between dirty nexus that Modi has created with a select group of conglomerates to that which was witnessed between Park-Chaebols in SKorea? It ultimately crashed the economy with extreme levels of corruption & a highly influential closed industrial class
2. We cannot let it happen in India. More significantly because India will not witness similar short sighted growth as Korea had experienced as we already have a diverse & strong business foundation. Monopolies will prove disastrous for existing entrepreneurs & businesses in 🇮🇳
3. A focus on AA by the gov basically means an unbalanced growth trajectory with the sole ambition of institution tying the Indian gwth story to the fortunes of AA. In return, the ruling party is flushed with funds to fight & win elections. The 2 together will spell doom for both
1. Amit Malviya relies either on fake news or fiction. & both laced with extreme poison. He doesn’t realise every news has a shelf-life & repetition to an extreme creates a listener fatigue. In 2023, he is still blabbering about bofors though skips on 2002 completely. What is
2. of concern today is gov inaction after the #AdaniScam2023 fallout. Yet that is of no concern to AM as he is desperately trying to shift the narrative to distant scandals. If Bofors is of relevance today, then Adani Scam should be of a 1000X more relevance in both recency as
3. well as scale. That the Chief Propaganda Officer of India’s ruling party is out to defend Adani smells of extreme crony capitalism. That his defence is primarily based on discrediting Cong shows how inadequate is the evidence exonerating #AdaniGroups. There is the matter of
1. Mr. Shekhar Gupta is factually incorrect, morally wrong & lacking in journalistic courage
He defends gov & regulator’s inaction in view of the Adani exposé with a fanatic zeal calling it Good Capitalism. That term is evil at so many levels. Good Capitalism. Is Mr. Gupta
2. advocating for unbridled laissez-faire giving a free-hand for powerhouses to manipulate with common people’s trust & savings?
Mr. Gupta in the defence of his argument mounts a 5-pointer. Let’s look at each of these
3. Moral nature of Corruption with or w/o global interlinkages remains the same. What changes is the impact it can have on global economy or perhaps even the investment perception of the nation. On the former, Adani while a giant among the Indian businesses is not big enough to
1. Last yr, we mocked Truth of capital cronyism
A year before we mocked Truth on Covid mismanagement
Last 9yrs, we’ve made it a habit to mock Truth. From GST to Demo, from Farm Bills to Chinese incursions
Fortunately for us, Truth glitters brighter, more
2. it’s under attack. It’s not an opportunity that knocks but once. It is the light of knowledge that continues to fight darkness
Truth is used to all mocking. Long back it was crucified. It has been shot thrice. Truth-seekers were brandished with blasphemy. Truth survived & made
3. a wiser, better world
But when you see, feel Truth, embrace it. It needs your courage. Adani, Modi are trying to hide Truth. They’ve bought over or subdued the media. Rahul Gandhi continued to expose them. You didn’t believe him then. Now, it has reached international shores.