This may appear to be an obtrusive argument, but the fact is people have come to know the implications and dynamics of the politics of divisiveness and hatred, which is the hallmark of the Modi dispensation. The RSS cannot accomplish its mission of turning India into a Hindu Rashtra without a BJP government in power in Delhi. Obviously, defending Adani and presenting him as the symbol of Indian nationalism would somewhat ameliorate the situation and bail out Modi and his government from more disparagement.

Obviously, none else but Bhagwat can resort to this con. In order to provide cover to his protégé, Narendra Modi, he has resorted to this tactics to pervert and project the staggering fraud, as described by Hindenburg in painstaking detail, of Adani as the scheming of leftist jingoists. At his directive, the entire Sangh Parivar has thrown its weight behind Adani.

Bhagwat knows that if the case drags on, the future prospect and image of Modi would be viciously smeared. Happening just a year ahead of the 2024Lok Sabha election, winning of which is very crucial for the RSS, this is certainly a bad omen for the Sangh. BJP losing the election would eventually lead to the rout of the RSS and its Parivar from the socio-political matrix. One thing good that Modi has done to the country and its people is through his actions, he has uncovered the real face of the RSS. People have come to know of the nasty communal designs of the RSS and how it was determined to finish off the country.

Support for Adani is simply a dubious ploy to conceal the bitter facts from spilling over into wider public domain, including the fact that the Modi government has helped the Gujarati businessman amass a huge fortune, making a mockery of the rules and laws of the land. The RSS move simply strengthens the peoples’ perception and apprehensions that Modi has been the promoter of Adani and his dubious, overleveraged empire.

To bypass the serious allegations and keep people in dark, the RSS is busy projecting the revelations as the onslaught by the leftist forces on the rightist forces. One thing that the RSS has finally has come to accept is that the RSS is a rightwing force, which is not embedded in the traditions and cultural ethos of India that are mostly secular in character.

RSS’s allegation that “the Congress and Left ecosystem” have co-opted the Adani-Hindenburg saga to push their anti-Modi narrative is a part of this design. In their quest to protect Modi, the rightist forces even have gone to the extent of describing themselves as being rational. They claim that right has always prioritised rationality, factual accuracy, and evidence in forming informed opinions on matters of public importance.

But the rightists also do not share the same feeling in the matter of defending Adani. While one section holds that Adani must come clean on the allegations, the other nurses the view that their financial deals are in the interest of the nation and should be helped. What is most shocking is that the Sangh Parivar did not object to Adani’s misadventure of comparing its own interest with that of India. It was worse than the phrase coined by Devkant Barooah: “Indira is India and India is Indira”. In this case, Adani compared his own narrow financial interests with that of India.

The report of the Hindenburg Research accused the Adani Group of stock manipulation and massive accounting fraud. Though the Adanis promptly refuted the allegation, they nevertheless could not contradict Hindenburg’s charges. Even its 413-page rebuttal failed to contradict any of their 88 questions (in fact allegations). It is an open secret that the corporate conglomerate needs political patronage for its growth and expansion. No one can deny that Modi had patronized Adani since his days as the chief minister of Gujarat.

That Adani has close connections with Modi is borne out of Modi’s actions subverting the laws and rules to help the businessman. This nefarious proximity prompted Rahul Gandhi to trot out ‘Adani and Ambani’ jibes to attack Modi government. No big business or corporate house could flourish without some political patronage. Even Dhirubhai Ambani depended on political patronage to emerge as the richest businessman.

Some retired bankers, not willing to be quoted, recollect that just after coming to power, even while Modi was swearing “would not eat and not allow to eat”, he was actually lending a helping hand to Adani by asking some scheduled banks to help the group. It is indeed an enigma why should a politician, that too a person like Modi, help Adani. RSS questioning the motive of Hindenburg expose and projecting it as a larger global left narrative that undercuts the rise of India and undermines the legitimacy of its democratically elected government, is a well-considered move to deflect peoples’ attention from the Modi government and Adani nexus.

The phenomenal growth and he rise of Adani also underlines the fact that concentration of power in few hands, precisely in one hand, is detrimental to the overall growth of the country and leaves open the space for blatant misuse of the power for selfish gains. The BJP leaders fervently deny that Adani enjoys the government patronage. They are free to shield their leader and the government. But the fact is even after this exposure which points out massive loss to the banks, the scheduled banks are ready to extend financial help to Adani. Adani was to get USD 9 billion, around Rs 75,000 crores, from the banks. The company has already been given around USD 7.5 billion.

It is obvious for getting this huge money, which belongs to the small and medium depositors, the company must obtain the clearance of the political ecosystem. The Adanis are likely to get more airports soon. The auction for the 13 new airports has been postponed after the expose. When the Indian government approved the privatisation of six airports in 2018, it relaxed the rules to widen the pool of competition, allowing companies without any experience in the sector to bid. There was one clear winner from the rule change: Gautam Adani, the industrialist got all six, with no history of running airports.

CBI had filed FIR against Adani-owned company in 2010 coal supply case. CBI had also named National Cooperative Consumer Federation (NCCF) for allegedly manipulating a tender to give AE a contract to supply imported coal to a state-run Andhra Pradesh power firm. According to the FIR filed by the agency, the bid by Adani’s company did not qualify when the tender was opened but officials gave Adani Enterprises “undue favour” and handed the contract to the company.

It was in 2015 that Credit Suisse had warned in its “House of Debt” report that the Adani Group was one of 10 conglomerates under “severe stress” that accounted for 12 per cent of banking sector loans. Yet the Adani Group continued to get funds from the banks. What was really interesting to note is Adani managed to get funds on the plea of his commitment of “nation building”.

There is no denying that Adani’s rise and the fortunes of Modi and the BJP are entwined. Fall of the Adani empire would have adverse impact on the future of Modi. Though the RSS ecosystem does not subscribe to the nature and content of the expose, the reactions of Finance Minister Nirmala Sitharaman and finance secretary simply reinforce the fear. While Sitharaman said: “Neither our macroeconomic fundamentals nor our economy’s image has been affected (by the Adani crisis),” the finance secretary T.V. Somnathan dubbed the $108 billion valuation meltdown of the Adani group’s listed entities as a “storm in a teacup”. None of the bureaucrats came out with the reply to the Congress poser that how the Adani group escaped scrutiny despite serious allegations over the past few years and whether a fair investigation was possible under Narendra Modi who has been accused of giving patronage to the business conglomerate.

In the global arena, India’s probity in corporate governance and pursuit of a developmental model in which the state has entrusted a few ultra-rich men with running India’s infrastructure and pioneering investments abroad, has come under scanner. What is really interesting to watch is the personal relation of Modi with Gautam Adani that has come under the public scrutiny. RSS is scared of this development. This would severely erode the credibility of Modi and his government. Eventually, it would prove to be electorally detrimental to BJP. The reluctance of the Modi government to have the issue debated in Parliament or have it probed by JPC is simply giving rise to number of uncertainties. (IPA Service)