PM Modi, Mukesh Ambani, Gautam Adani reshaping India to make economic superpower, striving 8% yearly growth: Report
Adani Enterprises Limited (AEL). According to a January note by American brokerage firm Cantor Fitzgerald, AEL "is at the core of everything India wants to accomplish." The company functions as an incubator for Adani's businesses. Many have been spun out and become leading players in their respective sectors.
According to Cantor, the firm's current focus on airports, roads and energy make it "a unique long-term investment opportunity", The report notes that while both the barons built much of their fortune from fossil fuels, they are now investing billions in clean energy. Notably, their green energy pivot comes at a time when India has set itself some ambitious climate goals. The report also notes that despite India's success in terms of growth rate, soaring youth unemployment and inequality remain stubbornly persistent problems.
In 2022, the country ranked a lowly 147 on gross domestic product (GDP) per person, a measure of living standards, according to the World Bank. Opposition parties in India have targeted the BJP-led government alleging it has ties with the country's super-rich and over meteoric rise of Adani. In January 2023, American short-seller Hindenburg Research accused the Adani Group of "engaging in fraud" over decades.
Adani denounced Hindenburg's report as "baseless" and "malicious." The report resulted in a stock market meltdown wiping over USD 100 billion off the value of its listed companies. But, since then, Adani has made a remarkable comeback, with shares in some of his companies touching record highs and the group managing to attract billions from new foreign investors, the report added. It said PM Modi's "perceived relationship with the billionaires" is once again being questioned by rivals
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