The indictment of Gautam Adani and associates on US fraud charges has sparked a starkly divided response in Indian media, ranging from sober reporting to fervent defensiveness, highlighting a deep chasm in how to interpret the bribery allegations against one of the nation’s most prominent businessmen, Bloomberg reports.
Major Indian newspapers prominently featured the charges on their front pages Friday, with The Times of India, in an editorial, noting a “wearying sense of familiarity” with allegations of underhand dealings in the country. The paper questioned whether the controversy might spur changes in Indian business practices, ultimately concluding that systemic change was unlikely.
In contrast, New Delhi Television Ltd. (NDTV), a major media organization owned by the Adani Group, notably downplayed the story. Despite significant market turmoil – the conglomerate’s stocks and bonds plummeted on Thursday – NDTV delayed publication of a related piece until after the Adani Group issued a statement vehemently denying any wrongdoing.
The indictment, filed by federal prosecutors in New York, alleges that Adani and others promised over $250 million in bribes to Indian government officials to secure solar energy contracts, subsequently concealing this scheme while seeking funds from US investors.
English-language newspapers extensively covered the indictment’s details, its market impact, and the ensuing political fallout. Opposition leaders seized the opportunity to renew their scrutiny of Prime Minister Narendra Modi’s ties to Adani, one of the world’s wealthiest individuals.
Some publications urged the Indian government to treat the allegations seriously, contrasting the current response with the largely dismissive reaction to similar accusations leveled by a US activist short-seller last year.
However, several outlets framed the indictment as US interference in India’s internal affairs. Prominent anchor Arnab Goswami, on Republic TV, claimed the charges stemmed from American insecurity about India’s rise and the Adani Group’s significant role in infrastructure development.
An editorial in The Indian Express cautioned against this “foreign hand” narrative, asserting that such claims “insult the intelligence of Indian investors.”
