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Opinion
Mihir Sharma

India Can’t Afford to Get the Adani Affair Wrong

What has set the country apart from its emerging-market peers is the transparency of its markets and quality of its market regulator. It should not risk that reputation lightly. 

Wrapping itself in the flag. 

Wrapping itself in the flag. 

Photographer: Indranil Aditya/Bloomberg

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It looks as though the Adani Group’s attempt to wrap itself in the Indian tricolor and see if criticism bounces off the flag may succeed. If the Indian government becomes a participant in the conglomerate’s effort, however, it would be doing itself and all Indians a great disservice.

In its rebuttal to short-seller Hindenburg Research’s claims of stock manipulation, tycoon Gautam Adani’s company made its strategy clear: Hindenburg’s accusations were, said Adani, “a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.”