The Indian Way

More and more Indians will have business interests abroad in the coming years. So, if things do not change, there could be more incidents of the Adani kind. To avoid cutting a sorry figure, it is necessary for Indian businesses to adopt more ethical practices, and for the Government to tighten enforcement of anti-corruption laws. A related issue is that of transparent election funding, which cannot be resolved, except by unanimous agreement of all political parties.

- DEVENDRA SAKSENA The writer is a retired Principal Chief Commissioner of Income-Tax

Indictment of the chairman and top executives of the Adani Group on bribery charges by a New York court, has set alarm bells ringing in India. Less than two years ago, a US short-seller, Hindenburg, had alleged massive financial impropriety by the Adani group, but after long drawn enquiries, SEBI gave the Adanis a clean chit – which was endorsed by the Supreme Court.

In 2022, a Sri Lankan official had alleged that the Government of India had pressurised the Sri Lankan Government to award a contract for a renewable energy project to an Adani firm, but all was forgotten when the government in Sri Lanka changed. However, after the US indictment, Sri Lanka and Bangladesh are reviewing their contracts with the Adani group, while Kenya has cancelled two mega deals valued at US$2.5 billion with the Adanis.

It is natural that Indian businessmen would carry their corporate culture abroad; some part of which is praiseworthy – their hard work and dedication, for example – but tolerance of, and indulgence in, corruption which is prevalent in India, is quite another matter. The West swears by the rule of law, which means that criminality if exposed is punished heavily – regardless of the persons involved. Moreover, the entire Western world has a fully formalised economy and a sophisticated reporting system which identifies unusual transactions in real time.