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<ul><li>The Australian Centre of International Justice (ACIJ) and activist group Justice for Myanmar (JFM) have called on India's stock exchanges to take regulatory action against <keyword id="895682" type="COMPANY" weightage="20" keywordseo="Adani-Ports">Adani Ports</keyword>, led by Indian billionaire <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword>.</li><li>According to them, the company is ‘factually misleading’ stakeholders by failing to disclose its association with the Myanmar military.</li><li>Meanwhile, Adani Ports saw its share price skyrocket by nearly 5% on the National Stock Exchange (NSE) as well as the Bombay Stock Exchange (BSE).</li></ul>Indian billionaire Gautam Adani seems to be unable to get away from the controversy of allegedly having close ties with the Myanmar military — which is now ruling the country after a coup — even after multiple denials. The Australian Centre of International Justice (<a href="https://acij.org.au/joint-media-release-adani-ports-misleads-shareholders-in-statement-that-fails-to-disclose-myanmar-military-ties-nse-and-bse-must-take-regulatory-action/">ACIJ</a>) and activist group Justice for Myanmar (JFM) have called on the India’s stock exchanges to take regulatory action against his company, Adani Ports, for failing to disclose ties with the military junta. Meanwhile, Adani Ports’ — the largest private port operator in India — shares rallied by 4.43% on the National Stock Exchange (NSE) and 4.77% on the Bombay Stock Exchange (BSE) on April 1. Gautam Adani, the chairman and managing director of the Adani Group, has seen his <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-beats-elon-musk-jeff-bezos-and-mukesh-ambani-in-2021-with-highest-increase-in-net-worth/slidelist/81467132.cms">wealth skyrocket in 2021</a>. His net worth has grown more than even Amazon’s Jeff Bezos or Tesla’s Elon Musk this year. <div type="image" title="Copy of wipro share price" msid="81844454" hostid="261" caption="&amp;lt;p&amp;gt;Adani Ports&amp;#39; share price since 1 January 2021&amp;lt;/p&amp;gt;"></div> The civil rights organisation claims that the statement released by <a href="https://www.adaniports.com/Newsroom/Media-Releases/Media-Statement-from-Adani-Group-on-Myanmar-Situation">Adani Ports</a> on March 31 is ‘factually misleading’. The issue centres around how the company is linked to the Myanmar Economic Corporation (MEC). “Adani Ports’ direct business with MEC exposes shareholders to major international law, corruption and reputational risks,” wrote ACIJ in its press release on April 1. Business Insider India has reached out to Adani Ports for a comment on the issue but is yet to receive a response. <cmsannotation type="cmsannotation" annotationid="Why is Adani Ports’ association with MEC a concern of civil rights?" comment="subhead" text="Why is Adani Ports’ association with MEC a concern of civil rights?">Why is Adani Ports’ association with MEC a concern of civil rights?</cmsannotation> The MEC is controlled by Myanmar’s armed forces that have been accused by the United Nations (UN) of committing genocide and crimes against humanity. <a href="https://www.businessinsider.in/international/news/in-2-months-myanmars-military-has-killed-more-than-500-people-the-international-community-has-done-little-to-help-/articleshow/81819602.cms">More than 500 people</a> have been killed in the Myanmar military’s brutal crackdown on protests against its coup to oust civilian leader Aung San Suu Kyi. Moreover, the US hit the MEC with sanctions <a href="https://techcrunch.com/2021/03/29/united-states-myanmar-sanctions-internet/">last week</a> citing that the MEC is ‘a vital financial lifeline for the military junta’. According to the <a href="https://acij.org.au/wp-content/uploads/2021/03/Port-of-Complicity-Report-FINAL-Low-Resolution-Version.pdf">ACIJ and JFM</a>, documents show that Adani Ports will pay up to $30 million in land lease fees for the project to the MEC. Moreover, documents filed with Myanmar’s corporate regulator show Adani bringing in $141 million ‘capital in cash and $148 million ‘capital in kind’ for the project as per <a href="https://www.abc.net.au/news/2021-03-30/queensland-adani-ports-myanmar-military-deal/100032156">ABC Australia</a>’s investigation. However, Adani Ports’ maintains that the facts are being misrepresented. <cmsannotation type="cmsannotation" annotationid="The timeline of accusations against Adani Ports — and subsequent denials" comment="subhead" text="The timeline of accusations against Adani Ports — and subsequent denials">The timeline of accusations against Adani Ports — and subsequent denials</cmsannotation> As early as August 2018, the UN Human Rights Council (UNHRC) <a href="https://www.ohchr.org/Documents/HRBodies/HRCouncil/FFM-Myanmar/A_HRC_39_CRP.2.pdf">issued a public warning</a> to foreign corporations not to do business with the MEC. However, 10 months later, on 23 May 2019, Adani Ports entered into a ‘build, operate, transfer’ (BOT) agreement with the entity as per ACIJ’s report. The deal entails Adani Ports’ Myanmar subsidiary — the Adani Yangon International Terminal Company — constructing a container port in Yangon on MEC’s military-owned land. Come September 2019, a report by UNHRC listed out the corporations involved in operations with the MEC. Many began to review their business operations and disengaged from ongoing projects. Meanwhile, Adani Ports remained silent. But, as pressure built up, Adani Ports <a href="https://www.business-humanrights.org/en/latest-news/adani-ports-sez-ltd-did-not-respond/">categorically denied</a> engaging with Myanmar’s military leadership in order to facilitate its project in the country in February earlier this year. However, <a href="https://www.abc.net.au/news/2021-03-30/queensland-adani-ports-myanmar-military-deal/100032156">photographic and video evidence</a> sourced by ABC Australia earlier this week contradicts those claims. Adani Ports claims that the visit was a ‘cultural courtesy’ and a ‘customary practice’. “Much like our global peers, we are watching the situation in Myanmar carefully and will engage with the relevant authorities and stakeholders to seek their advice on the way forward,” said the company's spokesperson in a <a href="https://www.adaniports.com/Newsroom/Media-Releases/Media-Statement-from-Adani-Group-on-Myanmar-Situation">statement</a> on March 31. Adani’s port projects in <a href="https://www.stopadani.com/">Australia</a> and <a href="https://www.downtoearth.org.in/news/environment/why-are-ennore-residents-protesting-against-adani-s-kattupalli-port-expansion-project--75894">Tamil Nadu</a> have also received criticism from activist groups, politicians and locals over environmental concerns. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/nasa-isros-nisar-satellite-could-face-a-seven-month-delay-and-cost-36-million-more-bearing-the-impact-of-covid-19/articleshow/81841231.cms">NASA-ISRO joint radar satellite could face a seven-month delay and cost $36 million more bearing the impact of COVID-19</a> <a href="https://www.businessinsider.in/finance/banks/news/state-bank-of-indias-sbi-mobile-banking-services-have-been-down-for-over-an-hour/articleshow/81820564.cms">SBI's mobile banking seems to have hit a snag — this time without a warning</a>

Aussie civil rights group calls on India's stock exchanges to take action against Adani Ports for 'factually misleading' stakeholders

<ul><li>The shares of <keyword id="895682" type="COMPANY" weightage="20" keywordseo="Adani-Ports">Adani Ports</keyword> and Special Economic Zone are down by nearly 5% on April 13 after S&amp;P announced that it would be removing the company from its Dow Jones Sustainability Indices.</li><li>The dip comes after the shares of the company already fell by nearly 9% on April 12.</li><li>In the last two days, Adani Ports has nosedived by nearly 14% on fears of slump on global trade — and the company’s history in Myanmar isn’t helping.</li></ul>The share price of Adani Ports is down by 4.9% as of 12:00 pm. This comes after the US-based S&amp;P announced that they will be removing the company headed by Gautam Adani — one of India’s richest men — from its Dow Jones Sustainability Indices. This comes after the stock already fell by nearly 9% on April 12. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/5839415"></div>]]></cdata></div> After a strong show in recent months — despite the pandemic playing havoc — the nose dive of Adani Ports’ shares aren’t just a factor of the Myanmar controversy. The market is also in fear of a slump in international trade as the second wave of COVID-19 infections is triggering countries around the world to be on guard. This led the Sensex to crash by 1,700 points yesterday. <div type="Article" hostid="261" msid="82043202" title="Gautam Adani and Mukesh Ambani cumulatively lost nearly $7 billion as the markets plunged" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="S&amp;P scraps Adani Ports from its indices" comment="subhead" text="S&amp;P scraps Adani Ports from its indices">S&amp;P scraps Adani Ports from its indices</cmsannotation> “Analysis triggered by recent news events pointing to heightened risks to the company regarding their commercial relationship with Myanmar’s military, who are alleged to have committed serious human abuses under international law,” said the <a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20210412-1355163/1355163_djsi-adani-20210412.pdf">announcement</a>. Earlier this month, the Australian Centre of International Justice (ACIJ) and activist group Justice for Myanmar (JFM) had also <a href="https://www.businessinsider.in/stock-market/news/gautam-adanis-adani-ports-share-price-rallies-even-as-nse-and-bse-are-being-called-on-to-take-action-against-the-company-for-myanmar-military-ties/articleshow/81843747.cms">called on</a> India’s National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) to take cognizance of the allegations. The civil liberties organisations’ stated that Adani Ports was ‘factually misleading’ its stakeholder, but no action has been taken so far. “This shows there are commercial consequences for Adani Ports’ and other businesses that continue to disregard human rights responsibilities by financing the Myanmar military,” said Justice For Myanmar spokesperson <a href="https://www.justiceformyanmar.org/press-releases/adani-ports-removed-from-dow-jones-sustainability-index">Yadanar Maung</a>, hailing the S&amp;P’s decision. Adani Ports did not immediately respond to an emailed request for comments from Business Insider India. <cmsannotation type="cmsannotation" annotationid="What are the allegations leveled against Gautam Adani’s company?" comment="subhead" text="What are the allegations leveled against Gautam Adani’s company?">What are the allegations leveled against Gautam Adani’s company?</cmsannotation> Adani Ports and Special Economic Zone is one of the largest private port operators in India. And, it has plans to build a $290 million port in Yangon on land that it has leased from the Myanmar Economic Corporation (MEC). The problem lies in the fact that the MEC is run by the Myanmar military. And the military has been accused of violating human rights when it <a href="https://www.businessinsider.in/international/news/people-in-myanmar-are-using-trash-to-protest-as-the-death-toll-climbs-to-more-than-500/articleshow/81770094.cms">toppled the government</a> on February 1. The coup led to the deaths of at least 700 people. The incident drew criticism from all corners of the globe, including <a href="https://www.businessinsider.in/politics/world/news/biden-announces-sanctions-targeting-myanmar-military-leaders-to-urge-them-to-release-detained-elected-leaders/articleshow/80826948.cms">sanctions from the US</a> and Britain on the MEC and Myanmar Economic Holdings Public Company Limited (MEHL). “Adani Ports’ business with a Myanmar military company is reflective of its unethical business also demonstrated via its contribution to the climate crisis, through its involvement in the proposed Adani Carmichael coal project in Australia,” pointed out the executive director of the ACIJ, <a href="https://acij.org.au/joint-media-release-adani-ports-removed-from-dow-jones-sustainability-index/">Rawan Arraf</a>. In an earlier statement, <a href="https://www.adaniports.com/Newsroom/Media-Releases/Media-Statement-from-Adani-Group-on-Myanmar-Situation">Adani Ports spokesperson</a> said that the company is looking into the allegations. “Much like our global peers, we are watching the situation in Myanmar carefully and will engage with the relevant authorities and stakeholders to seek their advice on the way forward,” they said. SEE ALSO: <a href="https://www.businessinsider.in/business/news/gautam-adani-and-mukesh-ambani-cumulatively-lost-nearly-7-billion-as-the-markets-plunged/articleshow/82043202.cms">Gautam Adani and Mukesh Ambani cumulatively lost nearly $7 billion as the markets plunged</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-has-broken-many-records-in-the-last-the-three-months-from-revenue-to-new-deals-to-new-hiring/articleshow/82034522.cms">TCS has broken many records in the last three months — but that isn't good enough for the market</a> <a href="https://www.businessinsider.in/finance/news/rbis-g-sap-1-0-is-certainly-a-much-needed-demand-lever-to-support-the-government-borrowing-programme/articleshow/82042416.cms">RBI’s G-SAP 1.0 is certainly a much needed demand lever to support the government borrowing programme</a>

Adani Ports’ shares down 14% in two days as market fears a slump in global trade and Myanmar issue denting its image

WhatsApp has scrapped its May 15 deadline for <keyword id="66720" type="PERSON" weightage="20" keywordseo="users">users</keyword> to accept its controversial privacy policy update and said not accepting the terms will not lead to deletion of accounts. WhatsApp had faced severe backlash over user concerns that data was being shared with parent company Facebook. A <keyword id="2256237" type="PERSON" weightage="20" keywordseo="Whatsapp-spokesperson">WhatsApp spokesperson</keyword> told that no accounts will be deleted on May 15 for not accepting the policy update. "No accounts will be deleted on May 15 because of this update and no one in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> will lose functionality of WhatsApp either. We will follow up with reminders to people over the next several weeks," the spokesperson said in an emailed response to a query on Friday. The spokesperson added that while a "majority of users who have received the new terms of service have accepted them", some people have not had the chance to do so yet. However, the company did not clarify the reason behind the decision and did not divulge the number of users who have accepted the terms so far. In January this year, WhatsApp had informed users about the changes in its terms of service and public policy through an in-app notification. Users were initially given time till February 8 to agree to the new terms in order to continue using the platform. According to WhatsApp, the key updates include more information about its service and how it processes user data; how businesses can use Facebook hosted services to store and manage their WhatsApp chats; and how WhatsApp partners with Facebook to offer integrations across the company products. WhatsApp has insisted that the acceptance of the privacy policy update does not expand its ability to share user data with Facebook. However, user backlash over WhatsApp's alleged sharing of user information with Facebook forced the company to postpone the February deadline to May 15. The WhatsApp spokesperson said the company has spent the last few months working to "clear up confusion and misinformation". "As a reminder, this update does not impact the privacy of personal messages for anyone. Our goal is to provide information about new options we are building that people will have, to message a business on WhatsApp, in the future," the spokesperson said. The company further stated that it will take every opportunity to explain how it protects people's personal messages and private information. The softening of stance on the deadline comes at a time when digital platforms like Facebook, Twitter and WhatsApp have become lifelines for people looking for oxygen cylinders, hospital beds, plasma donors and ventilators as the country reels under the deadly second wave of the COVID-19 pandemic. India is the biggest market for WhatsApp, and the platform -- as per government data -- has 53 crore users in the country. India remains a critical market for Internet companies like Facebook with its large population base and burgeoning Internet adoption. The country is the world's second-largest telecom market and the biggest consumer of data. Following the backlash faced by WhatsApp earlier this year, the popularity of rivals like <keyword id="1275203" type="COMPANY" weightage="20" keywordseo="Telegram">Telegram</keyword> and <keyword id="6380504" type="COMPANY" weightage="20" keywordseo="signal">Signal</keyword> surged as users thronged these platforms. WhatsApp, in the past, has said it is open to answering any questions from the government on the privacy issue and that it will continue to explain to users that their messages are end-to-end encrypted. It had also sought to assuage user concerns through blog posts and tweets by its Global Head Will Cathcart and even full-page ads in leading dailies in India. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/telescope-spots-the-chinese-long-march-5b-rocket-currently-in-an-unstable-orbit-around-earth/articleshow/82450870.cms">Telescope spots the Chinese Long March 5B rocket that is currently in an unstable orbit around Earth</a> <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-net-worth-has-crossed-60-billion-as-per-forbes/articleshow/82454659.cms">Gautam Adani’s net worth has crossed $60 billion – thanks to Adani Ports’ profits</a> <a href="https://www.businessinsider.in/tech/news/google-is-now-automatically-turning-on-two-factor-authentication-for-some-accounts/articleshow/82452629.cms">Google is now automatically turning on two-factor authentication for some accounts</a> <a href="https://www.businessinsider.in/business/corporates/news/good-news-for-tata-steel-jsw-steel-sail-hindalco-and-other-indian-steel-companies/articleshow/82451127.cms">China has broken another emissions record ⁠— and it is good news for some Indian companies</a>

WhatsApp scraps May 15 deadline for accepting privacy policy terms

After a round of musical chairs, Musk, Gates and Adani are among 2022’s top 5 billionaires

<ul><li>Queensland’s Department of Environment and Science gave a go ahead for Adanis to start construction at the Carmichael coal mines.</li><li>The approval has been termed as bad news by environmental groups. </li></ul>After a decade long battle, Gujarat-based <keyword id="6367820" type="ORGANIZATION" weightage="20" keywordseo="adani-group">Adani Group</keyword> finally won the rights to develop its Charmichael coal mine in Queensland, Australia. The controversial coal mine became a hotbed for climate change concerns. But today, Adani <a href="https://www.abc.net.au/news/2019-06-13/adani-carmichael-coal-mine-approved-water-management-galilee/11203208">received</a> a go-ahead from Queensland’s Department of Environment and Science (DES). The approval was holding up the billionaire Gautam Adani-led group from kickstarting construction at the mine. The project to develop the mine also involves building a railway line which will connect the mine to Abbot Point port, aiding exports. This infrastructure is estimated to cost around $3.3 billion. However, there were concerns that the construction would have an adverse impact on the groundwater table. Added to that, the endangered finch bird which is native to the region, could also be affected, according to environmental groups. DES has been <a href="https://www.abc.net.au/news/2019-06-13/adani-carmichael-coal-mine-approved-water-management-galilee/11203208">reviewing</a> Adani’s groundwater management plan for over two years. Eminent scientific bodies like CSIRO (Commonwealth Scientific and Industrial Research Organization) and Geoscience Australia are among those which conducted reviews of the project’s groundwater management plan. Adani acquired the mines in 2010 and they were expected to produce 8-10 million tonnes of thermal coal a year. This coal can be used to generate electricity, though the quality of coal has been described as ‘low’ with high ash content. Not only was the coal mine acquisition controversial due to its claimed economic benefits and financial viability; it also ran into an environmental quagmire. The coal basin is located in a pristine area, and this approval was opposed by green groups who believe that it can affect the Great Barrier Reef. It is also believed to deplete the groundwater at its site and the carbon emissions will not help the delicate balance of the area either. The <a href="https://in.reuters.com/article/australia-coal-adani-ent/adani-wins-green-light-for-long-awaited-australian-coal-mine-idINKCN1TE0C0">approval</a> has been described as “bad news” by the Australian Marine Conservation Society.

Australia allows India's Adani Group to start construction at the Carmichael mine

In order to transport coal out of the <keyword id="1471690" type="UNKNOWN" weightage="100" keywordseo="Carmichael-mine">Carmichael mine</keyword> for <keyword id="118623" type="COMPANY" weightage="100" keywordseo="Adani-Enterprises">Adani Enterprises</keyword>’ $7-billion project, Australia’s Queensland province will pick up a ‘substantial stake’ to become a co-investor in the infrastructure projects, for instance: providing port and rail connectivity. 
 "They (state government) are going to be a co-investor in the infrastructure project — and this is going to be the first time it's happening in Queensland," Adani Group’s chairman <keyword id="111343" type="PERSON" weightage="100" keywordseo="Gautam-Adani">Gautam Adani</keyword> told The Economic Times in an interview. 
 Talking about criticism by the Congress over <keyword id="6354731" type="CITY" weightage="60" keywordseo="State-Bank-Of-India">State Bank of India</keyword>'s (SBI) memorandum of understanding (MoU) with Adani group to lend $1 billion for the project, he said, “The controversy over this agreement was misguided as Adani had a 25-year relationship with India's largest commercial bank.” 
 
"A project set up by the private sector is getting support from the government of Queensland. They see the importance of the project," said the 52-year-old entrepreneur. Although he did not reveal the exact sum of investment, he disclosed that it would be a “substantial amount.” 
 
The Congress party had demanded an explanation from the Centre and the State Bank of India (SBI) over the latter's decision to lend $1 billion to the Adani group. It had also accused Prime Minister Narendra Modi of "taking interest in promoting the Adani group" and demanded that SBI should disclose the MoU it had signed with the Adani group.

Australia’s Queensland To
Fund Adani’s Port And Rail Projects

<ul class="summary-list"><li>Gautam Adani plans to hand over the company to his sons and nephews by the early 2030s.</li><li>The Adani Group is a major player in multiple sectors in India, including infrastructure and energy.</li></ul>One of Asia's richest men said the next generation is ready to take over his sprawling company — but it won't happen for at least eight years.Gautam Adani, 62 years old, announced his intention to retire at 70 from the Adani Group, <a target="_blank" href="https://www.bloomberg.com/features/2024-adani-succession/?srnd=homepage-asia">Bloomberg</a> reported on Monday.Founded in 1988, the Adani Group has substantial interests in energy, logistics, and infrastructure and aims to make India "a significant player in sustainable energy, and self-reliant in defence and security," according to a <a target="_blank" href="https://www.adani.com/About-us/One-Vision-One-Team/Gautam-Adani">profile</a> on the company website.According to the Bloomberg Billionaires Index, Adani Enterprises, the group's main company, reported revenue of $11.6 billion in 2024, and Adani himself owns a 75% stake.Adani's retirement paves the way for his sons and nephews to take over the sprawling family conglomerate by the early 2030s. The transition will occur gradually, and Adani's successors will run the company collectively, he told Bloomberg.Most Asian family business leaders are not keen on retirement, leading to what family business professor Marleen Dieleman called "King Charles syndrome," where the next generation takes over past its prime. Gautam Adani stepping aside early is a positive sign, said Dieleman, who works at IMD Business School in Switzerland."It is good to see this level of planning and preparation," Dieleman told Business Insider.Karan Adani, Gautam's elder son, will oversee cement, ports, and logistics, while Jeet Adani, the younger son, will handle airports, digital ventures, and defense. Nephews Pranav and Sagar will manage consumer businesses, communications, energy, and finance. Adani has not yet announced a successor for chairman, Bloomberg reported.While Adani's public announcement of the transition sets a positive precedent for other family-run companies, the move would ideally come with safeguards against conflicts that might arise from having four leaders steering the company."This can be done by agreeing on the larger aspirational aspects of the family legacy rather than on the question of who gets what and what is fair," Dieleman told BI.Placing non-family experts in key positions is also crucial in bolstering the transition process. A company the size of the Adani Group requires several stages of leadership, "which comes from a mix of non-family and family professionals," said Dieleman.The leadership transition comes amid significant controversies for the company. In January 2023, the Adani Group was <a target="_blank" href="https://www.businessinsider.com/hindenburg-research-adani-group-explained-stock-crash-short-seller-profits-2024-7">accused</a> by Hindenburg Research, an activist short-seller investment firm, of financial misconduct, leading to a substantial decline in the company's market value. Additionally, the company was also investigated by the US Department of Justice for potential bribery involving Adani entities, which the company had denied, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-18/adani-says-report-on-bribery-probe-by-us-prosecutors-is-false">Bloomberg</a> reported in March. No charges have been filed.Adani's <a target="_blank" href="https://www.businessinsider.com/who-is-gautam-adani-indian-industrialist-billionaire-wealth-elon-musk-2022-12">wealth</a> surged in 2022 and made him the third richest person in the world at the start of 2023. However, following the allegations from Hindenburg Research, his fortune declined by more than a quarter. Adani currently sits at the 12th spot for richest person in the world, behind the richest man in Asia, <a target="_blank" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">Mukesh Ambani</a>, according to the Bloomberg Billionaires Index.The Adani Group did not respond to requests for comment.

Asia's second-richest man finally has a plan to hand over his company — but it's going to take a while

<ul class="summary-list"><li>The Indian economy has grown strongly under Narendra Modi, whose party is set to win another term.</li><li>India's success has caught the eye of figures including Elon Musk, Jamie Dimon, and Tim Cook.</li></ul>India's powerful economic growth and blossoming middle class under Narendra Modi have caught the eye of corporate titans like Elon Musk, Jamie Dimon, and Tim Cook.Modi is pretty much a shoo-in for a third term as prime minister after the national election now underway ends on June 1. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil.<h2>Fueling growth and shaking hands</h2>India's economy has more than doubled in size during Modi's decade in charge to more than $3.7 trillion last year.The International Monetary Fund (IMF) <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2024/04/29/asias-growth-and-inflation-outlook-improves-but-risks-remain">recently upgraded</a> its growth forecast for real Gross Domestic Product (GDP) to a robust 7.8% this year, 6.8% in 2025, and 6.5% in 2026.India has already overtaken Britain to become the world's fifth-largest economy. It's on track to leapfrog Japan and Germany into third spot behind the US and China by 2027.The country's flagship stock index has also tripled in value since Modi took office in May 2014, thanks to wealth gains and growing investment appetites.Moreover, <a target="_blank" href="https://sbi.co.in/documents/13958/36530824/270224-HCES_Feb24.pdf">one estimate</a> puts the percentage of the Indian population living on less than $2.15 a day at below 5%, down from 12% in 2011. However, the <a target="_blank" href="https://pip.worldbank.org/country-profiles/IND">World Bank</a> pegged that figure at nearly 13% in 2021.India's middle class has also ballooned with 60 million people now earning the rupee equivalent of more $10,000 a year — about $37,200 once adjusted for <a target="_blank" href="https://www.imf.org/external/datamapper/profile/IND">purchasing power</a>. Goldman Sachs <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/indias-affluent-population-is-likely-to-hit-100-million-by-2027.html">expects</a> the ranks of the relatively affluent to swell to 100 million by 2027."Modi has done an unbelievable job in India," JPMorgan's Dimon <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-economy-inflation-recession-stagflation-geopolitics-crypto-bitcoin-2024-4">told</a> the Economic Club of New York last month. "I know the liberal press here, they beat the hell out of him. He's taken 400 million people out of poverty."Musk has <a target="_blank" href="https://twitter.com/elonmusk/status/1781541775183610310">posted</a> on X that he's looking forward to visiting India and meeting Modi this year. He delayed his trip last month, blaming "very heavy Tesla obligations." The pair are expected to discuss Tesla building a multibillion-dollar factory in the country.As for Apple's Cook, he hailed India on a November earnings call as an "incredibly exciting market" and a "<a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7">major focus of ours</a>" given the explosive growth in potential customers as locals get richer.<div type="image" title="Sundar Pichai, Tim Cook, Narendra Modi, Joe Biden" height="3907" width="5861" msid="109838230" hostid="261" sizebytes="846512"></div>Modi has also met with Nvidia CEO Jensen Huang, Microsoft boss Satya Nadella, and Alphabet's Sundar Pichai. He's likely to be seeking to attract foreign direct investment (FDI) in India — and to capitalize on bosses' <a target="_blank" href="https://www.businessinsider.com/us-china-relations-reshoring-manufacturing-jobs-made-in-america-2023-10">desire to hedge their bets on China</a> given its strained relationship with the US, economic woes, and how disruptive its strict pandemic lockdowns were to global supply chains."India's population and economic growth numbers are causing a lot of global executives to revisit their India presence and consider scaling up," Richard Rossow, a senior advisor and chair in US-India Policy Studies at the Center for Strategic &amp; International Studies, told Business Insider."Paired with increased concerns about supply chain resilience and security concerns about China, it's a very good time for a hard push to win investments."The United Nations said that India and China both had a population of 1.426 billion in April last year, meaning India is probably now the most populous given its rising birth rate.<h2>Change for the better — mostly</h2>Modi has instigated a raft of major economic reforms since taking office, intended to make India more business-friendly, and boost government revenues by taxing more of the country's vast informal economy.He rolled out a tax on goods and services, simplified bankruptcy laws, lifted FDI restrictions, cut corporate income tax, and ended retrospective taxation.However, not all of Modi's moves spurred growth."Demonetisation was a key economic policy which had negative effects on the economy," Kunal Sen, a director of the United Nations University World Institute for Development Economics, told BI.Sen is the author of several books about India's economy and a professor of development economics at the University of Manchester.He was referring to Modi's sudden declaration in November 2016 that all 500 and 1,000-rupee bills — 86% of Indian currency in circulation — would <a target="_blank" href="https://www.businessinsider.com/india-ending-500-and-1000-rupee-bills-to-fight-corruption-2016-11">no longer be accepted as legal tender</a>.The government's goals were to capture undeclared income, get rid of counterfeit currency, broaden the tax base, and bring more activities into the formal economy."The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. This last economic policy has been revolutionary," Sen said.He was hailing a broader digitization drive under Modi that has <a target="_blank" href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms">transformed</a> how Indians bank, invest, pay their taxes, and conduct business.<h2>Prosperity for all</h2>Modi's efforts have helped to usher in a more prosperous era for some Indians, but many have been left behind.Young people are India's beating heart, with about half its population under 25 and almost two-thirds under 35. Matching those hundreds of millions of people with jobs has proven a challenge, with youth unemployment almost tripling from below 6% in 2000 to about 18% in 2019. It still stands at a hefty 10% in 2023, per the <a target="_blank" href="https://webapps.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---sro-new_delhi/documents/publication/wcms_921154.pdf">International Labor Organization</a>.The report found that nearly 30% of India's graduates were unemployed in 2022, and only about 10% of the working-age population was formally employed.<div type="image" title="A farmer uses oxen to plow fields for lentils in Nimaj, Rajasthan, northern India." height="3464" width="5196" msid="109838232" hostid="261" sizebytes="690700"></div>"Unemployment is a big issue," Rossow said, emphasizing this isn't just a problem with recent graduates but a "much, much larger bubble: the underemployed farm laborers."Rising agricultural productivity is likely to help farm workers make a faster transition to city life in the years ahead, but they'll struggle to secure modern jobs in the services industry "without significant reskilling and education," Rossow said.As a result, lower-skilled manufacturing and assembly jobs and lower-end services jobs will be needed, he added.Another major challenge will be tackling a widening wealth divide. The richest 10% of the population hold more than 72% of the nation's wealth, per an Oxfam report <a target="_blank" href="https://d1ns4ht6ytuzzo.cloudfront.net/oxfamdata/oxfamdatapublic/2023-01/India%20Supplement%202023_digital.pdf?">published</a> last year.Business tycoons Mukesh Ambani and Gautam Adani both rank among the world's 15 richest people, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>. Luxury-goods sales are booming with <a target="_blank" href="https://www.carwale.com/news/mercedesbenz-lineups-waiting-period-reduced-in-india/">long waitlists</a> for flashy purchases like the Mercedes "G Wagon."<div type="image" title="The Ambani family onstage with Rihanna." height="854" width="1280" msid="109838233" hostid="261" sizebytes="99148"></div>The <a target="_blank" href="https://www.businessinsider.com/anant-ambani-pre-wedding-festivities-lack-empathy-india-radhika-merchant-2024-3">lavish pre-wedding party</a> thrown by the Ambani family earlier this year was singled out by some as an affront to the huge number of Indians living in poverty.Almost 1.3 billion people live on less than $3,500 a year by one estimate, and India ranks 111th on the <a target="_blank" href="https://www.globalhungerindex.org/ranking.html">Global Hunger Index</a>, below even North Korea.Rising equality is partly explained by a "capital-intensive mode of economic growth along with increasing power of business conglomerates," Sen told BI, referring to how huge companies like the Adani Group secure huge government contracts to build ports, bridges, highways, and other infrastructure.A third challenge is regional inequality, as some states like Bihar and Uttar Pradesh haven't experienced the same growth and modernization of their economies as others, Rossow said.<h2>The Russia riddle</h2>One striking aspect of Modi's economic boom has been its reliance on Russia since it invaded Ukraine in early 2022.India went from getting 2% of its crude oil from Russia before the war, to 35% last year. During that period, the US and Europe slapped sanctions on Russian oil to defund Putin's military machine and punish Moscow for attacking a sovereign nation.Despite that, India purchased an estimated $37 billion of Moscow's oil in 2023 — 13 times the amount it bought annually prior to the conflict. Its buying helped Russia rake in a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-sales-india-ukraine-war-moscow-western-sanctions-2024-2">record $320 billion</a> of federal revenue last year.Indian demand for Russian oil has <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">cooled</a> in recent months as new sanctions have made it <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-energy-exports-india-imports-revenue-sanctions-discount-2024-3">more expensive</a>, but the buying remains controversial.Officials in India have <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-india-russia-trade-geopolitics-opec-supply-puri-2024-2">defended</a> the purchases, saying that if they'd bought Middle Eastern oil instead, global crude prices would have shot up.India is also one of the world's largest oil refiners and has helped Western nations to maintain access to refined petroleum products even as they're refraining from buying Russian crude directly.Yet the country imports 85% of its oil, so its overriding interest is securing the cheapest oil possible to support its development, said Neelima Jain, a senior fellow and chair in US India Policy Studies at CSIS."India will continue to buy Russian oil if the price remains favorable and allows for firm volume guarantees, as the country prioritizes energy affordability and accessibility during its rapid rural-to-urban transition, which has led to a 6% year-on-year growth in energy demand," she told BI."In an inflationary environment, economics [rather] than geopolitics will drive India's energy choices."<div type="image" title="Narendra Modi and Vladimir Putin" height="3196" width="4714" msid="109838234" hostid="261" sizebytes="426292"></div><h2>India the IT hub</h2>Under Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.Big Tech stalwarts like Microsoft have a <a target="_blank" href="https://www.businessinsider.com/microsoft-has-so-many-patents-its-outsourced-the-job-to-india-2013-5">long history</a> of outsourcing to India, but recent efforts to cut red tape and slash corporate taxes appear to have fueled fresh interest.Sweeping layoffs at Alphabet, Amazon, Meta, Salesforce and other US tech titans in the past few years could presage a large exodus of jobs to India.Sanjay Shetty of Randstad India <a target="_blank" href="https://economictimes.indiatimes.com/tech/technology/outsourcing-hubs-like-india-to-bag-40-of-jobs-lost-to-layoffs/articleshow/101088673.cms?">told The Economic Times</a> last summer that he expected 30% to 40% of the tech jobs eliminated globally to move to India by 2025."India is going to be the biggest gainer in the medium to long term, as almost every company that we speak to is looking at expanding its India base," Shetty said.Even if that pans out, it won't be a panacea for a country facing not just unemployment and underemployment, but also stark income inequality, regional disparities, and the risk of alienating Western allies by continuing to buy Russian oil.Yet overall, India appears to be headed in the right direction."The growth is real, if focused on a few key states," Rossow said. "India's dynamic technology services sector is to IT services what China is to manufacturing. So there is much to cheer, even as the reform agenda seems to never end."

You Searched For "adani ports controversy" and got 8 results

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