In this episode of Straight Talk Newsroom24x7 Editor-in-Chief Lalit Shastri blows into smithereens a tweet by Congress leader Rahul Gandhi, who takes a jibe at Business leader Gautam Adani only to score a political brownie point.
Elon Musk increased his net wealth by $128.9bn, Jeff Bezos by $78.2 billion. But Gautam Adani of India has surpassed both of them in wealth creation during the COVID pandemic.
It is not Adani alone, the wealth of Indian billionaires increased by 35 per cent during the lockdown and by 90 per cent since 2009 to $422.9 billion, ranking India sixth after the US, China, Germany, Russia and France, according to an Oxfam Report released in January this year.
In fact India’s top 100 billionaires saw their fortunes increase by Rs 12.97 trillion.
Worldwide, billionaires saw their wealth increase by a staggering $3.9 trillion between March 18 and December 31, 2020.
It is noteworthy that the Adani Group is a multi-sector enterprise engaged in diverse areas that include Renewable Power Generation, Solar Manufacturing, Ports and Terminals, Logistics, Agri Logistics, Industrial Land, Power Transmission, Power Distribution, Gas Distribution, Defence and Aerospace, Edible Oil and Food Products, Fruits, Real Estate, Financial Services, Housing Finance, and Airports.
Speaking at the “JP Morgan India Summit – Future in Focus” in September 2020, Gautam Adani had projected that Indian Economy will be on top by 2050. For the GDP freaks, he rolled out figures and pointed out that the global GDP in 1990 was $38 trillion. Today, 30 years later, it is $90 trillion. In 2050 the global GDP is expected to be about $170 trillion with india, especially due to its geostrategic position and massive market size will have the potential of becoming the second-largest economy in the world.
We all know that there has been a very deep potential impact of COVID-19 lock-down on income levels and consumer spending especially in the unorganised and tertiary sector that left a huge impact on the consumer market worldwide in the initial months of 2020. The dark clouds have continued to hover across board even thereafter for small traders, and daily wage earners.
We also know when markets go into spin under such special circumstances, they undergo massive corrections, and new leaders drive the next surge. In the era of post liberal economy, during the closing decade of the 20th Century, it was consumption that drove the markets to a new high. We entered the new millennium with the internet and worldwide web revolution and the IT giants pumping GDP and growth. This was followed by infrastructure, banking, financial services and insurance. Now since 2020, the COVID situation has altered the markets that are now increasingly driven by the potentially higher role being played by the service utilities, chemicals, rare earths and health sectors.
Rightly, Gautam Adani with a forward looking perspective, has pointed out that Democracy cannot take a cookie-cutter, meaning thereby a typical copybook socialistic approach, In his words, “we should accept that different nations will have their own flavour of democracy and capitalism”.
Addressing the commoners on the street and the countryside, who have suffered endless poverty under successive Congress regimes right through Independence, the former Congress President Rahul Gandhi targetted Gautam Adani, with a tweet on Saturday night- 13th March.
Rahul wrote: “How much did your wealth increase in 2020? Zero. You struggle to survive while he makes rupees 12 Lakh Crore and increases his wealth by 50%. Can you tell me why?”
With this tweet, Rahul has rubbished the potential of a successful enterprise to drive national economy during tough times. For his narrow political ends, he has even stooped too low by targetting a business leader who has beaten all competiton in the global arena. What Rahul has tweeted does not stem from naivety or lack of understanding of what drives enterprise, business and economy but a very diabolic mind.