Wednesday 7 December 2022
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EconomyAdani takes on China, climate change activists

Adani takes on China, climate change activists

Billionaire and object of leftist-Islamist pet hate Gautam Adani has dropped another bomb: He has berated China. He said China would feel increasingly isolated as rising nationalism, shifts in supply chains and technology curbs threatened the world's second-biggest economy.

China's Belt and Road Initiative has run into resistance in many countries, challenging Beijing's global ambitions, the world's third-richest man told a conference in Singapore on Tuesday. The property market meltdown there has drawn comparisons with what happened to Japan during the "lost decade" of the 1990s, Adani added.

"While I expect all these economies will readjust over time — and bounce back — the friction to the bounce-back looks far harder this time," Adani said.

Adani's comments on China and the global economy come at a time when the 60-year-old ports-to-power tycoon is seeking to raise his international profile as he added more than $58 billion to his personal fortune this year. Central banks are doing the "unthinkable" by raising interest rates so much that they can crash an economy into recession, he said.

Adani also hit back at criticism over India's plans to increase the amount of power it generates from dirty fossil fuel as the tycoon funds and straddles both sides of the green-energy divide.

"Critics would have us instantly get rid of all fossil fuel sources that India needs to serve large population," he said. "This would not work for India."

Adani's conglomerate is marshaling its resources into renewables and the billionaire reiterated his plans to invest $ 70 billion for transition. At the same time, Adani has faced pressure from environmental groups who claim his energy ambitions also include the financing of new coal mines and fossil-fuel powered plants.

The tycoon's comments mirror those of Prime Minister Narendra Modi, who has blamed climate change on historic emissions from the developed world and made it his mission to provide electricity to every Indian home, for which he needs cheap fuel.

Despite being the world's third-biggest emitter of greenhouse gases, India will add nearly 56 gigawatts of coal power capacity unless there's a substantial drop in the cost of storing electricity as the government prioritizes economic and reliable electricity supply, Power Minister Raj Kumar Singh told Bloomberg News this month.

Why leftists, Islamists hate Ambani, Adani

The two businessmen do not share the fascination of the left. M ukesh Ambani, does not rate China high either. He has been on record telling the government that India does not need Chinese technological help to introduce 5G spectrum in the country.

Adani and Ambani also happen to be two industrialists who do not sponsor anti-India propaganda websites like The Wire and Scroll through a trust where foundations of Azim Premji, Kiran Mazumdar-Shaw, Godrej etc have invested a lot.

As part of the Income Tax Department’s raids across the country on 8 September in separate cases related to alleged tax evasion, FCRA violations, and illicit funding of registered unrecognised political parties, it surveyed Delhi-based think tank Centre for Policy Research (CPR), global NGO Oxfam India, and Bengaluru-based Independent and Public-Spirited Media Foundation (IPSMF). The leftist opposition hit out at the raids, calling them “a deliberate move to exterminate all independent media”.

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