What is Modi Adani Files documentary?

In 2023, The Financial Times released a documentary called "Modi-Adani Files," exploring the rise and fall of Indian industrialist Gautam Adani and his alleged connections to Prime Minister Narendra Modi's government.

The documentary centers on Adani, who was the third richest man in the world in 2022. However, his fortunes changed in early 2023 when Hindenburg Research accused his companies of stock manipulation and accounting fraud. The consequences were immediate and severe, with Adani's listed companies losing over $100 billion.

"Modi-Adani Files" explores India's regulatory system, corporate governance, and the relationship between business and politics. It questions Adani's rapid expansion into infrastructure sectors like ports, airports, power, and renewable energy – key areas in Modi's vision for India's development.

The film explores how Adani's group secured major projects in neighbouring countries like Bangladesh and Sri Lanka, coinciding with Prime Minister Modi's bilateral visits. This pattern has fueled speculation about favouritism and blurring lines between corporate interests and national policy.

The documentary thoroughly examines Hindenburg's bombshell report, revealing allegations of offshore entities and potential market manipulation. The filmmakers highlight the challenges faced by journalists and investors in India when questioning Adani's practices, citing fears of legal repercussions and a lack of press freedom.

The political ramifications of the Adani saga are a key focus. The documentary shows how opposition parties in India have called for investigations and raised concerns about crony capitalism, turning the businessman's troubles into a major political issue.

"Modi-Adani Files" notes the subsequent recovery of Adani's stock prices, prompting discussions about market dynamics, investor confidence in India, and regulatory oversight effectiveness, despite the initial market shock.

The documentary places the Adani story in the broader context of India's economic trajectory. It examines wealth concentration and the middle class's role in the country's growth narrative. It serves as a lens to view the challenges and contradictions in India's rapid economic development.

The Financial Times documentary offers a comprehensive look at a story emblematic of the complexities facing India's economy through expert interviews, market analysis, and political commentary. It scrutinizes the allegations against Adani and prompts viewers to consider questions about corporate governance, regulatory oversight, and the balance between private enterprise and public interest in a developing economy.

"Modi-Adani Files" explores the intricacies and controversies underlying India's growth as it positions itself as a global economic powerhouse. The documentary is likely to spark debate about India's economy and the necessary checks and balances for sustainable and equitable development.