Ones and Tooze

How India's Adani Group Lost Billions Overnight

Feb 3, 2023
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INSIGHT

Growth Built On Politics And Trade

  • Gautam Adani's rise combined trade, infrastructure bets, and political connections rather than a tech breakthrough.
  • His growth rested on mobilizing finance, state projects, and clientelism tied to Narendra Modi.
INSIGHT

Organizing Talent Beats Technical Genius

  • Adani's decisive advantage was organizing ties with government and financial markets to scale rapidly.
  • He constantly shuffled political access, bank credit, and market capital to fund expansion.
INSIGHT

Nation-Building Binds Business And State

  • Adani and Modi share a nation-building agenda centered on large-scale infrastructure.
  • The 'Gujarat model' pairs pro-business governance with ambitious delivery claims to transform India's economy.
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