Asia’s most powerful billionaires are getting drawn into the world’s biggest election

The worlds most populous nation is in the midst of amammoth electionin which Prime Minister Narendra Modi is widely expected to secure a rare third consecutive term.. . Modi is running on his economic record over the past 10 years, a period of robust growth for India, as well as for its two most famous billionaires: Mukesh Ambani and Gautam Adani..

Likened to the industrialists who helped build Americas Gilded Age, both men are considered vocal champions of Modi and their perceived closeness has been the subject of intense criticism by rival politicians.. . . But at an election rally on Wednesday, Modi appeared to accuse his primary political opponent of accepting money from Ambani, chairman of Indias most valuable private companyReliance Industries, and Gautam Adani, the founder of ports-to-energy conglomerate the Adani Group.. ..

I want to repeat to the country that the amount of money Modi has given to these businessmen, we are going to give the same amount to Indias poor, he added, asking for an official investigation into the two conglomerates.. . Reliance and the Adani Group did not respond to a CNN request for comment...

The electoral bonds system had allowed individuals or groups to buy bonds from the government-run State Bank of India and donate them anonymously to any political party.. . Anti-corruption groups have long complained that the system meant a lack of transparency regarding donations to political parties allowing corporations to donate large sums without disclosure.. . While Modis speech about the billionaires made headlines in India, analysts do not expect his comments to trigger detailed scrutiny by local media or an official investigation.. ..

Many of Indias leading media companies are owned by large conglomerates that invest in a vast array of industries, and theyre under pressure to stay friendly to the ruling party to ensure favorable policies for their other businesses, analysts have said.. . Adani took over NDTV, an influential broadcaster, in 2022, while Ambani owns Network 18, which includes the CNN-News18 TV channel, a CNN affiliate.. In the last decade, both Ambani and Adani have stunned the world with their success and influence.. ..

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