The BJP has intensified its criticism of the Congress party and its leader Rahul Gandhi, accusing them of attempting to destabilize India's financial system by raising concerns about the integrity of the country's stock markets following the latest allegations made by the US short-seller Hindenburg Research. The accusations come after Rahul Gandhi expressed worries about the potential impact of Hindenburg's report on the financial system and questioned the role of the Securities and Exchange Board of India (Sebi) in the matter.
During a press conference, senior BJP leader Ravi Shankar Prasad launched a direct attack on the Congress, alleging that the party is engaged in a calculated effort to create economic instability. Prasad suggested that the Congress's response to the Hindenburg report, which cites whistleblower documents implicating Sebi chief Madhabi Puri Buch and her husband in holding stakes in an offshore fund tied to associates of Vinod Adani, was an attempt to undermine investor confidence in the Indian markets.Â
Prasad criticized the timing of the Congress's actions, noting that the report was released on a Saturday, followed by political uproar on Sunday, which he claimed was strategically aimed at destabilizing the capital market when it reopened on Monday. He further insinuated that there was a deliberate attempt to create panic and uncertainty in the market, accusing the Congress of resorting to "toolkit politics" to achieve this.
The BJP leader also pointed to a broader conspiracy, implicating American billionaire philanthropist George Soros as the primary investor in Hindenburg Research. Prasad suggested that Soros, through his alleged connections with Hindenburg, was part of a larger scheme to destabilize the Indian economy. This accusation adds a layer of international intrigue to the domestic political battle, with the BJP suggesting that foreign elements are being used to influence Indian markets and politics.
Moreover, Prasad accused Rahul Gandhi of harboring a "pathological hatred" towards Prime Minister Narendra Modi, arguing that this animosity was driving Gandhi's campaign against the government. He claimed that the Congress's tactics, including their calls for a Joint Parliamentary Committee (JPC) inquiry into the Hindenburg report, were not genuine attempts to seek the truth but rather were part of a broader strategy to discredit the Modi government and cause economic disruption.
The BJP's rejection of the JPC demand was emphatic, with Prasad labeling it a "sham" and suggesting that the Congress was using the issue as a political tool rather than seeking a legitimate investigation. This dismissal was echoed by BJP national spokesperson CR Kesavan, who mocked Rahul Gandhi's remarks about the "umpire being compromised," likening them to "shady and deceitful underarm bowling" aimed at undermining the credibility of the stock market and its regulators.
On the other side, Rahul Gandhi has been vocal in his criticism of the government following the Hindenburg report, particularly questioning why Sebi Chairperson Madhabi Puri Buch has not stepped down in light of the allegations. Gandhi's stance reflects broader concerns within the opposition about the transparency and accountability of regulatory bodies under the current administration. He has repeatedly called for a JPC probe, arguing that Prime Minister Modi's reluctance to authorize such an inquiry suggests fear of potential revelations.
Gandhi's statements have intensified the political debate, with the opposition framing the issue as a matter of protecting investor interests and ensuring that regulatory bodies remain independent and free from undue influence. The BJP, in turn, has portrayed the Congress's actions as reckless and driven by a desire to create economic chaos for political gain.
This ongoing clash between the BJP and Congress over the Hindenburg report and its implications for India's financial system underscores the deepening political polarization in the country. As both parties continue to trade accusations, the broader questions about regulatory oversight, market stability, and the role of foreign influences in domestic politics remain at the forefront of the national conversation.
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