Senior Congress Leader Chidambaram Disagrees with George Soros' Criticism of Indian PM and Advises Listening to Nouriel Roubini

 

The criticism made by billionaire investor George Soros against Indian Prime Minister Narendra Modi and Hindenburg Research's report on industrialist Gautam Adani was met with a response from senior Congress and former leader P Chidambaram. Chidambaram stated that he disagrees with most of what Soros has said in the past and at present, but he considers labeling Soros' remarks as an "attempt to topple the democratically elected government in India" as a puerile statement.

During the Munich Security Conference, Soros claimed that the stock woes of business tycoon Gautam Adani, who is believed to be a close ally of Prime Minister Modi, would weaken Modi's position, potentially paving the way for a democratic revival in the country. In response, Chidambaram took to Twitter, stating that the Indian people will determine the fate of their government, and that he did not believe the Modi government was so weak that it could be toppled by the stray statement of a 92-year-old foreign national.

Chidambaram further advised ignoring George Soros' remarks and instead listening to Nouriel Roubini, CEO of Roubini Macro Associates, a global macroeconomic consultancy firm based in New York. According to Chidambaram's tweets, Roubini had warned that India is increasingly driven by large private conglomerates that have the potential to hamper competition and prevent new entrants, which is at odds with the open, competitive economy that was supposed to have been ushered in by liberalization.

Chidambaram also criticized the Modi government's policies for creating oligopolies, in contrast to the intended outcome of liberalization. Roubini, who is also the chief economist for Atlas Capital Team LP and co-founder of Rosa and Roubini Associates, had previously warned of the impending recession due to the credit and housing market bubble during a 2006 address to the International Monetary Fund.