Daily Briefing: Adani Group power projects fallout; who will be next Maharashtra CM; India’s magic in Australia waters

With that, let’s move on to today’s edition:

• Adani Group power projects fallout
• A big question mark on new Maharashtra CM
• India shines on third day in Australia

🚨 Big Story

The Adani Group grabbed headlines last week as billionaire founder Gautam Adani was indicted for fraud by US prosecutors and arrest warrants were issued for him over an alleged $265 million bribery scheme. While the group tried to assure investors it was a “law-abiding organisation” and said the accusations were “baseless and denied,” its companies lost about $27 billion (~Rs. 2.2 lakh crore) in market value on Thursday.

Fallout: What began with Kenya dropping a key airport deal, has now spread to India’s neighbourhood. Bangladesh has a key power-trading agreement with Adani and is now reviewing the pact. Ditto in Sri Lanka, where Adani Green Energy Limited (AGEL) one of the firms named by US authorities, the newly-appointed Cabinet is likely to “review” and take a final call. Bangladesh has reportedly hired a “reputed legal and investigative firm” to assist its review efforts.

Triggering a political firestorm: The Congress has called for discussions on the bribery charges against the Adani Group during the Winter Session of the Parliament. Meanwhile, Bharatiya Janata Party’s (BJP) Sabha MP Sudhanshu Trivedi Sunday questioned the indictment’s timing, arguing why of late, such allegations by foreign countries, come just before the beginning of the Parliament session.

Plea in SC: A fresh petition has been filed in the Supreme Court seeking a probe into the indictment of Gautam Adani, saying the move “unveiled malpractices carried out by the conglomerate”. Vishal Tiwari filed the plea as an interlocutory application in the Adani-Hindenburg row over allegations of stock price manipulation by the Indian corporate giant.

Impact: AGEL, which is at the centre of the controversy, is facing accusations of intellectual property rights (IPR) violations related to the sale of solar cells, modules, and panels in the US, according to a notice issued by the US International Trade Commission (USITC) on October 1. This comes at a time when India’s exports of solar products to the US are on the rise. Here’s how it would impact the $10 bn American investment plan.

⚡ Only in Express

“The people of Delhi have a very strong connect with Arvind Kejriwal. It was not just as a chief minister but as a political leader. They regard him as one of their own… With Kejriwal, they feel yeh humara apna hai.”

In the latest edition of Idea Exchange, Delhi Chief Minister Atishi speaks on why pollution is a national emergency, the Centre-State divide and braving the dent in their image as a party.

📰 From the Front Page

A big question mark: After the BJP-led Mahayuti, swept back to power in Maharashtra, a big question emerged for the alliance members—who should be the next Chief Minister? While the BJP has maintained a studious silence, with calls for Devendra Fadavis as CM from within the party, its partner Shiv Sena has not given up hope of Eknath Shinde being retained as the CM.

On edge: The violence in West Uttar Pradesh’s Sambhal district intensified as officials turned up at the Shahi Jama Masjid for a second phase of a survey, in line with the court’s directions. Three people were killed and at least 20 personnel sustained injuries as groups clashed with each other.

At last, a deal was struck at the COP29 in Baku. But it was at the cost of approval from developing nations. Completely ignoring their demands for $1.3 trillion a year in climate finance, developing nations forced an agreement for just $300 billion a year from 2035. In an unusually angry statement, India called the amount “abysmally poor” and “paltry”.

📌 Must Read

“This time, the BJP’s electoral sweep goes beyond Modi’s persona, signifying a deeper tendency that will be difficult to shrug off — a massive turn toward an aggressive and vicious Hindutva.”

In our Opinion pages today, Suhas Palshikar writes about the Maharashtra and Jharkhand results, noting that they show that the BJP is continuing to build its electoral and ideological dominance.

Starting today, over 170 countries will converge in Busan, Republic of Korea, to negotiate a new legally binding global treaty to end plastic pollution, including marine pollution. Plastic has become almost indispensable for humans, due to its adaptability and versatility. With plastic production skyrocketing, the issue of plastic pollution is still a crisis that needs global regulation.

⏳ And Finally…

Great Indian Hope-trick: Who could have imagined the turnaround on Sunday after that dramatic couple of sessions on the opening day after India were shot out for 150? As they say, something in Australia’s water brings the best out of India. Everything felt Indian about the third day’s play: the pitch was good to bat on, the crowd was largely Indians, a dominating batting spell that set a final-innings target, and the three quick Australians wickets in the end.

🎧 In our 3 Things podcast today, we take a break from our regular programming for a special feature story about a woman who might have the most unique job in the world — Melody G Fanai, who mends relationships and brings people together through her voice. Don’t miss!

That’s all for today. Thank you for being with us!

Until next time,
Ariba and Ayesha Jain

Business As Usual by E P Unny