Politics & big biz: Only probe can unravel truth

Politicians and big businesses have always enjoyed an intimate connection across the globe, and the scene in India is no different. There were Indian businessmen who contributed generously to the funding of the freedom movement and in the post-Independence years, the symbiotic relationship has continued, for mega political decisions inevitably have ramifications for big business. Big projects never get off without their share of political favours, and so if businessmen go the extra length to remain in the good books of top politicians, no one can blame them.

Political parties too require the big bucks to keep their organisations alive and poll-ready, and the major chunk of funds are provided by business houses, which then look for ‘returns’ in quid-pro-quo deals when the party they have backed comes to power. There have been biz deals that have become huge political controversies in the past. The Bofors field Howitzer deal in which illegal kickbacks running into billions of dollars was alleged, was one such political row which eventually led to the ouster of the Rajiv Gandhi government in the 1989 general elections.

There have been others too, like the Agustawestland chopper deal and the Rafale jet deal, some of which are still in the process of investigation. The latest row over the Adani crash has left the functioning of Parliament paralysed for the last couple of days with the business group suffering a staggering Rs 10 lakh crore loss at the bourses after an investigative report pointed at allegedly fraudulent operations.

The opposition parties have been on the rampage both inside Parliament and outside, demanding a probe by a joint parliamentary committee (JPC), claiming that public sector behemoths like Life Insurance Corporation (LIC) and several nationalised banks have huge exposure to Adani-owned companies. This also means that the savings of millions of common citizens who have vested their trust and hard-earned money in these institutions could be at risk.

The Opposition gunning for the Modi government at the Centre and hinting at a nexus between big guns in the administration and the business group, obviously means that there is more than what meets the eye in this entire episode. In an age of growing privatisation where big businesses have made deep forays into almost every sphere, from telecom and mining to the power sector and aviation, transparency in business operations and accountability are an absolute must for no business entity – small or big – can survive without public trust.

This applies all the more to a business group that has its fingers in every pie from ports and power transmission to green energy and gas. A loss of face in the public eye is something no company can afford in the long run, which renders the need for a full-fledged probe into charges made by Hindenburg and the consequent volatility of stocks necessary.

This has become all the more urgent when questions are being raised over the alleged proximity of the PM himself to the business group. While business majors have all the required resources to fight their complex battles on their own, it’s only a probe that can help bring the truth before the millions of citizens who have no option but trust the powers who govern them. After all, it is an integral ingredient of any vibrant democracy on which there can be no compromise.