In march, a quiet coastal city in India welcomed an influx of world’s richest and most famous figures to celebrate a pre-wedding party of the son of Asia’s richest man, Mukesh Ambani. Ambani, 67, is the chairman of India’s most valuable private company Reliance Industries.
Mark Zuckerberg, Bill Gates and Ivanka Trump as well as ,200 guests from Silicon Valley, Bollywood attended the three-day celebration. They watched Rihanna perform as well as magician David Blaine.
Besides Ambani, there is another billionaire whose influence was also reshaping India. Gautam Adani, founder of Adani group, raised eyebrows with his rise in the last decade. He became the world’s second-wealthiest person in 2022.
“They are phenomenal … entrepreneurs, who have been able to sustain steady growth and development in a vibrant yet sometimes chaotic political and business environment that exists in India,” said Rohit Lamba, an economist at Pennsylvania State University.
The two giants have been betting on sectors that Prime Minister Narendra Modi is prioritizing for development. Reliance Industries and the Adani Group are focusing on various sectors like fossil fuels, clean energy, media and technology.
Thus, Modi, Ambani and Adani are significantly contributing to shaping India. The two businessmen’s work is everywhere, from the bustling international airport, which is operated by Adani to cultural institutions named after Ambani Clan.
This is not the first time for the world to witness such powerful businessmen. Journalists compare Ambani and Adani to John D Rockefeller, who became America’s first billionaire during the Gilded Age.
India aims to become a 21st-century economic powerhouse, offering investors an option other than China.
James Crabtree, the author of The Billionaire Raj, a book about India’s wealthy said that is is “normal” for developing nations to go through periods of growth which sees “income accumulation at the very top, rising inequality and lots of crony capitalism.”
India is the world’s fifth largest economy, worth $3.7 trillion in 2023 and it is expected to expand at an annual rate of at least 6%. However, analysts say that if India wants to become an economic superpower, it should push this rate up to 8%.
The Modi government has been improving the infrastructure and promoting digital connectivity. Adani and Ambani have been key allies during this revolution.
Reliance was founded by Ambani’s father, Dhirubhai, in 1957. It started as a trading firm but then expanded to cover sectors like energy, petrochemicals and telecommunications. Ambani inherited the company’s oil and petrochemicals assets and spent dollars to transform it into a tech giant.
Adani’s business also extends from ports and power to defense and aerospace. Adani Enterprises Limited (AEL) started as a commodity trading business in 1988. Leaders form India’s main opposition party have questioned the relation between Modi and Adani.
The Indian elections awakened the doubts about Modi’s relationship with the billionaires
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