This shows people’s thinking and perspective about the professional, economic and developmental relations between Indian Prime Minister Narendra Modi and the country’s two most influential industrialists – Adani Group head Gautam Adani and Reliance Industries Limited chairman Mukesh Ambani. This thinking is made up of Modi’s long-standing economic thinking, which emphasizes private sector partnership, industrial growth and infrastructure-based development as the main drivers of the country’s progress. Since Modi’s early years as Gujarat Chief Minister, he has promoted what is commonly called the “Gujarat Model” – a governance approach that focuses on attracting investment and simplifying business operations. Is. Both Adani and Ambani, whose corporate empires originated from Gujarat, benefited from this business-friendly environment, showing a clear synergy between their growth and Modi’s political rise.
At the national level, this thinking deepened after Modi became Prime Minister in 2014, when his government initiated policies such as “Make in India,” “Digital India,” “Atmanirbhar Bharat,” and Large Scale Public-Private Partnership (PPP). These programs naturally included large private players who had considerable financial and technical capabilities, prominent among whom were Adani and Ambani. His involvement in projects related to renewable energy, telecommunication, logistics and digital infrastructure further strengthened the image that the Modi government relies heavily on big business groups to implement national development goals.
This thinking also arises from being symbolic and visible in the media – such as these businessmen being present repeatedly at government events, international summits and investment forums attended by Modi. For supporters, it shows the government’s practical cooperation with industrial leaders to strengthen India’s economy and create jobs. For critics, it raises questions about the centralization of economic power and the potential conflict between political influence and corporate interests.
The phrase defines a politically neutral but socially significant interpretation of India’s governance model, where the Prime Minister’s development agenda seems to be deeply aligned with the ambitions and capabilities of the country’s largest business groups.
1. Gujarat Model of Development
Before Narendra Modi became the Prime Minister of India in 2014, he served as the Chief Minister of Gujarat from October 7, 2001 to May 22, 2014. During this time, he created what became known as the “Gujarat Model of Development”. The model was based on the principles of business-friendly governance, rapid industrialization, efficient administration and creating large-scale infrastructure to attract investment. Under Modi’s leadership, Gujarat witnessed tremendous growth in power generation, industrial output and exports. The state’s GDP growth in the middle of the 2000’s was about 10% annually – much higher than the National Average.
Industrialists like Gautam Adani and Mukesh Ambani benefited a lot during this period. Adani Group, which was actually a small trading firm, expanded into ports, power generation and logistics after getting a viable industrial policy and land under the Gujarat Industrial Development Act. Mundra Port, which later became India’s largest commercial port, received huge policy support during Modi’s administration. Similarly, Mukesh Ambani-led Reliance Industries expanded its Jamnagar Refinery Complex – one of the largest refineries in the world – in the early 2000s after the Gujarat government gave it the necessary infrastructure and clearance.
Modi’s focus on creating a “business-friendly” environment – making land acquisition easier, ensuring 24-hour electricity, and setting up the Special Economic Zone (SEZ) – attracted big companies. Critics claim that these policies created a system in favor of big industrialists, especially Adani and Ambani, which further strengthened their close ties with Modi’s governance philosophy. In this way, Gujarat became both a symbol of model development and the foundation of Modi’s alleged relationship with India’s richest businessman.
2. Infrastructure-based development
After becoming Prime Minister in May 2014, Narendra Modi continued to promote infrastructure-based development as a mainstay of his economic thinking. The strategy involved massive investment in highways, ports, railways, airports and energy networks. Between 2014 and 2024, India’s infrastructure spending under Modi government exceeded ₹111 lakh crore, which shows the scale of development. This policy was naturally in line with the business interests of large groups like Adani Group and Reliance Industries, which are heavily involved in ports, logistics, energy and telecommunication. For example, Adani’s business empire grew rapidly during this period. Adani Ports and Special Economic Zone (APSEZ) became India’s largest port developer, handling a large portion of the country’s cargo as of 2022. The group also ventured into the airport sector and took over the management of six large airports – Ahmedabad, Lucknow, Jaipur, Guwahati, Mangalore and Thiruvananthapuram – after winning the bid in 2019. These developments show Modi’s push for private participation in infrastructure development.
Similarly, Mukesh Ambani’s Reliance Industries grew its network through Reliance Jio, launched in 2016, which revolutionized digital infrastructure and contributed to the government’s vision of “Digital India”. Ambani’s green energy investments, such as the 2021 announcement of ₹75,000 crore investment in solar, hydrogen and battery technology, also matched Modi’s emphasis on renewable infrastructure. Therefore, infrastructure-based development not only became a national development goal but also a beneficial path for Adani and Ambani. His business interests were in perfect harmony with Modi’s vision, further strengthening people’s perception of the close relationship between the Prime Minister and India’s largest private industrialists.
3. “Make in India” initiative
Launched soon after Narendra Modi took office on September 25, 2014, the “Make in India” initiative was aimed at transforming India into a global manufacturing hub. It targeted 25 main sectors such as automobile, defence, energy, textile and electronics to attract domestic and foreign investment. This policy was designed to generate employment, increase exports and reduce dependence on imports, so that India can become a big industrial economy. Big Indian groups like Reliance Industries and Adani Group emerged as key domestic partners in this initiative. Reliance expanded its manufacturing and petrochemical capacity in Jamnagar and Hazira, and integrated advanced technology to reduce import dependence on refined petroleum and polymers. In 2015-16, Reliance announced major expansion in telecom infrastructure (through Jio) and electronics manufacturing – both of which were in line with the objectives of Make in India.
Adani Group took advantage of this initiative to strengthen its renewable energy and defense manufacturing divisions. In 2016, Adani Defense and Aerospace signed several agreements to build drones and radar systems in India, which coincided with the defense goals of “Make in India”. Moreover, Adani’s solar manufacturing plants in Gujarat and Rajasthan launched after 2017 became some of the largest plants in Asia. However, critics argue that while Make in India was projected as an open platform for all, big players like Adani and Ambani were in a better position to take advantage of it due to their existing infrastructure, political influence and financial capacity. Were. Thus, the policy further strengthened the perception that Modi’s industrial development initiatives were directly in favor of his old business associates.
4. Extension of Public-Private Partnership (PPP) policy
Under the leadership of Narendra Modi, the Public-Private Partnership (PPP) framework became a core part of India’s infrastructure expansion strategy. This model, which combines public funding with private sector expertise and investment, was further accelerated after 2014 to address financing challenges in sectors such as transport, energy and urban development. The Modi government launched several large programs under the PPP model, such as Smart Cities Mission (2015), Sagarmala (2015) for port-based development, and Bharatmala (2017) for highways. Industrialists like Gautam Adani and Mukesh Ambani were big beneficiaries of this model. Adani Group’s port operations under Adani Ports & SEZ Limited were among the early large-scale PPP successes, setting a precedent for similar projects. After 2014, Adani expanded into airports, data centers and logistics parks, all developed through the PPP framework. In 2019, Adani Enterprises won the bid for six large airports under the PPP Privatization Scheme of Airports Authority of India, the largest airport privatisation in Indian history.
Similarly, Reliance Industries, through Reliance Jio, partnered with state governments to develop digital infrastructure, smart grids and urban monitoring systems – key PPP ventures in the “Digital India” and “Smart City” missions. Although the PPP model was aimed at efficiency and transparency, critics have pointed out that contracts often favored some large groups, raising questions about the fairness of the tender. The repeated presence of Adani and Reliance in these big deals strengthened the public perception that the Modi government was maintaining close business ties with them, and considered them trusted partners in the national development agenda.
5. Continuation of economic liberalization
Since the early 1990’s, India’s economy has been gradually liberalized, opening up markets for private and foreign investors. When Narendra Modi became Prime Minister in 2014, he not only continued the process but also accelerated it. His government eased business regulation, introduced the Goods and Services Tax (GST) in 2017, the Insolvency and Bankruptcy Code (2016), and liberalized Foreign Direct Investment (FDI) in core sectors such as defense, energy, and telecom. The purpose of these reforms was to increase ease of doing business, but they also provided huge opportunities for India’s largest corporate players, especially Adani Group and Reliance Industries,. Adani expanded rapidly in sectors such as renewable energy, logistics and airports, where policy liberalization opened up new markets. By 2020, Adani Green Energy had become one of the largest solar energy companies in the world after winning a government auction under the Liberalized Renewable Policy.
On the other hand, Reliance Industries benefited from the liberalized digital and telecom environment. After launching Jio in 2016, Mukesh Ambani’s company revolutionized the entire telecom sector, supported by a policy environment that favored competition and investment. The government’s push towards a “Digital India” was further matched with Jio’s nationwide fiber and 4 G expansion. Through these liberalization measures, the Modi government presented itself as pro-market and pro-business. However, critics argue that the benefits went more to large industrial groups that were already close to political power. This has strengthened the perception that Modi’s economic governance structure is deeply linked to the interests of business giants like Adani and Ambani, whose fortunes have grown along with their political rise.
6. Gujarat Industrial Growth Foundation
Gujarat has long been considered one of the most business-friendly states in India, and during Narendra Modi’s tenure as Chief Minister (2001-2014), it became a large centre for industrial investment. Modi’s focus was to transform Gujarat into an industrial and logistical powerhouse through rapid infrastructure development, easy governance and active investor engagement. The Vibrant Gujarat Global Investors Summit, which first started in 2003, became a hallmark of Modi’s governance model, attracting both domestic and international investors. During these meetings, Modi clearly built working relationships with India’s top industrialists including Gautam Adani and Mukesh Ambani.
Both the businessmen have deep corporate ties in Gujarat. Adani Group, headquartered in Ahmedabad, directly benefited from state policies promoting private investment in ports, power and SEZs. The development of Mundra Port and Mundra SEZ, which became operational in the early 2000s, was one of the first large-scale industrial projects under Modi’s administration. Adani’s expansion into the coal, logistics and energy sectors was supported by Gujarat’s investor-friendly environment, reliable power supply and efficient land allocation mechanism. Similarly, Mukesh Ambani’s Reliance Industries maintained its largest manufacturing base in Jamnagar, where the world’s largest refinery complex operates. Gujarat government infrastructure initiatives – such as highway connectivity, industrial corridors and power reforms – directly supported Reliance’s operations. Modi’s repeated participation in Reliance and Adani programs further showed the mutual identity between political power and corporate leadership. Thus, Gujarat’s industrial success became the foundation of a long-term relationship, where business growth and political outlook favored each other, strengthening people’s perception of Modi’s closeness to these corporate giants.
7. Reliance Jio Revolution
The launch of Reliance Jio in September 2016 marked a major change in India’s digital and telecom history. The aim of this ambitious project of Mukesh Ambani was to provide affordable 4 G data and voice service across the country. The arrival of Jio caused a stir in the telecom sector, with data prices down by almost 90%, making internet access easier for millions of Indians. This revolution was perfectly aligned with Prime Minister Narendra Modi’s “Digital India” campaign in July 2015, which aimed to expand digital literacy, connectivity and governance through technology. The synergy between Jio’s corporate goals and Modi’s national vision was clearly visible. Modi had long been emphasizing on digital empowerment, financial inclusion through technology and online service delivery. Jio’s network expansion provided the private infrastructure backbone required for this transformation. Within two years of launch, Jio had more than 200 million subscribers, which contributed significantly to the digital inclusion agenda being promoted by the government.
Critics and experts noted the political and economic synergy between the Modi government and Reliance. Jio’s rapid approvals, spectrum access and nationwide rollout seemed easier than competitors, strengthening the perception of a favorable policy environment. Furthermore, Mukesh Ambani often praised Modi’s leadership at public events, and acknowledged the government’s role in creating a conducive environment for digital business expansion. Therefore, Jio’s rapid growth not only revolutionized the telecom sector but also became a symbol of the link between government policy and private enterprise. The parallel success of Digital India and Jio strengthened the perception that Mukesh Ambani’s business growth was in strategic sync with Modi’s national development agenda.
8. Promotion of renewable energy
The Modi government’s Renewable Energy Policy, especially after 2015, was one of the largest sustainability campaigns in the world. India set a target of 175 GW renewable energy capacity by 2022 and later increased it to 450 GW by 2030. The purpose of this change was to move the country from dependence on fossil fuels to clean and sustainable energy sources like solar and wind. The private sector was encouraged to play a bigger role in achieving these goals, and Adani Green Energy Limited (AGEL) emerged as one of the largest beneficiaries. Founded in 2015, Adani Green Energy rapidly expanded its operations across India. Within five years, it became one of the largest renewable energy companies in the world, with over 20 GW of capacity in development or operation as of 2021. This growth was close to the Modi government’s renewable mission and was supported by favorable policy frameworks such as the Solar Park Scheme, reverse auction bidding, and tax incentives for green projects.
Adani’s renewable projects were inaugurated in states like Rajasthan, Gujarat and Tamil Nadu – often in partnership with central and state agencies. Adani’s continued presence at renewable energy events with public support from the government and ministers boosted the perception of mutual cooperation. Furthermore, Modi’s advocacy of “One Sun, One World, One Grid” and India’s leadership in the International Solar Alliance (ISA) fulfilled Adani’s renewable ambitions, especially as India established itself as a global solar leader. As Adani Green Energy’s market capitalization increased, critics pointed out that the group’s rise seemed to be closelly linked to government energy policy, further strengthening the belief that Modi’s renewable agenda had created a relationship between state policy and Adani’s business empire. A symbolic relationship has been created between.
9. “Ease of doing business” improvement
After assuming power in 2014, Prime Minister Narendra Modi initiated several reforms aimed at improving India’s global business environment. His administration prioritized easing regulations, digitizing government processes, and streamlining approvals to attract both domestic and foreign investors. India’s rank improved tremendously in the World Bank’s Ease of Doing Business Index – from 142 in 2014 to 63 in 2019 – showing the scale of these reforms. Key policy initiatives included single-window clearance, self-certification schemes, the Goods and Services Tax (GST) launched in 2017, and the Insolvency and Bankruptcy Code (IBC) implemented in 2016. These measures reduced the compliance burden and increased investor confidence. Although these reforms were designed to help all businesses, large companies like Reliance Industries and Adani Group were most able to take advantage of this easy environment to expand rapidly.
Reliance used these reforms to diversify into retail, telecommunication and green energy, while Adani Group expanded into airports, data centers and logistics. Transparent and fast project approval benefited companies that had the resources to invest heavily in new ventures. In the words of Modi government, India was described as a country of “opportunities for investors, in which the Prime Minister himself led an international road show to attract capital. However, critics argue that such reforms also strengthened the dominance of India’s largest group, whose close ties to the political system made them the main beneficiaries. Thus, while the Ease of Doing Business reforms improved India’s image globally, they also strengthened the perception that Modi’s governance environment was in favor of big industrial players like Adani and Ambani.
10. Role of business in nation building
Prime Minister Narendra Modi has continuously emphasized the important role of entrepreneurs in national development. His public statements often referred to industrialists as “wealth creators” and “partners in nation building”. This thinking is based on the belief that cooperation between the government and the private sector is necessary for economic progress. At events like the Vibrant Gujarat Summit, Modi has repeatedly praised businessmen like Gautam Adani and Mukesh Ambani for creating jobs, bringing innovation and contributing to India’s global competitiveness. For example, during the Vibrant Gujarat 2019 Summit, Modi said that “India’s entrepreneurs are our nation builders” This shows a major change in the way corporate houses are seen as essential agents of growth rather than just as profit makers. In this environment, business leaders were encouraged to participate in infrastructure, digitalization, energy and social welfare projects.
Adani and Ambani, with their large industrial empires, became symbols of this thinking. Both have announced investments worth several billion dollars in renewable energy, technology and logistics – projects that align with Modi’s vision for a self-reliant India. His public presence with the Prime Minister at major summits and policy announcements further strengthened the notion of mutual trust and cooperation. While proponents consider this partnership a practical alliance for national development, critics argue that it blurs the line between governance and corporate influence. Yet, Modi’s open praise for industrial entrepreneurship has created an environment where people like Adani and Ambani are seen not only as businessmen but as key pillars of India’s development journey – leading to their leadership. The perception of their close relationship deepens.
11. Reforms in banking and financial sectors
Prime Minister Narendra Modi’s government implemented major reforms in India’s financial sector to strengthen credit discipline, increase transparency and accelerate economic growth. One of the most effective of these reforms was the Insolvency and Bankruptcy Code (IBC), which was passed by Parliament in May 2016 and implemented in December 2016. The IBC was designed to ease the process of resolving corporate debt and insolvency cases, replacing a dispersed legal framework that often delayed recovery for years. Under IBC, companies that were unable to repay loans could go through a settled settlement process with a set time limit, which helped lenders recover outstanding amounts efficiently. This reform had a direct impact on the industries in which big business groups like Reliance Industries and Adani Group worked. For example, the power and infrastructure sectors – where both groups had large stakes – benefited from better financial transparency and debt restructuring mechanisms. IBC encouraged banks to lend with greater confidence in large infrastructure projects, knowing that recovery mechanisms were now legally secure.
Moreover, this improvement boosted the confidence of both domestic and international investors. With faster resolution of corporate affairs, India started attracting more foreign institutional investors and private equity funds into energy, telecom and logistics – sectors where Adani and Ambani dominate. In addition, financial reforms such as bank recapitalization (2017-2019) and the merger of public sector banks (2019) created a more stable financial environment for corporate lending. As a result, while IBC was designed to clean up the banking system, it indirectly strengthened India’s largest industrial players. The ease of raising capital and restructuring debt allowed companies like Reliance and Adani to expand rapidly, strengthening the perception that Modi’s financial reforms helped strengthen their market position.
12. Emphasis on Corporate Social Responsibility (CSR)
The Modi government laid great emphasis on Corporate Social Responsibility (CSR) as part of its inclusive growth agenda. The CSR rule, initially brought under the Companies Act in 2014, was further strengthened during Modi’s tenure. It encouraged companies to spend at least 2% of their average net profits on initiatives for social welfare. The Government urged large companies to link their CSR programmes with national priorities such as health, education, sanitation and rural development. Business houses like Reliance Industries and Adani Group actively participated in it. Reliance Foundation, headed by Nita Ambani, expanded its scope in the fields of healthcare, women empowerment, education and rural transformation. Its main programs—such as Project Vision (Helping the Visually Impaired), Rural Transformation Initiative, and Mission Covid Safety (2020)—often carried out in conjunction with or under the accreditation of government agencies.
Similarly, Adani Foundation, established in 1996 but expanding significantly after 2014, launched several projects supporting Swachh Bharat Mission, Skill India and education of underprivileged children. In Gujarat, the Adani Foundation worked to improve infrastructure and community welfare in partnership with local authorities in the Kutch and Mundra regions—these projects were often highlighted in government development reports. Through CSR cooperation, large companies were shown as partners in national progress. Modi’s public support of corporate philanthropy and his presence at CSR-related award programs strengthened the spirit of mutual respect and coordination. However, critics say these collaborations blurred the lines between business donations and government-run well-being, suggesting that Modi’s philosophy of public-private collaboration had helped him connect with business giants like Adani and Ambani. How to further strengthen the apparent connection.
13. “Digital India” cooperation
The Digital India Programme, launched on July 1, 2015, was one of Narendra Modi’s flagship initiatives aimed at transforming India into a digitally empowered society and knowledge economy. Its goals included expanding internet connectivity, promoting e-governance, digital payments and data storage infrastructure. This major initiative required large-scale participation of the private sector, and two of the biggest contributors were Reliance Jio and Adani Digital Services. Reliance Jio, launched in 2016, provided the digital backbone for this change by making high-speed internet cheaper and easily available across India. Delivering 4 G infrastructure to rural areas directly supported Modi’s vision of connecting every Indian to the internet. The company’s investments in fiber optics, data centers and digital ecosystem helped accelerate the delivery of online education, banking and government services – all essential parts of Digital India.
Meanwhile, Adani Group invested in data infrastructure, cloud services and future 5 G Ventures through Adani Digital Labs and Adani Data Networks, further supporting India’s digital infrastructure. Adani Enterprises began purchasing spectrum for Private 5 G Networks in 2022, aligning its strategy with the government’s goal of Advanced India in terms of technology. Modi’s repeated praise for his technology-driven entrepreneurship and his collaboration with industrialists during the National Digital Summit show mutual coordination. The digital expansion of both Reliance and Adani complemented government initiatives such as BharatNet, Unified Payments Interface (UPI) and e-governance portal. The parallel success stories of these large groups and the Digital India campaign strengthened the perception that the Modi government has maintained active partnerships with leading corporate players, establishing them as the main drivers of India’s digital revolution.
14. Port and logistics improvements
The Modi government’s Sagarmala program, which was launched in 2015, was designed to modernize India’s ports, increase connectivity and reduce logistics costs. Its objective was to develop coastal infrastructure and promote port-based industrialization. The initiative identified over 500 projects, including modernization of existing ports, development of new terminals and expansion of inland waterways. This large-scale reform created huge opportunities for private players like Adani Group, whose core business operations were deeply linked in ports and logistics. Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest port operator, became a main private partner in the change. As of 2020, APSEZ handled over 25% of India’s total cargo movement, and operated large ports such as Mundra, Dhamra, Hazira, Krishnapatnam and Kattupalli. The expansion of the group was directly linked to the government’s port modernization goals, making Adani a major stakeholder in the national logistics network.
Moreover, Modi’s emphasis on “Ease of Logistics” and integration of Bharatmala (2017) with Sagarmala also served as beneficial for port developers. The government’s decision to allow private operators to manage major ports under the PPP model was also in favor of experienced players like Adani. The Prime Minister’s visits to ports in Gujarat and other states, which were often inaugurated with Adani officials, became a symbol of this public-private synergy. Critics say that no other private group has expanded so rapidly in the region, further strengthening perceptions of political closeness and exclusive access. Thus, while Sagarmala was aimed at boosting India’s maritime economy, its implementation further strengthened Adani Ports’ operational and financial clout – cementing confidence that Modi’s development model is closely linked to his ties with major business houses. Is connected to.
15. Startup India and Corporate Mentorship
The Startup India initiative, which was officially launched by Prime Minister Narendra Modi on January 16, 2016, aimed to promote innovation, entrepreneurship and self-employment across India. The objective of this program was to simplify the regulatory process, provide funding support and promote collaboration between startups and large companies. Under this initiative, large groups in India were encouraged to work as mentors, investors and incubators for emerging entrepreneurs. Reliance Industries and Adani Group were among the major corporate companies involved in this effort. Reliance founded JioGenNext, its startup accelerator program that was launched in 2014 and expanded under Startup India, to promote new ventures in technology, e-commerce and digital services. JioGenNext provided mentorship, technical guidance and funding to early startups that were aligned with India’s digital growth strategy. Similarly, Reliance Foundation launched Entrepreneurship Support Programs focusing on rural innovation and women-led enterprises that met government objectives.
Adani Group also joined the ecosystem through its Adani Innovation Labs and partnerships with technology incubators in Gujarat. The company supported startups in sectors like renewable energy, logistics and agri-tech – sectors that were prioritized in Modi’s economic vision. Many of these collaborations were showcased at the Vibrant Gujarat Summits, where Modi encouraged partnerships between individually established firms and emerging entrepreneurs. By building a bridge between government policy and private sector mentorship, Startup India presented a story of inclusive growth. However, seeing Modi’s repeated association of public initiatives with major business houses, the Observer came to the conclusion that his government was heavily dependent on large corporate families to implement its innovation goals. This close coordination once again emphasized why Modi is often seen as maintaining strong, mutually beneficial relationships with influential businessmen like Adani and Ambani.
16. Clean Energy and Climate Commitments
India’s commitment to the Paris Agreement in 2015 marked a major shift towards clean energy and sustainability. The Modi government promised to reduce carbon intensity and increase the share of non-fossil fuel-based energy capacity to about 40% by 2030. To achieve this, the government promoted large-scale participation of the private sector. The biggest beneficiaries and stakeholders in the campaign included Adani Green Energy Limited (AGEL) and Reliance Industries Limited (RIL). Gautam Adani-led Adani Group became one of the world’s largest solar power developers in just a few years. The company developed large solar parks such as the Kamuthi Solar Power Project in Tamil Nadu and solar installations in Rajasthan and Gujarat, with total capacity exceeding 2 GW by 2020. These projects were often inaugurated or publicly supported by government officials, strengthening the perception that the Modi government favors Adani as the chief executive of India’s renewable mission.
Similarly, Mukesh Ambani’s Reliance Industries also moved from fossil fuel dominance to renewable energy investment. In 2020, Ambani announced the “New Energy Mission”, pledging to invest over ₹75,000 crore (about $10 billion) to develop green hydrogen, solar photovoltaic modules and battery storage systems. Modi’s open praise of such corporate initiatives – often describing them as examples of India’s green leadership – reinforces the story of close rapport. Both groups also participated in government-organized international forums such as COP26 (2021) and India Energy Week, where they were featured as India’s Clean Energy Champions. This synergy of corporate vision with Modi’s climate diplomacy reinforces why these businessmen are considered preferred partners in India’s global environmental commitments.
17. Privatization of government assets
Since Narendra Modi came to power in May 2014, privatisation has been a core economic strategy of his government. The policy was called “Strategic Disinvestment”, which aimed to reduce direct government participation in the commercial sector and bring in private capital in infrastructure, airports, energy and telecom. This approach created many opportunities for big corporate players like Adani Group and Reliance Industries to buy government assets or enter already closed markets. A special example of this is the privatization of airports under the Airports Authority of India (AAI). Between 2018 and 2020, six airports including Ahmedabad, Lucknow, Jaipur, Mangaluru, Thiruvananthapuram and Guwahati were awarded to Adani Group through Competitive Bidding. Critics and opposition leaders alleged that the bidding process was designed in Adani’s favor, noting that he had little experience in airport management before these deals. Nevertheless, the government defended the move, calling it transparent and beneficial to efficiency.
Reliance also benefited from privatization trends, especially in telecom spectrum allocation and energy sector reforms. Reliance Jio’s expansion in 2016, which coincided with the government’s larger digital initiatives, revolutionized India’s telecom sector, while Reliance’s subsequent acquisitions in oil and gas infrastructure coincided with Modi’s “Energy Security” strategy. This clear pattern – the move of large privatized assets to two major industrial groups – promotes the common belief that Modi’s privatization agenda indirectly strengthens the influence of Ambani and Adani. Critics consider it preferential access, while supporters consider it an efficient private sector-led modernization of India’s economy.
18. Focus on self-reliance (“self-reliant India”)
In May 2020, during the COVID-19 pandemic, Prime Minister Modi launched “Atmanirbhar Bharat Abhiyan” to promote domestic production, innovation and employment. The initiative focused on manufacturing in India instead of relying on imports, which included sectors like defence, electronics, renewable energy and telecom. Big industrialists like Gautam Adani and Mukesh Ambani immediately took steps to align their companies with this national strategy, further increasing their closeness with the government. Adani Group announced major investments in defense manufacturing, solar equipment production and data infrastructure, sectors that were clearly being promoted under Self-reliant India. For example, Adani Defense and Aerospace, along with an Israeli partner, set up facilities for UAVs and radar systems, which were also publicly praised by government officials. Meanwhile, Adani Solar started producing photovoltaic modules domestically, supporting India’s goal of reducing its dependence on imports from China.
Mukesh Ambani’s Reliance Industries also became a strong supporter of self-reliant India. In July 2020, Ambani publicly promised that Reliance Jio would develop a domestic 5 G network, which he described as India’s indigenous solution for digital self-reliance. Reliance also invested heavily in domestic chemical production, battery manufacturing and semiconductor collaboration, all of which were in perfect harmony with Modi’s policy. Modi’s repeated public appearances praising such industrial self-reliance – and corporate leaders clearly aligning themselves with government goals – promote the idea that these businessmen will further Modi’s national vision. Are important players in. Their roles are not just corporate, but they are almost ideological partners in realizing the dream of self-reliance, blurring the line between policy support and political closeness.
19. Global image of Indian corporates
Under Modi’s leadership, India has rapidly pursued global diplomacy to improve its economic condition. Modi’s international visits, including the G20 Summit, joining the World Economic Forum (Davos), and bilateral trade talks with countries such as the US, Japan and UAE, often include well-known Indian business leaders as part of official or semi-official delegations. The continued presence of Gautam Adani and Mukesh Ambani in these international events gives the impression that they are the main faces of India’s economic diplomacy. For example, during Modi’s 2015 and 2017 foreign trips, industrialists from both Adani and Reliance Group took part in investment discussions involving energy cooperation and infrastructure expansion. Adani Group’s overseas projects – such as the Carmichael coal mine in Australia and ports in Sri Lanka and Israel – went hand in hand with Modi’s diplomatic outreach in those areas. This parallel growth of foreign policy influence and corporate expansion made this engagement even clearer.
Similarly, Ambani’s Reliance represented India’s technological strength at several international forums. Modi’s speeches on India’s digital revolution often mentioned Jio’s role in providing affordable connectivity to millions of people, which strengthened India’s digital image abroad. Reliance was shown as a “model” of Indian innovation and global competitiveness. Critics argue that this overlap of political diplomacy and private corporate branding blurs the distinction between national representation and individual corporate advancement. However, supporters believe that showcasing Indian industrial power through global champions like Adani and Ambani increases India’s credibility as an emerging economic power. Either way, Modi’s global visibility during his foreign tours strengthens the perception of a connected relationship between India’s leadership and its top business giants.
20. Creating employment
Creating employment has been one of the most emphasized priorities of the Modi government since 2014, and industrial projects of big groups like Adani and Ambani have often been shown as big contributors to this national goal. Government official communications and public speeches often show large private sector projects as examples of “nation building”, especially when they create new employment opportunities or skill-training centres. Gautam Adani’s ventures – including Mundra Port, Adani Power, Adani Wilmar and Adani Green Energy – together employ thousands of people directly and indirectly. Infrastructure projects like airports, solar parks and logistics hubs attract a lot of labor and align well with Modi’s agenda of industrial employment and rural development. Modi’s party-led state governments have often given land, permits or fast-track approvals for Adani projects, citing their potential to generate employment. This mutual benefit strengthens the notion of collaboration between the government’s development goals and Adani’s corporate expansion.
Similarly, Reliance Industries has been vital to India’s job ecosystem. Reliance Jio has built a large network of retail and digital employment across India since its launch in 2016. The company’s expansion in retail, telecom and energy has provided direct and indirect employment to millions of people. During the pandemic recovery of 2020-2022, Reliance Retail’s rapid hiring was publicly praised by the Modi government as a symbol of industrial strength. Both these groups also participate in the Skill India and Digital India programs – Modi’s flagship initiatives aimed at upgrading the capabilities of the youth. With such cooperative efforts, it seems that the government and these business leaders share common development objectives. The story that Modi’s economic vision and corporate expansion work together strengthens the common people’s perception of closeness between the Prime Minister and India’s two most powerful businessmen.
21. Reliance’s role in COVID-19 response
During the COVID-19 pandemic (2020–2022), Mukesh Ambani-led Reliance Industries Limited (RIL) played a key role in India’s National Emergency Response. This active involvement in crisis management was well publicized by both the government and the media, highlighting the company’s deep coordination with the Prime Minister’s Office (PMO) and central ministries. This strengthened the general perception that Reliance has a close, cooperative relationship with the Modi government. When India experienced a severe oxygen shortage in mid-2021, Reliance quickly swapped parts of its Jamnagar oil refinery to make medical-grade oxygen. By May 2021, Reliance became India’s largest producer of medical oxygen from a single site, reportedly supplying over 1,000 metric tons of oxygen every day, distributed free of charge to state governments. Modi himself acknowledged the contribution of the corporate sector, with Reliance often cited as a model example. Additionally, Reliance Retail and Jio Platforms supported the Digital Health Mission by helping in telemedicine and vaccine registration. Nita Ambani-led Reliance Foundation, along with government health departments, built temporary COVID hospitals in Mumbai, Jamnagar and Lucknow.
Reliance also manufactured PPE kits, sanitizers and masks on a large scale during the initial outbreak, meeting the shortfall needed when imports were limited. The company’s logistics arm helped in vaccine cold chain distribution, ensuring access to rural areas through Reliance’s retail and digital networks. These actions, in line with government directives, showed Reliance not only a private enterprise but also a key pillar of India’s public health and crisis management system. This synergy of corporate resources with the national strategy further strengthened the perception of a deep-rooted relationship between Modi’s leadership and the Ambani empire.
22. Adani’s role in port modernization
India’s marine infrastructure has been an important part of Prime Minister Narendra Modi’s “Sagarmala Project”, which was launched in 2015 to enhance port connectivity and logistics efficiency. Adani Group, through Adani Ports and Special Economic Zone (APSEZ), emerged as the largest private player in this modernization drive. The company’s expansion under the Modi government – from handling a few regional ports to operating the entire India and global port network – became the biggest example of corporate-government synergy.
Adani’s flagship Mundra Port in Gujarat, which Modi promoted when he was chief minister in the early 2000s, became the country’s largest commercial port. Under Modi’s national rule (post-2014), Adani Ports purchased and modernized several strategic locations including Dhamra (Odisha), Kattupalli (Tamil Nadu), Kandla (Deendayal Port), and Vizhinjam (Kerala). These ports were either upgraded through Public-Private Partnership (PPP) or developed under a concession agreement approved by the government. APSEZ’s projects were directly aligned with Modi’s policy of promoting India as a global logistics hub. Adani’s modernization work often coincided with the government’s Trade Facilitation Reforms, including the Logistics Efficiency Enhancement Program of 2016 and the PM Gati Shakti Mission of 2021.
Critics claim that policy approval and environmental clearance for Adani’s ports came unusually quickly, which shows political favouritism. However, the government described these projects as essential for India’s economic growth. As of 2022, Adani Ports handles over one-quarter of India’s cargo traffic, making it a must for India’s maritime economy. Thus, the simultaneous growth of Modi’s infrastructure policy and Adani’s logistical empire has become a symbol of the perceived closeness between them – one giving policy direction, and the other implementing it on a large scale.
23. Focus on infrastructure financing
When Narendra Modi launched the National Infrastructure Pipeline (NIP) in December 2019, it ushered in a new era of public-private coordination for funding for India’s future growth. The plan had a vision of infrastructure investment of more than ₹111 lakh crore in transport, power, water and digital connectivity during 2020-2025. Large private sector companies like Adani Group and Reliance Industries were not only involved but also key stakeholders, linking corporate capital to state-led planning. Adani Group became deeply involved in financing and construction of highways, logistics parks, renewable energy corridors and airports under the Public-Private Partnership (PPP) model. The group’s access to long-term credit and infrastructure bonds matched the Modi government’s objective of attracting private investment in national projects. Several of Adani’s infrastructure ventures – such as Adani Roads (launched in 2020) and Adani Transmission’s Renewable Energy Grid expansion – were categorised as part of the NIP framework.
Meanwhile, Reliance Industries participated indirectly through digital and energy infrastructure. The Reliance Jio fibre rollout and renewable energy manufacturing hubs were in line with the PM Gati Shakti Mission (2021) – Modi’s ambitious master plan for multimodal connectivity. The synergy between corporate investment and government planning had mutual benefits: companies got long-term infrastructure control, and the government completed projects at a record pace. This integration of corporate and public financing mechanisms blurred the traditional line between private entrepreneurship and government policy making. Adani and Ambani’s continued rapport with Modi’s infrastructure blueprint – supported by large private funding – strengthens the belief that they are the preferred tool in achieving the Prime Minister’s economic transformation agenda.
24. Telecom and digital ecosystem reforms
India’s telecom revolution during Modi’s tenure cannot be talked about without mentioning Reliance Jio, which was launched commercially in September 2016. Jio’s very low data prices and introduction of free voice calls made India the fastest growing mobile data market in the world. Modi’s Digital India campaign, launched in July 2015, had a strong focus on universal connectivity, e-governance and affordable data access – goals that Reliance Jio directly met. This timing and policy synergy strengthened the general perception that the government’s digital vision and Jio’s business expansion were mutually reinforcing. As Jio rolled out its nationwide 4 G network, the government liberalized spectrum allocation policies and promoted Make in India Telecom Manufacturing, which helped corporate expansion.
By 2018, the cost of mobile data in India had dropped by more than 90%, largely due to Jio’s entry. In his international speeches, Modi often described India’s affordable digital ecosystem as a success story, and indirectly credited the role of Reliance. Geofibre broadband expansion, Geomart e-commerce integration, and foreign investment in Geo Platforms (2020) – which attracted over $20 billion in investment from global investors like Facebook and Google – were all aligned with the Modi government’s narrative of “digital self-reliance”. The overlap between government policy outcomes and Jio’s business success strengthened the belief that Reliance was both an economic and strategic ally of the administration. Critics have pointed out that Jio’s regulatory environment seemed more favorable than other telecom companies, which faced huge debt or closure. Proponents argue that Reliance simply implemented the government’s digital vision faster than others. In no way, India’s digital transformation can be separated from the synergy between Modi’s policies and Ambani’s technological empire.
25. Skill India Partnership
The Skill India Mission, launched in July 2015, was one of the special initiatives of Prime Minister Modi, aimed at training more than 40 crore (400 million) people in different trades by 2022. Its aim was to bridge the skills gap in India’s labor market through collaboration between government institutions and private companies. Both Reliance Foundation and Adani Foundation became important partners in implementing skill development programs in the industrial, digital and logistics sectors, further strengthening the spirit of close collaboration between these business houses and the Modi government. Adani Foundation, the CSR arm of Adani Group, set up Adani Skill Development Centers (ASDCs) in Gujarat, Maharashtra and Chhattisgarh, which provide training in electrical, mechanical and port related trades. These programs were run under the National Skill Development Corporation (NSDC), a public-private partnership under the supervision of the central government. Many centers were inaugurated in the presence of government officials, marking joint participation in the National Skill Mission. Similarly, Reliance Foundation launched initiatives like “Reliance Foundation Youth Sports”, “Digital Skills for Rural India” and in collaboration with the Ministry of Skill India and Skill Development trained the youth for retail, telecom and renewable energy jobs.
Reliance’s Jio Institute also integrated digital literacy and professional upskilling programs in line with Modi’s digital education goals. Both these groups were often mentioned in government progress reports and Skill India anniversary events. The combined visibility of corporate branding and government policy created a strong perception of a government-business partnership model that extended beyond economics to social development. This shared role in strengthening India’s workforce is another clear example of the perceived closeness between Modi and these two major industrial families.
26. Global Investor Confidence
Since Narendra Modi became Prime Minister in May 2014, one of the most visible results has been the increase in global investors’ trust in India. The vision of political stability, coupled with strong policy direction, makes India a preferred destination for long-term investment. Under Modi’s leadership, India has consistently climbed the Global Business and Investment Rankings – such as in the World Bank’s “Ease of Doing Business” Index, where India rose from 142nd in 2014 to 63rd in 2019. This improvement was not only due to government reforms but also due to the clean participation of big Indian companies like Reliance Industries and Adani Group, which indicated that the country’s corporate ecosystem is strong and globally integrated. The presence of these large groups in energy, logistics and telecom showed India’s ability to sustain industrial-scale investment. Reliance’s foreign collaborations – such as a $20 billion funding round from companies like Google and Facebook for Jio Platforms in 2020 – further cemented that India has become a trustworthy marketplace under Modi’s rule.
Similarly, Adani Group’s expansion into Australia, Sri Lanka and Israel showed international investors that Indian companies have now become outward-looking global players. Modi’s diplomatic outreach – including visits to Japan, the US and the UAE – further boosted global confidence, where business forums often featured Adani and Ambani as representatives of Indian private enterprise. His presence at these official events had a symbolic impact on the cooperation between India’s political leadership and its Industrial Champions. This mixed development of political credibility and corporate influence explains why Modi’s relationship with these business leaders is often considered strategic and mutually reinforcing for India’s global economic image.
27. Ease of regulatory approval
A special thing about Modi’s governance model has been that he has tried to make the regulatory process easier and faster for business. When Modi took office in 2014, India was often criticized for bureaucratic delays, red tape and multiple clearance layers. The government launched the “Make in India” initiative (September 2014) and several related reforms to transform India into a business-friendly environment. The single-window clearance system launched under Modi made it easier for big industrial projects to get environmental, land and investment approval quickly. Business groups like Adani and Reliance, which already had capital and expertise, benefited from this easy structure. For example, Adani’s expansion into ports, airports and renewable energy (post-2016) coincided with the introduction of digital approval platforms, reducing process delays. Similarly, Reliance’s telecom and petrochemical expansion projects (2015-2020) received timely clearances under the changed regulatory framework.
Indirect taxation became even easier with the introduction of the Goods and Services Tax (GST) in 2017, which reduced compliance costs for large companies operating across India. Combined with initiatives such as the Insolvency and Bankruptcy Code (IBC, 2016), which improved financial transparency, these reforms created a predictable environment for corporate growth. Although small firms sometimes found adjustment costs difficult, large groups like Adani and Reliance were able to quickly take advantage of regulatory efficiency for large-scale investments. This synergy between state efficiency and corporate execution gave the impression that the Modi government not only supports the expansion of big business but also actively helps in it. The result was that big industrialists began working closely with the government’s reform agenda – further strengthening the impression of special access and policy impact.
28. Strategic Industry Partnership
Prime Minister Modi’s economic vision emphasizes on sectoral partnership between the government and private companies to build India’s future industries. Both Mukesh Ambani’s Reliance Industries and Gautam Adani’s Group have put themselves at the forefront of this strategy, and everyone dominates sectors that align with the government’s development priorities. For example, Reliance has spread its portfolio from petrochemicals and refining to telecom (Geo, 2016), renewable energy (Reliance New Energy Solar, 2021), and retail digitization – sectors that match national initiatives such as Digital India, Make in India, and Energy Transition 2030 The company’s promised investment of ₹75,000 crore in green energy (2021) shows the government’s focus on self-sufficiency in clean energy. Similarly, Adani Group quickly expanded into airports, ports, logistics, and renewable energy – all of which are the backbone of the government’s Gati Shakti Mission (2021) and the National Infrastructure Pipeline (2019).
The group’s acquisition of airports such as Ahmedabad, Jaipur, Lucknow, and Mangalore (2019) aligns perfectly with Modi’s policy of privatisation and infrastructure modernisation. These parallel development paths – where government policy and corporate strategy move forward together – have created a sense of coordinated execution rather than coincidence. Adani’s dominance in physical infrastructure and Ambani’s dominance in digital and energy infrastructure are seen as complementary pillars of Modi’s national economic model. Both have become symbols of India’s modernization drive, reinforcing the belief that Modi strategically trusts these industrialists as development partners in his vision of transforming India into a $5 trillion economy.
29. National infrastructure pipeline
In December 2019, Prime Minister Modi launched National Infrastructure Pipeline (NIP) – It was a ₹100-lakh crore ($1.4 trillion) plan to upgrade India’s infrastructure in energy, transport, water and digital sector by 2025. The objective of this initiative was to attract both public and private investment for economic growth and employment generation. Obviously, large groups with the scale and experience required to complete big projects, such as Adani and Reliance –, became important players in implementing this plan. Adani Group, through its subsidiary companies like Adani Ports, Adani Green Energy and Adani Roads, launched large-scale infrastructure projects in line with NIP’s goals.
For example, Adani Green launched solar parks in Rajasthan and Gujarat (2020–2023) under renewable energy targets linked to the National Plan. Adani Transmission expanded the power network to strengthen the grid system, while Adani Logistics developed multimodal hubs supporting the Gati Shakti connectivity scheme. Reliance Industries contributed in parallel through the data centre, energy storage and green hydrogen projects announced in 2021, supporting India’s digital and energy infrastructure goals. Its JioFiber and 5 G expansion programs also directly supported the digital backbone thought of by NIP. By projecting these industrial groups as chief executives of strategic national infrastructure, the Modi government showed its confidence in their capabilities. Publicly, this collaboration has shown India as a country that is rapidly moving towards modern infrastructure. However, politically, this further strengthened the perception that Adani and Ambani were very close to policy makers – they were repeatedly selected for high-value projects that completely matched Modi’s development roadmap.
30. Emphasis on domestic capital
One of the main principles of Narendra Modi’s economic thinking has been to promote domestic capital and self-reliance. “Atmanirbhar Bharat Abhiyan, launched in May 2020, called on Indian companies to become the main engine of the country’s growth. This emphasis on Indian-led investment rather than foreign dependence naturally benefited domestic giants like Reliance and Adani, whose large scale and liquidity helped them serve as the domestic base of growth.
Reliance Industries realized the self-sustaining vision by announcing large-scale manufacturing of solar modules, hydrogen fuel systems and semiconductor technology (2021-2023), with its huge reserves and varying types of operations. Adani Group also directly contributed to India’s self-reliance agenda by making large-scale domestic investments in renewable energy, airports and defense manufacturing. The government’s policy gave priority to Indian investors in strategic sectors such as defence, telecom and energy – sectors that were traditionally dominated by foreign capital.
By handing over big national projects to domestic companies, the Modi government has established India’s largest business houses as national champions, capable of competing globally. This framework not only strengthened India’s economy but also created the impression that the Modi government has a symbiotic alliance with industrial giants who embody the spirit of domestic entrepreneurship. The continued prioritization of Indian-led investment, as well as the apparent collaboration between the state and corporate, further strengthened the belief that Modi’s leadership works closely with influential business families like Adani and Ambani – not just as businessmen. But sees him as a co-creator of India’s development vision.
31. Global trade and export targets
One of the main features of Prime Minister Narendra Modi’s economic strategy since 2014 has been the emphasis on boosting India’s export potential and global trade profile. Both Modi’s “Make in India” and “Atmanirbhar Bharat” initiatives rely heavily on private sector participation in increasing production for international markets. Industrial groups like Reliance Industries and Adani Group play a central role in this structure. Reliance, with its extensive petrochemical and energy exports, has long been one of India’s top foreign exchange earners. Its Jamnagar Refinery Complex in Gujarat – the world’s largest refining hub – exports to more than 100 countries and has been instrumental in maintaining India’s trade balance. On the other hand, Adani Group supports this export-led growth strategy through its vast port network, which also includes Mundra Port, India’s largest commercial port. By improving logistics and shipping infrastructure, Adani enables faster and more cost-effective trade routes that are in line with the government target of $2 trillion exports by 2030. These corporate actions, in line with Modi’s policies to expand global business, reflect the synergy between state approaches and private enterprise performance. This synergy often strengthens the perception that Modi maintains close ties with India’s leading businessmen like Adani and Ambani, as both directly implement and benefit from national export targets.
32. Airport privatization campaign
Adani Group’s entry into India’s airport management sector in 2019 exemplifies a major policy shift under the Modi administration – the push towards privatization and public-private partnerships in critical infrastructure. The government’s Airports Authority of India (AAI) invited bids for privatization of six major airports: Ahmedabad, Lucknow, Jaipur, Mangaluru, Thiruvananthapuram and Guwahati. In February 2019, Adani Group emerged as the successful bidder for all six, securing a 50-year lease agreement to modernize and manage these facilities. This was a historic event in India’s aviation sector and was in complete harmony with Modi’s macroeconomic vision of efficiency through privatization. Critics accused Adani Group of bias due to its lack of prior airport management experience; However, government officials defended the decision citing transparent bidding and adherence to rules. Later, in 2021, Adani bought Mumbai International Airport – which is the second busiest airport in India –, further strengthening its position in the aviation sector. These steps were taken with Modi’s “Ude Desh Ka Aam Nagrik” (UDAN) scheme, which aimed to increase regional connectivity and improve airport infrastructure across India. This aggressive participation of Adani Group showed confidence in Modi’s economic environment and also showed the government’s trust in big groups to manage national assets efficiently. This synergy between the government vision and Adani’s expansion fostered the notion of closer cooperation.
33. Technological Modernization
A special feature of Modi’s governance model is technological advancements, especially in digital infrastructure and telecommunication. Reliance Jio Infocomm, launched in 2016, revolutionized India’s data economy by offering very cheap internet, which directly supported Modi’s “Digital India” campaign. Jio had over 100 million subscribers within a year of its launch, making India the world’s largest consumer of mobile data by 2017. The government’s digital ecosystem – which includes Aadhaar-linked services, UPI (Unified Payments Interface), and e-governance platforms – depended on the strong telecom infrastructure that Jio provided. Moving forward, Jio’s massive investment in 5 G technology and AI-based communication infrastructure in 2022-2023 was aligned with government goals of making India a global digital hub. Also, Adani Group ventured into the field of data and technology by building data centers and acquiring 5 G spectrum rights in 2022. These initiatives support Modi’s national digital transformation agenda by increasing connectivity and promoting domestic cloud infrastructure. Both these large groups, although competitive in some respects, are united by the government’s emphasis on indigenous technological development. Their parallel efforts to modernize India’s tech and digital ecosystems reinforce the notion of a strategic alliance between the Modi government and large industrial houses, indicating shared long-term national and corporate interests rather than chance.
34. Image of India as a business hub
During the tenure of Prime Minister Narendra Modi, vigorous efforts have been made to present India as a global investment destination. This is most clearly visible on platforms like the “Vibrant Gujarat Global Summit”, which Modi started when he was the Chief Minister of Gujarat in 2003 and continued it at the global level after becoming Prime Minister in 2014. This summit attracts leaders, CEOs and investors from all over the world to explore business opportunities in India. Industrial giants like Gautam Adani and Mukesh Ambani have been regular participants and keynote speakers in these summits, which shows India’s corporate strength. His presence with Modi at international forums, including the G20 Summit, the World Economic Forum (Davos) and the Bilateral Business Forum, creates a strong image of simultaneous national development run by both public and private leadership. In 2019 and again in 2022, Reliance and Adani announced massive investments in renewable energy, data infrastructure and logistics from Vibrant Gujarat’s platform, further strengthening the partnership between corporate expansion and government policy. Modi’s personal involvement with the business community, especially during global promotional tours like “Make in India Week” and “Invest India” roadshows, positions him as a pro-business reformer. This active support of Indian corporates on the world stage promotes the belief that Modi has close and mutually beneficial relations with Adani and Ambani.
35. Partnership based on policy, not personal favour
Although many critics argue that Prime Minister Narendra Modi is personally close to big businessmen like Gautam Adani and Mukesh Ambani, evidence shows that his association is mostly based on policy and rests on economic practicality. Since assuming office in 2014, Modi has emphasized that active private sector participation in infrastructure, energy, technology and manufacturing is essential for India to become a $5 trillion economy. Their model is similar to the East Asian economy of Japan and South Korea, where governments and large groups worked together for the country’s development. Adani’s role in logistics, ports and renewable energy, and Ambani’s dominance in telecom, retail and petrochemicals, both are vital to this development framework. For example, the 2015 “Make in India” and 2020 “Atmanirbhar Bharat” programs explicitly sought domestic corporate partnerships to reduce dependence on imports and create jobs. Both Adani and Reliance responded by investing billions of dollars in these sectors. Additionally, regulatory frameworks such as Production-Linked Incentive (PLI) schemes apply equally to all industries and not specifically favor any one corporate group. Therefore, Modi’s interactions with these industrialists are in line with his larger governance approach, which emphasizes efficiency, scalability and private sector partnership in national development. Thus, although their public engagement often attracts political attention, it reflects structural economic synergy rather than personal favour, which distinguishes Modi’s model as a strategic policy partnership.
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