Sr.Congress leader, and outspoken MP Jairam Ramesh says : Growing monopolization is linked to India’s shaky economic growth, unemployment crisis, and high inflation – Adani being at the centre
The outspoken senior Congress leader , former union minister and chief of the communication department of All India Congress Committee MP from Karnataka Jairam Ramesh came down heavily on the BJP led NDA government criticizing it for establishing the monopoly of the Ultra Ruch like Adani n Ambanies saying that the Firms must grow in the country, there’s no objection but at the same time the government of the day has a responsibility to ensure competition is not stifled, oligopolies or monopolies do not emerge, takeovers are free and fair, and undue advantage arising out of access to political power is not exercised.
In a tweet to substantiate his logic in this regard Jairam Ramesh wrote on his social media handle X wrote :
Aap chronology samajhiye ( You try to understand the chronology) : September 2022: Adani acquires Ambuja Cements and ACC, to become country’s 2nd largest cement player August 2023: Adani acquires Sanghi Industries, India’s largest single-location cement unit June 2024: Adani acquires Penna Cements, giving it substantial market share even in the last remaining region of South India Upcoming: Adani is exploring the acquisition of Saurashtra Cement, Vadraj Cement, and the cement business of Jaiprakash Associates. As Former RBI Deputy Governor and noted financial economist Dr. Viral Acharya established, 5 big conglomerates – including the Adani Group – are building monopolies in 40 sectors, including cement. This growing monopolization is linked to India’s shaky economic growth, unemployment crisis, and high inflation. In 2015, when a common man used to spend ₹100 on goods, ₹18 would go as profit to the business owner –– in 2021, the owner now gets ₹36 in profits. Firms must grow. Companies must expand. But at the same time, the Government has a responsibility to ensure competition is not stifled, oligopolies or monopolies do not emerge, takeovers are free and fair, and undue advantage arising out of access to political power is not exercised.
