• Prakash Kamaltai Gopalrao Pohare

There was a time when the East India Company raised its own army to rule India. Today, there is no need for an army. If an industrial group has direct access to the corridors of power, the time has come to ask whether India truly remains a democratic republic or is becoming a puppet in the hands of economic forces.

Today, the most significant question facing the nation is not merely about inflation, unemployment, or the plight of farmers. An even more critical issue is why India’s economy and public assets are increasingly becoming concentrated in the hands of a select few industrial groups.

This question becomes even more pressing when one examines the sequence of events over the past few years. Recently, allegations have surfaced that regulations—designed specifically to prevent any single industrial group from dominating the highly sensitive food grain storage sector—are being bypassed. Consequently, the opposition is criticizing the situation, arguing that this has paved the way for the Gautam Adani Group to gain control over a major portion of the country’s food grain storage infrastructure.

Food grains are not merely commodities for trade; they form the foundation of the nation’s food security. In times of famine, war, natural disasters, or soaring prices, food grain reserves serve as the ultimate safety net for the public. Consequently, if competition in this sector is eliminated to establish a monopoly, the issue transcends economics and becomes a matter of national security. Meanwhile, according to some media reports, the Gautam Adani Group appears to be consolidating control over a vast array of sectors across several BJP-ruled states—ranging from large contracts for coal and solar power projects (covering everything from power distribution to metering) to petrol and diesel, shipping and ports, aviation, food grain storage, edible oil, cement, real estate and housing construction, education and healthcare, and various major infrastructure projects. In this context, it is natural for ordinary citizens to wonder whether free competition still exists in the country.

There is nothing wrong with an industrialist succeeding in a democratic system. However, when the boundaries between success and government policies begin to blur, it becomes the duty of citizens to ask questions. If free competition erodes and the benefits of government contracts consistently go to a select few companies and industrialists, the market system ceases to be one of capitalism and transforms into a monopoly.

In this context, the case of Jaiprakash Associates raises several serious questions. Under the insolvency process approved by the National Company Law Tribunal (NCLT), the Adani Group acquired the company’s assets with a bid of approximately `14,535 crore. Subsequently, the company’s shares were delisted from the stock market, effective June 18, 2026.

The most shocking aspect is that, as of March 31, 2026, public shareholders held a 71.23 percent stake in the company, with approximately 6.5 lakh investors associated with it. However, under the approved restructuring plan, the existing share capital was completely extinguished, and it became clear that these shareholders would not receive any form of financial compensation. From a legal standpoint, creditors are accorded priority in the bankruptcy process, while shareholders rank last; thus, this decision can be considered legally sound. However, ethical and economic questions remain. Who will take responsibility for the fact that the life savings of lakhs of small investors have been wiped out? Whose responsibility is it to maintain the confidence of ordinary investors in the capital market?

The true strength of democracy lies in the decentralization of power. When economic and political power begin to revolve around a single center—or operate at its behest—democracy weakens, and the nation drifts towards authoritarianism. History bears witness to the fact that excessive proximity between industrialists and those in power ultimately harms the public interest; the seat of power effectively becomes a puppet in the hands of such industrialists. Clear signs of this are visible in India today.

India is a nation of 1.4 billion people. It does not belong to any single political party, any single leader, or any single industrial group. All citizens should reap the benefits of the country’s resources, infrastructure, and public assets.

If control over these is becoming concentrated in the hands of a select few, then questioning that process is not anti-democratic; rather, it is an act that strengthens democracy. The issue is not about Gautam Adani. The issue concerns India’s economic future. It is about the growing concentration of economic power, and the sooner this question is raised, the better it will be for India’s democracy.

(The author is an agricultural thinker and a Public Interest Litigation petitioner.)

The author can be contacted at 9822593921.