Discussion in Parliament over the Adani affair will help the Government rather than the Opposition

The free fall of Adani scrips, which began after the US short-seller Hindenburg Research’s report last week, continued on Friday. Bad news for the group continues to pour in; S&P Dow Jones Indices on Thursday removed Adani Enterprises shares from the Dow Jones Sustainability Indices. This, S&P Dow Jones Indices, said was “triggered by allegations of stock manipulation and accounting fraud.” The carnage on Dalal Street found its resonance in Parliament. With the Opposition determined to have a discussion on the Adani Group, proceedings of the Budget Session were disrupted on the fourth day on Friday. While Rajya Sabha Chairman Jagdeep Dhankar adjourned the House for the first half of the day, in the Lok Sabha too the proceedings were adjourned till 2 pm. On Thursday also both Houses got adjourned for the day amid shouting by Opposition members. They wanted discussions over the allegations of fraud by the Adani Group. The issue seems to have united the Opposition, with Congress president Mallikarjun Kharge seeking an investigation into the mater either by a Joint Parliament Committee or a CJI-appointed panel. Neither the presiding officers of the two Houses nor the Government seems inclined towards a debate. Kharge is reported to meet the floor leaders of Opposition parties in his chamber on Friday. Evidently, the parties against the Bharatiya Janata Party scent an opportunity to launch a serious attack on it.

So far, the Opposition has not been able to hurt or even badly embarrass the BJP or its Government at the Centre. Anti-BJP leaders have said a lot of bad things about Prime Minister Narendra Modi, the ruling party, and the saffron bodies seen aligned with the regime; the Government is flayed, rightly, over its inability to generate jobs; high oil prices and soaring inflation last year also attracted a great deal of criticism; allegations of cronyism are made routinely against the Government. But all the criticisms are just water off a duck’s back; nothing sticks. This time, it may be different—this seems to be the idea that is animating the Opposition. The Government would be well-advised to let discussions happen over the subject; this will help the Government rather than the Opposition, for it would be able to easily deflect the charges of favouritism. This will also deprive the Opposition of the opportunity to say that the Government is fearful of discussing the issue involving a controversial tycoon. Second, this will send across a good signal to the public, investors, and the corporate sector that the Government is concerned about the capital market. Third, meaning discussions, if they take place in Parliament, can also throw up ideas that would strengthen the functioning of the stock market. Finally, this will strengthen our system, for good debates in Parliament are the soul of democracy. And when democracy is strengthened, it is a win-win situation for all parties.