Gautam Adani, as soon as the third richest man on this planet, misplaced $58 billion of his wealth lower than per week after an American monetary analysis agency revealed a report the accused its India-based power conglomerate to drag off the “largest rip-off in company historical past” and shorted Adani Group shares.

Since then, Adani’s shut ties to Indian Prime Minister Narendra Modi have come underneath scrutiny, placing Modi in a tough place. A few of the strongest criticism got here from hedge fund mogul and billionaire investor George Soros, who alleged the Adani debacle would weaken Modi’s grip on Indiapaving the way in which for a “democratic renewal”.

Now a senior authorities minister has responded to fend off criticism – and on Soros, as a international investor, specifically.

Indian Overseas Minister Subrahmanyam Jaishankar criticized Soros’ remarks at an power convention in Sydney on Saturday, dismissing his views on the nation and the results of Modi’s curious ties to Adani.

“He is outdated, wealthy, opinionated and harmful,” Jaishankar mentioned of Soros. “What occurs is when such individuals, such views and such organizations really make investments sources in shaping the narratives.”

Soros’ feedback on Modi and Adani got here at Munich safety convention final week, the place he accused Modi of not being a “democrat” even being the chief of a democratic nation like India. He additionally defined how tight-lipped Modi had been about Adani’s collapse, which might undermine his energy at authorities degree and finally result in “much-needed institutional reform”.

“Modi and enterprise tycoon Adani are shut allies; their destiny is linked. Adani Enterprises tried to boost cash on the inventory change, however it failed,” Soros mentioned.

Requested about Soros’ prediction that Modi’s position would weaken in India, Jaishankar mentioned individuals like Soros consider their definition and opinions are above all else, reflecting a ‘Euro-Atlantic view’. typical the place Western nations are the dominant powers.

“Individuals like him suppose an election is nice if the particular person we wish to see wins. If the election offers a distinct end result, we are going to really say it’s a flawed democracy,” Jaishankar mentioned.

Indian Ministry of Exterior Affairs officers didn’t return instantly Fortunerequest for remark. George Soros couldn’t instantly be reached for remark.