The people of India deserve answers, and they deserve leadership that upholds the values of honesty, transparency, and accountability. It is time for Modi to prove that his anti-corruption stance was not just an electoral slogan, but a guiding principle for his governance
In 2014, when Narendra Modi was sworn in as the Prime Minister of India, his rise to the country’s highest office was accompanied by a firm promise to end corruption. Modi’s bold declaration—”Na khaoonga, na khane doonga” (neither will I indulge in corruption, nor allow anyone else to indulge in it)—resonated with millions of Indians fed up with systemic corruption and graft. This promise, combined with his image as a strong, decisive leader, catapulted Modi and his Bharatiya Janata Party (BJP) to victory.
However, more than a decade later, critics argue that Modi’s tenure has been marked not by a reduction in corruption, but by a culture of selective governance where perceived favoritism, lack of transparency, and the alleged shielding of corrupt officials have become the new normal. Several political parties and civil society organizations have raised concerns about the government’s inaction in addressing corruption among those close to power. These concerns raise questions about whether Modi has truly lived up to his promise.
Allegations of Favoritism and Billionaire Connections
Since his rise to power, opposition parties have frequently accused Modi of maintaining close relationships with a select group of billionaires in India. The most notable of these names include industrialists like Gautam Adani and Mukesh Ambani, whose businesses have grown exponentially during Modi’s tenure. The opposition alleges that these businessmen have benefited from government policies that favor their interests, enabling them to amass wealth and power while ordinary Indians struggle with economic difficulties.
While there is no concrete evidence directly linking Modi to any wrongdoing, the opposition claims that the use of state resources has primarily benefited these billionaires, with little regard for equitable economic growth. A key example cited is the meteoric rise of the Adani Group, which has expanded its reach into various industries, including airports, ports, and energy, during Modi’s tenure. These claims of crony capitalism have fueled criticism of Modi’s leadership, with detractors arguing that his anti-corruption rhetoric now rings hollow.
Allegations of Suppressing Dissent and Misusing Investigative Agencies
Another significant criticism leveled against Modi is the alleged misuse of investigative agencies such as the Central Bureau of Investigation (CBI), the Enforcement Directorate (ED), and the Income Tax Department to target political rivals. Opposition leaders, including Congress’s Rahul Gandhi, Trinamool Congress’s Mamata Banerjee, and Aam Aadmi Party’s Arvind Kejriwal, have frequently accused the government of using these agencies as political tools to suppress dissent.
These agencies have been accused of disproportionately targeting leaders from opposition parties while turning a blind eye to corruption and irregularities involving those aligned with the ruling BJP. For example, in 2023, Rahul Gandhi was disqualified from parliament after being convicted of defamation, a move widely seen as politically motivated. Similarly, leaders like Delhi’s chief minister Arvind Kejriwal, and deputy chief minister Manish Sisodia have been arrested on corruption charges that their parties argue are baseless and a form of political vendetta.
Beyond political figures, civil society movements have also faced government suppression. The 2020-2021 farmers’ protest, one of the largest in India’s history, saw sustained opposition to three farm laws that many argued favored corporate interests over the rights of small farmers. Despite peaceful protests by millions, the government’s response was often heavy-handed, with crackdowns, internet shutdowns, and the branding of protestors as anti-national. Similar concerns arose with the wrestlers’ protest in 2023, when athletes demanded action against the Wrestling Federation of India’s chief, who faced allegations of sexual exploitation. His connections to the BJP were seen as a reason for the delayed response and lack of government action.
The Treatment of Minorities
Modi’s government has also come under intense scrutiny for its treatment of religious minorities, particularly Muslims. The rise of Hindu nationalism under the BJP’s leadership has coincided with a series of violent incidents and discriminatory policies that have marginalized Muslim communities. From mob lynchings over allegations of cow slaughter to the revocation of Jammu and Kashmir’s special status, critics argue that Modi’s government has enabled a climate of intolerance and hate.
According to a report by Human Rights Watch, there has been a marked increase in hate crimes and physical violence against Muslims since 2014. Although Modi has condemned some of these attacks in public statements, his government has been accused of turning a blind eye to those responsible, many of whom belong to right-wing Hindu groups.
SEBI Chairperson Controversy: A Symptom of Deeper Corruption?
Perhaps the most striking example of perceived complicity between the government and its favored officials is the recent controversy surrounding the Securities and Exchange Board of India (SEBI) Chairperson, Madhabi Puri Buch. SEBI is tasked with regulating India’s $5.54 trillion stock market, a key driver of the nation’s economic growth. As such, the integrity of the SEBI Chairperson is paramount to safeguarding the interests of investors and ensuring transparency in the market.
Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI), has been embroiled in multiple allegations centered around conflict of interest and potential breaches of regulatory policies. These claims, although denied by Buch, raise significant concerns about her impartiality and adherence to SEBI’s ethical standards.
One of the most serious allegations involves her financial ties to ICICI Bank, where she previously held executive roles. The Congress Party has accused Buch of receiving substantial benefits from ICICI Bank, including salary and stock options, well after her retirement in 2013. The party claimed that these payments were inconsistent in both frequency and amount, suggesting that her ongoing financial relationship with ICICI Bank may have influenced her role as the SEBI Chairperson, a position that requires impartial regulation of the financial markets. ICICI Bank, however, has denied these claims, stating that any payments to Buch were part of her retirement package and not linked to her tenure at SEBI.
Further allegations have emerged from Hindenburg Research, which has accused Buch of having indirect financial interests in entities under investigation by SEBI. According to the research, Buch and her husband had stakes in consultancy firms linked to offshore funds associated with the Adani Group, which is under scrutiny for market irregularities. This raises concerns about a conflict of interest, as Buch may have had indirect financial exposure to entities she was responsible for investigating. Buch has denied these allegations, asserting that she had fully disclosed her holdings and that the firms were managed by her husband post his retirement.
Another critical issue is Buch’s continued association with Agora Advisory, a consultancy firm in which she held a 99% stake even during her tenure with SEBI. Although she claimed that her shares were transferred to her husband in 2022, public records indicate that she still had financial ties to the firm until at least 2024. This situation has led to allegations of breaching SEBI’s 2008 policy that prohibits officials from earning income from professional activities outside of their regulatory roles. Critics, including former SEBI officials, have voiced concerns over this arrangement, labeling it a serious breach of regulatory ethics.
These controversies have led to increasing calls for Buch’s resignation, although her defenders, including some in the government, have dismissed the allegations as politically motivated. Nonetheless, these issues raise critical questions about transparency, governance, and the independence of India’s financial market regulator. Despite the serious nature of these allegations, the government has remained conspicuously silent.
What is particularly troubling is that the appointment of the SEBI Chairperson is directly overseen by the Prime Minister and the Home Minister. Critics argue that the silence from Modi, Finance Minister Nirmala Sitharaman, and Home Minister Amit Shah on the matter speaks volumes about the lack of accountability in the government. Opposition leaders have demanded an explanation and called for Buch’s removal if the allegations are substantiated, yet no action has been taken.
This controversy has raised questions about the Modi government’s commitment to its own anti-corruption promises. If the person responsible for overseeing the stock market—arguably one of the most critical institutions in the country—can be implicated in corruption and misconduct, what does this say about the state of governance in India?
Modi’s Hollow Promise: “Na Khaoonga, Na Khane Doonga”
(Watch https://youtu.be/oHo4-Km5OGY)
While Modi’s anti-corruption rhetoric was a key pillar of his 2014 and 2019 election campaigns, the realities of his governance tell a different story. From allegations of crony capitalism and selective justice to the suppression of dissent and questionable appointments, it appears that Modi’s promise of “na khaoonga, na khane doonga” has become a distant memory.
Opposition leaders like Rahul Gandhi have repeatedly called on Modi to “come clean” on these issues. They argue that the government’s failure to address allegations of corruption and favoritism undermines the very foundation of Indian democracy. Meanwhile, civil society organizations and ordinary citizens are increasingly demanding transparency and accountability from a government that promised to end corruption but now seems to protect its own.
Prime Minister Modi faces a critical test. If he truly believes in his promise of rooting out corruption, he must act decisively—not just against political opponents, but also against those within his own government and the bureaucratic machinery. The people of India deserve answers, and they deserve leadership that upholds the values of honesty, transparency, and accountability. It is time for Modi to prove that his anti-corruption stance was not just an electoral slogan, but a guiding principle for his governance.
(With inputs from agencies and newspapers)
(The author is editor of The Indian Panorama. He can be reached at salujaindra@gmail.com)