Washington, May 22: Indian-American business leaders and policy experts welcomed the closure of the case against the Adani Group in the United States on Friday. They assert that the case fell outside the jurisdiction of U.S. law and lacked solid evidence of wrongdoing.
In conversations with news agencies, they expressed optimism that this decision would revitalize India-U.S. economic relations and boost investor confidence in Indian companies operating globally.
Dr. Mukesh Aghi, President and CEO of the U.S.-India Strategic Partnership Forum, stated that the India-U.S. relationship is critically important both strategically and economically. He emphasized the need to resolve the Adani Group-related case to facilitate easier access for Indian companies to international capital markets.
“When you examine this case, it was entirely outside the jurisdiction of U.S. law. Therefore, we were surprised that it was directed at an Indian company,” Aghi noted.
He further added, “Moreover, there was no evidence of bribery. Only some assumptions were made, and one cannot proceed based solely on conjecture without solid proof.”
Aghi highlighted that the most crucial aspect is that no investor, particularly American investors, lost any money. He believes that the U.S. Justice Department’s decision was correct and will help steer the relationship between the two countries back in the right direction.
Echoing similar sentiments, Ajay Jain Bhutoria, a Democratic leader who served as an advisor in former President Joe Biden’s White House, remarked that the prosecution ultimately failed to substantiate its claims.
“I cannot say whether the case was politically motivated or not, as it was an ongoing judicial matter. However, the prosecutors could not prove their allegations, and they lacked sufficient evidence to advance the case,” Bhutoria stated.
He added, “For years, the MAGA movement has propagated a narrow mindset that India and Indian-Americans are taking American jobs through systems like the H-1B visa. However, the Adani Group’s $10 billion investment completely shatters this misconception.”
Bhutoria concluded that this development would significantly alter perceptions of the Indian corporate sector in the U.S., demonstrating that Indian capital could become one of the key drivers of domestic economic growth in America.
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