https://vimeo.com/349428192?fbclid=IwAR3HiMAvUGZMQEpDq3i5mbRtfhqrGpJu38IdenLW7o2VTm8RkjMfN-H9TKgWhen Belmaya Nepali undertook her first public speaking engagement, at the WOW (Women of the World) Festival in Kathmandu in January 2018, she had said: “I feel proud because, despite coming from a Dalit family, where I was discriminated against in my own village, I have come so far today.” In the year since, Belmaya has come further than she could ever have imagined. Fresh from speaking at WOW Madhes in Janakpur last week, the film I Am Belmaya of which she is the subject and co-director will be shown at the Kathmandu International Mountain Film Festival (KIMFF) on 14 December. <img width="930" height="623" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108151120/636a65ae9c7e80680e05993ejpeg.jpg" alt=""/><figure><img width="893" height="502" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108151120/636a65b09c7e80680e05993fjpeg.jpg" alt=""><figcaption> </figcaption></figure>The sixth and youngest child of a poor family, Belmaya was orphaned aged nine. She missed her early schooling, ending up in a girls’ home in Pokhara. That is where I met her in 2006 when I led a photo project to encourage self-expression. Belmaya, then 13, used to eagerly grab the camera. She wanted to be a photographer, she said, to expose injustice.Just as Belmaya loved the camera, the camera loved her. Unlike many of her friends who adopted the sweet submissive front expected of adolescent girls, Belmaya couldn’t conceal her feelings. I amassed a trove of footage that revealed her fiery spirit, her spiky humour, her joy when dancing, her vulnerability the day she started menstruating.My videotapes stayed on my shelf, niggling away at me to be used in a film that would shine a light on the reality of life for so many girls and women in Nepal. It was not until 2014 that I returned to Nepal and tracked down Belmaya -- dismayed to find the youthful spark gone. Now 21, she was living in poverty with a husband and baby daughter and desperate for an opportunity to rise out of the life of servitude. <figure><img width="760" height="662" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108151120/636a65b29c7e80680e059940jpeg.jpg" alt=""><figcaption> </figcaption></figure>Belmaya grasped the chance to pick up the camera again and learn how to make films. I had been seeking a way of documenting Belmaya’s life without casting her as the passive subject of my film. And so, I set out to follow the journey of an unlikely filmmaker, and as Belmaya gained camera skills, she would play an active role in her portrayal.   <img width="823" height="1235" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108151120/636a65b59c7e80680e059941jpeg.jpg" alt="">She met opposition from her conservative husband and family as she strived for an independent voice. As she took charge of her camera the power balance shifted in more ways than one. As well as making her own graduation film, she has recorded much of the footage for my documentary, giving private, tender and eye-opening glimpses of her domestic life. Together with the teenage tapes, the result is an extraordinarily intimate window into Belmaya's world, spanning 13 years.Domestic strife and the 2015 earthquakes threatened to derail her ambitions. But she persisted and in 2017, her first film, Educate Our Daughters, a personal take on the importance of education for girls, was selected for KIMFF, along with a second film about boatwomen’s struggles in Pokhara.Educate Our Daughters went on to be selected for prestigious festivals in Toronto, Chicago and the UK. I Am Belmaya screens at 1pm on Saturday 14 December at KIMFFCity Hall, KathmanduQ&amp;A with Sue Carpenter and Belmaya Nepali. <a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://belmaya.com/" target="_blank" rel="noopener noreferrer">w</a><a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://belmaya.com/" target="_blank" rel="noopener noreferrer">ww.belmaya.com</a>

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I Am Belmaya

Nepal has shut down dozens of social media platforms in a move that is widely seen as an effort to tax the revenue they generate in the country, and to control content critical of government. The sites were blocked as of midnight on Thursday, 4 September and affects all Meta products including WhatsApp and Messenger, Threads, and others. Although YouTube, Google and X are also on the government’s list, they were still working as of Friday midday.&nbsp; The government says it took the action after repeated warnings to the platforms to open offices in Nepal, a Cabinet decision last month setting a deadline, as well as a 17 August Supreme Court ruling also requiring them to register and pay requisite taxes. However, the Bill cited in the ban, ‘The Operation, Use, and Regulation of Social Media in Nepal’ has not yet been passed by Parliament. Some social media platforms which were already paying taxes in Nepal even though they are not officially registered, have also been blocked. The move is the latest in <a href="https://nepalitimes.com/news/big-beautiful-bills" target="_blank">a slew of draft legislations</a> designed to undermine Nepal’s open society. A Bill amending the Print and Publications Act would allow district bureaucrats to shut down media. Another draft Bill would allow political appointees to head a new Media Council with the power to revoke the licenses of journalists.&nbsp; A counter-intelligence Bill would let just about anyone in government to arbitrarily tap phones, read emails and trail citizens. On Wednesday the government announced new immigration requirements that would allow it to track the movement of all foreigners in the country. Yet another draft Bill has been set to Parliament to dissolve the <a href="https://archive.nepalitimes.com/news.php?id=10675" target="_blank">Social Welfare Council (SWC)</a> and move registration and monitoring of non-governmental organisations, nonprofits and charities to the Ministry of Social Welfare. Seen in this light, the blockage of social media platforms this week is seen as the latest government attempt to constrict freedom of press. Nepal is one of the few remaining open societies in Asia, and now appears to be drifting towards authoritarianism. The government’s sudden shutdown of social media has been greeted with howls of protest on platforms that still remain open, like Viber and TikTok, as well as in Nepal’s mainstream press. Even senior members of the ruling UML-NC coalition have sharply criticised the move, asking if the government is trying to “turn Nepal into North Korea”.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025090508098_a2ab330e403e8418a7006cd5e915607382628dd6984524332bf7b99c74743656.jpg" data-media-id="editor_2" data-image-id="2025090508098_a2ab330e403e8418a7006cd5e915607382628dd6984524332bf7b99c74743656" data-rendition-name="original" width="4280" height="5187" loading="lazy" alt="social media ban in Nepal"> </figure>  The Regional Director of the New York-based Committee to Protect Journalists (CPJ) Beh Lih Yi said in a statement: ‘Nepal’s sweeping ban on social media sets a dangerous precedent for press freedom. Blocking online news platforms vital to journalists will undermine reporting and the public’s right to information. The government must immediately rescind this order and restore access to social media platforms, which are essential tools for exercising press freedom.’ Besides undermining press freedom, blocking social media platforms will also hurt commerce and the economy since so many small and medium business trade through Instagram, Facebook and other platforms. Nepal’s vibrant social media has also been a boost or citizens to assert identity, build solidarity against injustice and play an adversarial role when the mainstream media does not do it. Social media platforms have also become the tenuous link for Nepali families scattered across the world to keep in touch with each other — its importance growing with the increasing size of the diaspora. The government wants social media platforms to register, pay taxes and remove posts on their sites that ‘undermine the national interest and Nepal’s territorial integrity, disturb social and religious harmony’.&nbsp; In response, rights activists have said while there is need for the government to regulate extreme content and hate speech, officials appear to be more intent on clamping down on free speech and trying to force platforms to share the revenue. On Friday, the government had allowed WhatsApp back online, but there were reports that it had instructed the Nepal Telecommunication Authority (NTA) to instruct mobile and internet service providers to block by Friday night all platforms, including Facebook, Instagram, Messenger, WhatsApp, X (Twitter), YouTube, LinkedIn, Reddit, Threads, Snapchat, Pinterest, Signal, Clubhouse, Rumble.&nbsp; Platforms that have registered and are allowed include TikTok, Viber, Nimbuzz, Popo Live, WeTalk, Global Diary and the Nepali portal Hamro Patro. TikTok was banned last year for ‘disturbing social harmony’ and it was lifted after the platform registered its office in Nepal. But even while it was banned, many users simply switched to VPN. Telegram was also banned for ‘financial crimes’ and it has since also been allowed back. NTA officials confirmed that some Asia-Pacific regional offices of platforms, including Meta had been in touch overnight inquiring about the registration process.&nbsp; Nepal is not alone in regulating social media. China bans most Western platforms, Russia and Turkey regulate their and require platforms to locate their data servers in the country. Gulf countries allow social media but keep a tight control on dissent.&nbsp; Experts have said even the government will not dare close down YouTube since so many Nepali individuals and companies make money with posts on that platform, and closing it would also impact on Google and Gmail. Facebook had also just launched a monetisation scheme for videos and reels, and Nepalis uploading content would lose revenue.&nbsp; Blocking the platforms has already hit content creators, influencers and cut small businesses from reaching customers. A survey of social media use in Nepal by Sharecast Initiative showed that 94% of those with smart phones used YouTube, followed by Facebook (92%) while TikTok was in the 50-60% range. X and Instagram were in the single digits. A YouTube ban will also hurt the mainstream media since up to 20% of the revenue of Nepal’s main tv channels came through YouTube. Some 11.1 million Nepalis watch YouTube content every day, the survey showed. ‘For global giants like Meta or Google, Nepal is a small market, and they may not even flinch — but for millions of Nepalis, these platforms are central to daily life, livelihoods, and connections across the world,’ wrote AI consultant Naresh Newar in a LinkedIn post. Some experts said the government’s sweeping ban on social media networks was untenable and the government would be forced to rollback sooner or later. Said editor Shiva Gaunle: “The platforms had given citizens a voice and broken the monopoly of the government, legislators, the courts and journalists over public opinion. This is an effort to reassert that monopoly, but Nepal can never be turned into a North Korea.”

Protest grows against Nepal’s social media ban

Unlike many countries, there is not much incentive in Nepal for the private sector to fund charities and non-profits. Donations and grants are not tax-deductible.
Yet there are corporate entities that have Corporate Social Responsibility (CSR) in their portfolio of activities through foundations that they have set up. Some do it loudly to gain public relations mileage, while others are quiet about their <a href="https://nepalitimes.com/opinion/comment/norway-supports-himalayan-climate-research?mdrv=www.nepalitimes.com&amp;=1">generous support</a>.
The CSR outlay of factories and manufacturing companies is regulated by Industrial Enterprise Act (IEA), while the Nepal Rastra Bank oversees grants banks and financial institutions contribute and requires them to set aside 1% of their net profit for CSR activities.
The guideline requires banks and financial institutions to donate to activities covering education, health, environment and financial literacy, among others. Recently, the Supreme Court directed the government to formulate a Bill in the parliament to standardise and regulate the private sector’s CSR activities.
“We receive guidelines from Nepal Rastra Bank and follow them,” says Pranisha Shrestha who heads the CSR Department at NMB Bank. “We have got a notice about updates on those guidelines, and we will adapt accordingly.”
<a href="https://nepalitimes.com/news/greening-nepal-s-tourism">Environmental sustainability </a>is one of the important components of CSR for Nepali companies, and there have been many initiatives aimed at urban renewal. One of the most visible is of the telecommunication company Ncell, which is among Nepal’s largest taxpayers.
Five years ago, Ncell adopted a 6km stretch of the Ring Road from Ekantakuna to Koteswor-Kalanki, planting 12,000 saplings. They have now grown into<a href="https://nepalitimes.com/opinion/seeing-the-forest-and-trees-in-nepal"> a thick forest</a> along the embankment of the road.
Not only is the lush greenery in an overbuilt part of Lalitpur soothing to the eye, it also helps in reducing temperature within <a href="https://nepalitimes.com/news/in-the-heat-of-the-moment-5xcycyot">the urban heat bubble</a>, and also contributes to reducing air pollution and traffic noise.
“We started a pilot project along 600m of the Ekantakuna section of the Ring Road during the pandemic,” recalls Bishakha Lakshmi Khadka, Director of Corporate Communications and Sustainability at Ncell. “It went really well, and after that we extended the<a href="https://nepalitimes.com/here-now/saving-cities-with-trees"> tree planting</a> and upkeep to Kalanki.”
Sustainability also means making younger Nepalis aware of <a href="https://nepalitimes.com/banner/natures-fragile-gift-to-nepal">the value of nature </a>and environmental sustainability, which is why Ncell has also undertaken a Green School initiative in and around Kathmandu Valley. Besides its One-Tree-One-Youth and 1 Million Trees campaigns, the initiative also aims at behavior change about littering with its waste hackathon in schools.
“The young students can be catalysts with a multiplier effect beyond their schools to society at large, and it has inter-generational impact into the future,” explains Khadka.
Indeed, while <a href="https://nepalitimes.com/banner/tree-mendous">Nepal has doubled its forest cover </a>in the past 30 years to 46% of the country’s area, urban centres like Kathmandu do not have much open spaces and greenery left. And that is where companies like Ncell, Jawalakhel Group of Industries, and others have focused on CSRs.
NMB Bank also runs financial literacy programs for youth where they can learn more about social media safeguards, digital payment systems, with a focus on safety and security. Such training not only helps build skills for the future but also protects young Nepalis from online crime.
“<a href="https://nepalitimes.com/opinion/protecting-children-from-anti-social-media">Threats to young minds through social media</a> use are growing as platforms feed algorithm-driven content,” says Shrestha. “We felt media and digital literacy are important in all seven provinces not just to protect young people, but also give them the confidence to use digital financial systems.”
The bank has a special focus on women in leadership programs, and provides scholarships provided in schools across Nepal on environment and sustainability in higher education. Health is another sector where private companies have worked with donating medical equipment, sponsoring health camps and conducting blood donation drives.
CSR or PR?
Other companies heavily involved in CSR include NIMB Bank which contributes to heritage conservation and education, Buddha Air helps farmers in Morang to increase productivity, VOITH with its motto ‘Little things We Do’ provides scholarships to students and has gifted &nbsp;vehicles to hospitals and nature conservation groups, Dwarika’s Hotel promotes organic farming and zero waste initiatives, heritage conservation and helps revive traditional handicrafts.
Although some CSR activities have been criticised for masquerading as PR and for greenwashing, many Nepali companies are actually contributing to improve the situation for individuals in need and underserved communities.
It also brings a sense of accountability to the corporate sector so they look beyond shareholder profit with greater involvement in the public good. In Nepal, where government delivery mechanisms are not up to speed in the social sector and environmental sustainability, CSR is a vehicle for public-private partnerships.
Collaboration with the government is an important aspect of these initiatives since that allows localised campaigns to be scaled up by showing what is possible. For example, the three Metropolitan Cities of the Valley and other private companies are trying to emulate what Ncell has achieved on the Ring Road.
“The Ring Road plantation project has been massively successful,” says Khadka “We were recognised by the Lalitpur Metropolitan City and the Forestry Department for adding greenery to what would have been just an asphalt strip.”

Corporates responsible to society

<a href="https://www.youtube.com/watch?v=x2fZXyjsE28" target="_blank">Yog Narendra Malla</a> became king at age 18, and ruled Patan from 1684-1705 — his reign marked by a cultural and architectural renaissance of the city state. He put up a statue of himself in the palace square with a little bronze bird sitting on the guardian serpent above his head. It is said he told his subjects that he would look after their welfare till the day the bird flew off. During<a href="https://nepalitimes.com/here-now/lessons-not-learned-from-2015-o2etq6zu"> the 2015 earthquake</a>, the pedestal collapsed and the statue was damaged. The bird was lost, only to be located in a pile of debris and reinstated when the <a href="https://archive.nepalitimes.com/article/Nepali-Times-Buzz/piece-by-piece-patan-darbar-square-reconstruction,3782" target="_blank">statue was consecrated</a> two years later. <div class="embed-block"><iframe width="560" height="315" src="https://www.youtube.com/embed/x2fZXyjsE28?si=jYfIb4p6zCLXYQ1T" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></div> History remembers Yog Narendra Malla as a wise king, but like most<a href="https://nepalitimes.com/here-now/preserving-king-birendra-s-family-home"> royalty of the day</a>, he had a weakness for women. He is supposed to have consorted with 30 queens and numerous concubines. At least 33 of them self-immolated themselves on the king's funeral pyre when he died, adhering to the prevailing <a href="https://archive.nepalitimes.com/article/review/Jhola,947">practice of sati</a>. When Yog Narendra Malla’s favourite queen found out that he was carrying on with yet another woman, she got the local community of the Kwelachhi neighbourhood to stage a shadow sex play to quite literally expose his unfaithfulness. Actors enacted the explicit exploits of the king and his mistress, a bright butter lamp projecting the moving shadows of their lovemaking on a thin white drape to entertain those gathered in the square below. The queen made sure that the show was designed to face the home of the king’s paramour to shame them both. She also paid for a group to chant a bhajan with lyrics that ridiculed the king’s extramarital affair. The Jhyalcha Guthi community trust that the queen set up three-and-half century ago is still active to this day, and performs the annual shadow play in the same building in Kwelachhi the day before <a href="https://nepalitimes.com/banner/the-legend-behind-the-myth-of-indra-jatra">Indra Jatra </a>every year. This year’s show is on Friday evening, 5 September. The opening lines of the chants that accompany the play are the same words approved by the queen all those years ago: “Raja Yog Narendra ya aparadh…” (King Yog Narendra’s crime…) The community leader of the Kwelachhi neighbourhood, 62-year-old Baburaja Awale, explains the importance of the event: “This Jhyalcha is our<a href="https://archive.nepalitimes.com/article/Nepali-Times-Buzz/saving-the-intangible,3303"> intangible heritage</a> and oral history. We do not have a written format, it has been passed down from generation to generation. Every word of the bhajan is the story of King Yog Narendra Malla.”  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250904070952_249e85b32cbd99bb8515151557e0ec1a65d44a34ef1aacabaaeb469622d12664.jpg" data-media-id="editor_8" data-image-id="20250904070952_249e85b32cbd99bb8515151557e0ec1a65d44a34ef1aacabaaeb469622d12664" data-rendition-name="original" width="1750" height="1167" loading="lazy" alt="Sex and the city of Patan"> <figcaption>The statue of Yog Narendra Malla being reinstated after it toppled in the 2015 earthquake. Photo: GOPEN RAI/ NEPALI TIMES ARCHIVE</figcaption> </figure>  Jhyalcha Pyankha, as the ceremony is called, starts with a puja for the Bhimsen — the god of wealth and prosperity, a popular <a href="https://nepalitimes.com/here-now/the-homecoming-of-nepal-s-gods">deity in Patan</a> who has a temple dedicated just to him in the palace square. This is immediately followed by a bhajan of Bhairab performed with <a href="https://archive.nepalitimes.com/article/Nepali-Times-Buzz/Buzz-house,670">traditional Newa musical instruments</a>. Community members serve snacks consisting of samay baji beaten rice, water buffalo chunks, soybean, green veggies, lentils, ginger, garlic and aila liquor. “In the first act of the shadow play, the man initiates the lovemaking, and in the third it is the woman,” says Laxmi Lal Awale, also a member of the trust that organises the show. The shadow action is all uncensored, but interspersed with <a href="https://nepalitimes.com/review/between-the-sacred-and-everyday">scenes of everyday life</a>: the woman is spinning a thread, the king is going about his royal chores, and the two sit down to share sanacha fermented pickle that is popular this time of year. <div class="embed-block"><iframe width="560" height="315" src="https://www.youtube.com/embed/qZ3twuG1wNQ?si=yRfkoC3A-X9cIl8r" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></div> “Back then, there was no tv, films or YouTube, and yet we managed to stage the shadow play using our own resourcefulness,” says Baburaja Awale. “It is important to continue the tradition.” The challenge now is to ensure that the<a href="https://nepalitimes.com/opinion/the-reign-of-the-god-of-rain"> younger generation takes over</a>, learning the lyrics of the ancient bhajan. The dafa khala group that performs all over Patan during festivals and religious events is now training teenagers to play the musical instruments and act in the shadow play. The Jhyalcha was staged even after the 2015 earthquake when the falcha where the bhajan is performed collapsed and they made-do in a tin shed. The structure was later rebuilt with a grant from the group, Photo Circle. Lalitpur Metropolitan City sets aside a budget of Rs50,000 to organise the Jhyalcha Pyankha every year, but this is not enough and is supplemented by individual donations. The performers including musicians and actors are all volunteers, and take part in it because it is their community duty. The erotic shadow play was way ahead of its time, not just in its graphic content but the use of contemporary local technology as well as improvisation and pure imagination. Says Laxmi Lal: “Whatever its origin in the legend of King Yog Narendra Malla and his queen, Jhyalcha also served as a medium of <a href="https://nepalitimes.com/here-now/lets-talk-about-it">sex education</a>. In the past, women were discouraged from watching the shadow play, but today everyone is welcome, we all watch it together.” Jhyalcha Pyankha Kwelachhi, Chyasal, Patan 7PM onwards Friday, 5 September

Sex and the city of Patan

The world’s largest corporations now rival most governments – not only in terms of revenue and assets, but also in their ability to shape political outcomes. Their power is reinforced by the immense personal fortunes of billionaires, which enable them to wield disproportionate influence over <a href="https://nepalitimes.com/news/big-beautiful-bills">public policies, laws, and regulations</a>.
Crucially, extreme concentrations of wealth and power could not have developed without the active support of policymakers, whether tacit or explicit. Consequently, being an oligarch is inherently precarious.
Crony capitalism may grant enormous advantages, but it also carries built-in risks. Chief among them is <a href="https://nepalitimes.com/editorial/slapping-democracy">political change</a>: new leadership, whether elected or imposed, may not extend the same protections or privileges to elites favored by the previous government.
That danger is especially acute in authoritarian or personality-driven regimes, where leaders’ whims often override institutional checks. The <a href="https://edition.cnn.com/business/timeline-elon-musk-trump-x-dg">on-again, off-again bromance</a> between US President Donald Trump and Elon Musk is an obvious example.
As <a href="https://nepalitimes.com/news/the-geopolitics-of-nepal-s-politics">geopolitical tensions</a> escalate, however, oligarchs are no longer contending solely with domestic challenges. Increasingly caught in global power struggles, they have become convenient targets for hostile foreign powers seeking to pressure or undermine the leaders they support.
The <a href="https://www.aljazeera.com/news/2023/4/12/us-and-uk-announce-new-sanctions-targeting-russian-ultra-wealthy">sanctions</a> imposed by the United States and the European Union on oligarchs linked to Russian President Vladimir Putin following the 2022 invasion of Ukraine are a case in point. While these measures have done little to change the course of the war, they have profoundly disrupted the lives and businesses of those affected.
Indian billionaires Gautam Adani and Mukesh Ambani have also found themselves in America’s crosshairs. Both have profited enormously from their ties to Prime Minister Narendra Modi – a fellow Gujarati – with their fortunes growing in tandem with his political ascent. This has made them useful bargaining chips in the ongoing trade negotiations between the US and India.
Read also: <a href="https://nepalitimes.com/news/nepal-and-the-us-india-tariff-tiff">Nepal and the US-India tariff tiff</a>, Sudiksha Tuladhar
To be sure, Ambani’s Reliance Group had already mastered the art of leveraging political influence to advance its business interests well before Modi rose to power. But Ambani’s alliance with Modi has pushed Reliance’s dominance to new heights. Adani’s rise, by contrast, is <a href="https://thewire.in/political-economy/why-gautam-adani-is-a-factor-in-india-us-ties">inextricably tied to Modi</a>, dating back to the latter’s tenure as chief minister of Gujarat.
Both oligarchs, particularly Adani, have relied on their proximity to Modi to expand their business empires, benefiting from regulatory reforms tailored to their interests and <a href="https://www.cnbctv18.com/aviation/adani-winning-bids-for-six-airports-former-head-of-privatisation-panel-explains-key-policy-changes-15898141.htm">acquiring state assets</a> through lucrative privatization deals, often without a public tender. They have also moved into new sectors by <a href="https://www.freepressjournal.in/business/full-timeline-of-how-gvk-and-adanis-changing-fortunes-sealed-mumbai-airports-fate">purchasing successful firms</a> targeted by Modi’s administration, effectively neutralizing potential competitors.
Moreover, Ambani and Adani have enjoyed privileged access to publicly owned banks, receiving favourable loan terms that allowed them to <a href="https://www.thehindu.com/news/national/companies-bought-over-by-the-adani-group-got-haircut-of-96-to-42-on-loans-from-public-sector-banks-congress/article68606029.ece">restructure</a> their debts with minimal scrutiny. Their political connections, evidenced by frequent appearances alongside Modi during his international trips, have helped them secure <a href="https://www.newsclick.in/%E2%80%98Beneficiaries%E2%80%99-Modi%E2%80%99s-Globetrotting-Adani-Ambani">major contracts abroad</a>.
These political alliances have translated into lenient regulatory treatment. In Adani’s case, allegations that he has engaged in stock manipulation through opaque shell companies in offshore tax havens – exposed by US-based <a href="https://www.reuters.com/world/india/adani-vs-hindenburg-research-what-you-need-know-2024-01-03/">short-seller Hindenburg Research</a> – were met with a muted response. Regulatory bodies like the Securities and Exchange Board of India declined to pursue a serious investigation.
Officially, Ambani has come under scrutiny for profiting from the <a href="https://www.nytimes.com/2025/08/09/business/india-russian-oil-ambani.html">resale of Russian oil</a>, effectively circumventing US sanctions, while Adani is being investigated for <a href="https://www.bbc.com/news/articles/c748y8e4093o">alleged bribery</a>. But Trump’s actions appear to be a calculated attempt to pressure Modi through his inner circle. Adding insult to injury, they come from a US president whom Modi has long described as a “<a href="https://www.nytimes.com/2025/07/31/world/asia/modi-trump-india-tariffs.html">true friend</a>”.
Modi has claimed that his sole concern is protecting Indian farmers – a statement that would surely come as a surprise to the farmer protest movement, which his government has long vilified and suppressed.
Trump, for his part, insists that his priority is securing a better deal for American producers and workers. In reality, many of his key demands are aimed at advancing the interests of US-based multinationals and those of <a href="https://economictimes.indiatimes.com/industry/services/property-/-cstruction/trump-calls-indias-economy-dead-but-trump-towers-earn-thousands-of-crores-from-gurgaon-mumbai-pune-and-other-cities/articleshow/123164276.cms">his own companies</a>.
But given Trump’s track record, it’s hard to imagine that personal grievances did not play a role. Relations between the two leaders have noticeably cooled since Modi <a href="https://economictimes.indiatimes.com/news/defence/narendra-modi-trump-phone-call-pm-modi-makes-it-clear-to-trump-us-played-no-role-in-india-pakistan-ceasefire-no-talks-on-india-us-trade-deal/articleshow/121922239.cms">refused to endorse</a> Trump’s dubious claim that he helped broker the recent India-Pakistan cease-fire – a narrative Trump had hoped would strengthen his bid for a Nobel Peace Prize. Modi’s refusal to play along effectively derailed that effort.
Trump and Modi are both shrewd and self-interested enough to recognise each other’s true priorities. By attacking Modi’s tycoons, Trump may have found the most effective pressure point to extract significant concessions from the Indian government.
If Modi yields, it won’t just be a costly political blunder but also a tragedy with far-reaching consequences for India and the world economy. © Project Syndicate
Jayati Ghosh, Professor of Economics at the University of Massachusetts Amherst, is a member of the Club of Rome’s Transformational Economics Commission.&nbsp;

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