"Such reports come only to undermine Indian economy, industries": Analyst Manish Barriarr on Washington Post report on LIC

Patna (Bihar) [India], October 28 (ANI): Dismissing the claims made in a recent Washington Post report on the Life Insurance Corporation of India's (LIC) investment in the Adani Group, Analyst Manish Barriarr said that such reports surface only with an aim to dent the image of the Indian economy and industries.
"I would like to clarify, LIC never gave any money, in fact, never invested in Adani in May. This false report has come from the Washington Post, and the Congress party is an expert; they are stooges of the leftist mindset of the US. We know that some of the elements in the US are anti-Indian; they do not really want our industries to grow. In order to undermine Indian industry and Indian economy, such reports have come," Barriarr said.
"LIC never invests on the basis of any government instruction. It has its own investment board. It always invests in strong Indian entities," he added.

Senior Journalist Harsh Vardhan Tripathi also defended LIC, saying it is a trustworthy institution and that any investment in a major group like Adani will only yield handsome returns.

"LIC is a well-trusted company with crores of investors. All of its investments are based upon the return it's going to get...companies from around the world invest in the Adani group...I would like to remind you that when the share market crashed during the UPA government, LIC started buying, and the Sensex and Nifty saw a swift rise...Adani Group will stand among some of the top companies in the infrastructure sector, so every investment there will deliver positive returns...Although the reports have been dismissed and LIC gave the clarification, even then, if the LIC is investing in a big-fat company like Adani itself, it will benefit the investors abundantly," he told ANI.
Meanwhile, the Founder of InGovern Research (a corporate governance and proxy advisory firm), Shriram Subramanian, said that the report lacks credible data.
"I don't believe the Washington Post article provides any data to support the USD 3.9 billion figure; the source of this figure is unknown. How this number is calculated is unclear. Any investments made by LIC in Adani Group stocks are publicly available. Moreover, LIC has been investing in Adani Group stocks for over 10 years, even before this current government came into power... The Washington Post report should be dismissed and not given any attention," he said.
Supreme Court Advocate Ishkaran Bhandari has also criticised the Washington Post report, saying such publications often "twist normal financial practices" to create misleading narratives.
"LIC has bigger investments and a higher exposure in various Indian companies. LIC would invest in Indian markets-that's how you would generate returns and offset risk... What they try to do is take a normal practice, twist and turn it by cherry-picking data, and then get selective authors outside India, known for having an agenda, published in various journals. I do not know why we take it seriously. Unfortunately, in India, they have vested interests which raise these issues. Otherwise, what the New York Times or the Washington Post says, how does it matter in India, except to some political people who believe they can settle their scores then?," Bhandari said.
Political analyst Tehseen Poonawalla has defended the Life Insurance Corporation of India (LIC), saying the exposure is minimal compared to the insurer's total assets under management (AUM), and the allegations being made are baseless.
"LIC, under its wing, has an AUM, Assets Under Management, of over 57 lakh crores, out of which its total exposure to the Adani Group is less than 60,000 crores, i.e. less than 2%. Yet, LIC is being told that they are funding money into the Adani Group. And LIC recently, in May, invested in the Adani Ports and SEC. It is AAA rated, the highest rating, gold standard of rating. The LIC has always made money on this group; in fact, its exposure to other groups, for example, the ITC, is over 15%. So what is this logic being put? Even previously, there was a hit-and-run case on the Adani Group by a short-selling firm. The Adani Group is standing there, the short-selling firm is shut down. So I think we should stop this pit and run politics, this pit and run job, and allow Adani to do their work. They have contributed over Rs. 74,000 crores in taxes in FY25," he said.
Life Insurance Corporation of India (LIC) on Saturday termed false and baseless, and far from the truth, the allegations levelled in a report by the Washington Post, which had claimed that the investment decisions of the insurance company are influenced by external factors.
The Washington Post had claimed that Indian officials had drafted a proposal to channel approximately USD 3.9 billion (Rs 32,000 crore) from LIC into companies owned by the Adani Group.
"No such document or plan as alleged in the article has ever been prepared by LIC, which creates a roadmap for infusing funds by LIC into the Adani group of companies," LIC said in its rebuttal today.
LIC categorically asserted that its investment decisions are taken by LIC independently, as per Board-approved policies, after detailed due diligence. (ANI)