Tag: Manish Tewari

  • From Internet to AI, a story of non-regulation

    From Internet to AI, a story of non-regulation

    The objective of the Delhi summit must be to lay down foundational ground rules for the AI era

    “If the Internet was transformative, artificial intelligence (AI) is transmogrifying. The critical difference between the dotcom boom and the AI explosion is the substrate upon which it is built. The Internet required a quarter-century to achieve its current ubiquity, a period of gradual, albeit rapid, adoption and infrastructure development. AI, in stark contrast, is being grafted onto the existing, globalized digital nervous system that the Internet created.”

    By Manish Tewari

    The Internet was the most audacious experiment in anarchy, and it has succeeded beyond the wildest imagination of its initial progenitor, the US Defense Advanced Research Projects Agency (DARPA). It represents the largest ungoverned space on earth. Never before in the history of humankind has so much power concurrently resided on 5.5 billion fingertips around the world.

    There is more data that is churned out daily than from the dawn of civilization to the turn of the third millennium. The future of humankind lies on the intersection of a brick-and-mortar civilization that evolved over an eternal length of time and a virtual civilization that is still metamorphosing.

    The Internet that came in vogue in the mid-1990s was truly transformative in the way it has shaped life, leisure and work patterns. However, it has also been weaponized by state, semi-state and other nefarious characters, including people who have a grievance as to why they were born in the first place.

    The Dark Web or the Deep Net is a classical manifestation of the noxious underbelly of the Internet. However, despite a host of acronyms that ostensibly govern the Internet — Internet Governance Forum (IGF), Internet Architecture Board (IAB), Internet Corporation for Assigned Names and Numbers (ICANN), Internet Engineering Task Force (IETF) and the World Wide Web Consortium (WSC), to name a few — there are no agreed rules of engagement in this virtual civilization.

    The First Amendment absolutists of the Silicon Valley and other innovation hubs did not allow a cohesive global governance structure for the Internet to get institutionalized. This has led to myriad challenges, including the balkanization of the Internet into spheres of influence.

    If the Internet was transformative, artificial intelligence (AI) is transmogrifying. The critical difference between the dotcom boom and the AI explosion is the substrate upon which it is built. The Internet required a quarter-century to achieve its current ubiquity, a period of gradual, albeit rapid, adoption and infrastructure development. AI, in stark contrast, is being grafted onto the existing, globalized digital nervous system that the Internet created.

    The devices, the networks, the data streams — the entire kitchenware, as it were — are already in place, pre-heated and ready for this new recipe. This pre-existing infrastructure, coupled with a global population already accustomed to digital immersion, removes the natural friction that once slowed technological adoption.

    The acceleration is not merely linear; it is geometric. This very fact places a Herculean burden upon governments, which must now comprehend and regulate a force whose ultimate societal and economic impacts are still unfathomable. To leave this force to its own devices, to allow a repeat of the laissez-faire approach of the 1990s, would be an act of profound historical negligence.

    Successive global AI summits, commencing in the UK under then Prime Minister Rishi Sunak and progressing to France under President Macron, have served as vital, yet ultimately preliminary, diplomatic soundings. They have confirmed a universal recognition of the transformative power cascading from AI, but have thus far failed to forge the substantive, binding consensus required to steer this force.

    The current landscape is a patchwork of fragmented and often contradictory approaches, a precarious situation that undermines global security and stalls innovation. The European Union, displaying characteristic regulatory ambition, has not waited for the dust to settle, enacting its comprehensive AI Act.

    This is a significant step, but one taken largely in isolation. Across the Atlantic, the US maintains a stance of pronounced antagonism towards stringent regulation, favoring a sectoral, innovation-centric model that risks creating a dangerous regulatory vacuum.

    Meanwhile, the technological reality accelerates, indifferent to these political machinations. The proliferation of foundational models, from ChatGPT and Claude to DeepSeek, has been succeeded by the deep integration of AI into the very operating systems of our lives through Apple Intelligence and Google Gemini. This is no longer a niche tool for developers; it is a pervasive layer being woven into the minutiae of human functions, from how we communicate and create to how we navigate our daily tasks.

    The stage is, therefore, set for the third act in this consequential trilogy of conclaves, with the India AI-Impact Summit to be hosted in New Delhi on February 19-20, 2026.

    The objective of the summit must be to lay down the foundational ground rules for the AI era. The objective is not, at this juncture, to draft a monolithic exhaustive legal code attempting to govern every conceivable application of AI.

    Such an endeavor would be both futile and counterproductive, stifling the very innovation that promises so much progress. Instead, the aim must be to establish the first principles upon which all future national and international AI governance can be built.

    It must be acknowledged that the AI-driven disruption is inevitable and, in many forms, desirable. The role of regulation is not to limit this growth, but to channel it, to ensure that the creative forces vastly outweigh the destructive ones, and that the benefits are distributed equitably across the globe.

    The framework for these first principles must be built upon several core pillars. First, there must be a global commitment to safety, security and robustness, particularly for the most powerful, frontier AI models. This necessitates international standards for rigorous testing and evaluation, a shared understanding of critical risks, and protocols to prevent catastrophic misuse.

    Second, the principles of transparency and explainability should be enshrined. Citizens and regulators alike must have insight into when and how AI systems are being used, especially in high-stakes domains like justice, finance and healthcare. Opaque algorithms making life-altering decisions are anathema to democratic accountability.

    Third, a global consensus on data governance and privacy is paramount. The fuel for AI is data, and the unchecked harvesting and utilization of personal information without clear, harmonized rules represent a fundamental threat to individual autonomy.

    Fourth, we must confront the profound ethical dimensions, establishing red lines against uses of AI that violate fundamental human rights, such as pervasive social scoring or lethal autonomous weapons systems operating without meaningful human control.

    The term ‘to Google’ is on the cusp of becoming an archaic relic, a testament to the breathtaking velocity of this shift. This is merely the opening salvo, the software-based uprising. The true revolution, the confluence of AI with physical robotics and a fully realized Internet of Things, promises a radical reordering of our physical world within the coming decade itself.

    (Manish Tewari is Lok Sabha MP and former I&B Minister)

  • Short seller Hindenburg accuses billionaire Gautam Adani of ‘largest con in corporate history’

    Short seller Hindenburg accuses billionaire Gautam Adani of ‘largest con in corporate history’

    I.S. Saluja

    NEW YORK (TIP): It may be the biggest scandal in corporate history in India in recent times. The Hindenburg report on Adani conglomerate has created shockwaves in the financial world. Nobody can wish away or wash away the findings of the Hindenburg investigation. It is not the first time that Hindenburg has investigated a corporate .

    Earlier, in 2020, Hindenburg published a report detailing malfeasance at the electric vehicle firm Nikola Corp.   Hindenburg said Nikola had engaged in an “intricate fraud,” including an instance in which the company faked a video that appeared to show one of its electric trucks driving down a highway. In actuality, the company “simply filmed it rolling down the hill.” Nikola founder Trevor Milton was later found guilty of securities fraud after Hindenburg’s allegations prompted an investigation

    A New York Post report of January 25 quoted  Hindenburg Research Group as alleging  that Gautam Adani, Asia’s richest man, is pulling “the largest con in corporate history” through his India-based conglomerate Adani Group”

    Hindenburg — whose previous targets have included electric truck makers Nikola and Lordstown Motors — revealed in a research note late Tuesday it had taken a short position in Adani Group and alleged that Adani’s rise in wealth was fueled by a variety of illegal misdeeds, The New York Post said.

    “We have uncovered evidence of brazen accounting fraud, stock manipulation and money laundering at Adani, taking place over the course of decades,” Hindenburg claimed in the note.

    Adani, 60, amassed a fortune estimated by Forbes at $125.5 billion before the Hindenburg report — overseeing a sprawling network of companies with holdings across several industries, including control of major ports and airports, energy, real estate and cement.

    “Adani has pulled off this gargantuan feat with the help of enablers in government and a cottage industry of international companies that facilitate these activities,” the firm added.

    He began Wednesday, January 25,  trailing only French luxury goods magnate Bernard Arnault and Tesla CEO Elon Musk in overall wealth, according to Forbes. But Adani lost an estimated $6.5 billion during the day after the Hindenburg report, dropping him to fourth behind Amazon founder Jeff Bezos.

    The firm noted that Adani Group has “previously been the focus of 4 major government fraud investigations” alleging money laundering, corruption and theft of taxpayer money.

    Hindenburg said it conducted a two-year investigation of the Adani business empire — with research that included dozens of interviews, including some with former company executives, as well as an analysis of internal documents and due diligence visits at company-controlled sites.

    The report alleged that Adani, several family members and other company executives oversee a network of offshore shell companies located in tax havens across Mauritius, the United Arab Emirates and the Caribbean.

    Hindenburg alleged that some of the shell companies appeared to be hastily cobbled together, with websites “featuring only stock photos, naming no actual employees and listing the same set of nonsensical services.”

    Hindenburg alleged that many of the shell companies are reportedly operated by Adani’s older brother, Vinod, or his “close associates.”

    “The Vinod-Adani shells seem to serve several functions, including (1) stock parking / stock manipulation (2) and laundering money through Adani’s private companies onto the listed companies’ balance sheets in order to maintain the appearance of financial health and solvency,” Hindenburg said.

    Hindenburg included a list of 88 questions about company operations that “we hope the Adani Group will be pleased to answer.” “Even if you ignore the findings of our investigation and take the financials of Adani Group at face value, its 7 key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations,” Hindenburg said.

    The short seller stressed that its report “represents our opinion and investigative commentary” and urged readers to draw their own conclusions about Adani Group.

    Adani Group has dismissed the report as baseless. Adani Group CFO Jugeshindar Singh said the company was “shocked” by Hindenburg’s allegations and issued a firm denial.

    “The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts,” Singh said.

    “The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation,” Singh added.

    Billionaire investor Bill Ackman was all praise for U.S. short-seller Hindenburg Research’s report on Indian conglomerate Adani Group, calling it “highly credible” and “extremely well researched.”

    Billionaire investor Bill Ackman was all praise for U.S. short-seller Hindenburg Research’s report on Indian conglomerate Adani Group, calling it “highly credible” and “extremely well researched.”

    Hindenburg’s report on Wednesday accused the conglomerate of improper use of offshore tax havens and stated it held short positions in the company via its U.S.-traded bonds and non-Indian-traded derivative instruments.

    Adani group loses $48 billion since January 25; FPO takes a hit in light of Hindenburg report

    Adani Enterprises Ltd began a record $2.45 billion (₹20,000 crore) secondary share sale for retail investors on Friday, as a heavy selloff in Adani group companies intensified after an attack by a U.S.-based short seller.

    Seven listed companies of the Adani conglomerate — controlled by one of the world’s richest men Gautam Adani — have lost a combined $48 billion in market capitalization since Wednesday, January 25,  and saw falls in its U.S. bonds after Hindenburg Research flagged concerns in a report about debt levels and the use of tax havens.

    Adani Enterprises aims to use the share sale proceeds for capital expenditure and to pay debt. The anchor portion of the sale saw participation from investors including the Abu Dhabi Investment Authority on Wednesday.

    Bidding for the Adani Enterprises share sale for retail investors started on Friday and will close on January 31. The firm has set a floor price of ₹3,112 ($38.22) a share and a cap of ₹3,276. But on Friday the stock slumped to as low as ₹2,721.65, well below the lower end of the price offering.

    Adani group stocks took a beating, falling up to 20% after Hindenburg Research’s damaging allegations. The group’s flagship Adani Enterprises, which launched the ₹20,000 crore FPO on Friday, tanked 18.52%. Adani Ports plunged 16%, Adani Power by 5%, Adani Green Energy by 19.99%, and Adani Total Gas by 20%.

    In two days, the Adani group firms have lost a whopping ₹4,17,824.79 crore from their market valuation. The market valuation of Adani Total Gas plummeted ₹1,04,580.93 crore while that of Adani Transmission by ₹83,265.95 crore. Adani Enterprises market capitalization fell by ₹77,588.47 crore, Adani Green Energy lost ₹67,962.91 crore and Adani Ports by ₹35,048.25 crore.

    The market valuation of Ambuja Cements declined by ₹23,311.47 crore, Adani Power by ₹10,317.31 crore, ACC by ₹8,490.8 crore and Adani Wilmar by ₹7,258.7 crore. The rout took shares of Adani Enterprises, the group’s flagship company, well below the offer price of its secondary sale, which had initially been offered at a discount.

    In its report, Hindenburg said key listed Adani Group companies had “substantial debt”, putting the conglomerate on a “precarious financial footing”, and that “sky-high valuations” had pushed the share prices of seven listed Adani companies as much as 85% beyond actual value.

    Billionaire U.S. investor Bill Ackman said on Thursday, January 26,  that he found the Hindenburg report “highly credible and extremely well researched”.

    Hindenburg said it held short positions in Adani through its U.S.-traded bonds and non-Indian-traded derivative instruments, meaning it is betting that their price would fall.

    The Hindenburg report has encouraged political parties in India to demand a thorough investigation into the working  and practices of the Adani Group.

    Congress has demanded a  ‘serious investigation’ by RBI and SEBI into allegations levelled against the Adani Group. In a strongly worded statement, Congress general secretary in-charge of communication Jairam Ramesh asserted that exposure of financial institutions like the Life Insurance Company of India (LIC) and the State Bank of India (SBI) to the Adani Group would have implications for the country’s financial stability and crores of depositors “whose savings are stewarded by these pillars of the financial system”.

    “Normally a political party should not be reacting to a research report on an individual company or business group prepared by a hedge fund. But the forensic analysis by Hindenburg Research of the Adani Group demands a response from the Congress party,” Ramesh said, adding, ”This is because the Adani Group is no ordinary conglomerate: it is closely identified with Prime Minister Narendra Modi since the time he was Chief Minister”.

    The ports-to-power conglomerate, however, had said the charge against the Adani Group was “malicious, unsubstantiated, one-sided, and was timed to ruin the public listing of its shares”.

    “The allegations require serious investigation by those who are responsible for the stability and security of the Indian financial system, viz. the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI),” Ramesh said.

    “The allegations of financial malfeasance would be bad enough, but what is worse is that the Modi government may have exposed India’s financial system to systemic risks through the liberal investments in the Adani Group made by strategic state entities like LIC, SBI and other public sector banks,” he added.

    The Congress leader said as much as 8% of LIC’s equity assets under management, amounting to a sum of ₹74,000 crore, are invested in the Adani Group of companies, while public sector banks have lent to the Adani Group twice as much as the private banks, with 40% lending being done by SBI. “Indians are increasingly aware of how the rise of Modi’s cronies has exacerbated the problem of inequality, but need to understand how this has been financed by their own hard-earned savings. Will the RBI ensure that risks to financial stability are investigated and contained? Are these not clear-cut cases of “phone banking”?” asked Ramesh.

    Asking if there is a quid pro quo between the Modi government and the Adani Group, the Congress leader alleged, “In perhaps, the most egregious case of crony capitalism, the previous operator of Mumbai’s Chhatrapati Shivaji Maharaj International Airport, India’s second busiest airport, was raided by the Enforcement Directorate (ED) and the Central Board of Investigation (CBI) after it rejected an offer by the Adani Group”.

    “The operator agreed to sell the airport to Adani a month later and it is a mystery what happened to the ED and CBI cases thereafter,” Ramesh added.

    Lok Sabha member Manish Tewari said on Twitter that if the Hindenburg report was even partially correct, “it merits both a Joint Parliamentary Committee-much like the 1992 JPC & a Supreme Court Monitored investigation to get to the bottom of the matter. The Budget Session of Parliament begins 31st Jan 2023”.

    Congress Rajya Sabha member Randeep Surjewala tweeted, ”Exposure of #LIC in Adani Group is ₹77,000 CR. LIC has today lost ₹23,500 CR in invest value in Adani Group i.e. at ₹53,000 CR against ₹77,000 CR. LIC is money of People of India. In any other country, heads would have rolled including that of FM# HindenburgReport.”

    (Source: New York Post, Agencies)

  • Cong needs stability: G23’s Manish Tewari on backing Kharge, not Tharoor, for prez poll

    Cong needs stability: G23’s Manish Tewari on backing Kharge, not Tharoor, for prez poll

    New Delhi (TIP)-Senior Congress leader Manish Tewari feels the party leader and top contender for the Congress presidential poll, Mallikarjun Kharge, can provide the stability that Congress needs.

    Speaking on the G23 leaders supporting Kharge instead of Shashi Tharoor for election of Congress presidential post, Tewari said, “Kharge has spent several years, has grown from the lowest posts in the party. Congress needs stability which I feel Kharge can provide… “

    Shashi Tharoor, a few days back, lamented that some leaders are openly backing his rival Mallikarjun Kharge for the Congress president post. Tharoor had called the ‘playing field’ uneven after several PCC chiefs and senior leaders were not available for a meeting with him during his visits to their respective states, but they warmed up to Kharge when he visited them for support.

    However, Kharge then reiterated that there is no bad blood between the candidates and that they are “like brothers.” Kharge, 80, is being seen as a favourite or the “unofficial official candidate” for the top party post because of his perceived proximity to the Gandhi family.

    The Congress presidential poll will take place on October 17, and the results will be out on October 19.

    Don’t compare me with Tharoor, says Mallikarjun Kharge

    When asked about Shashi Tharoor’s plan to “decentralise authority” in the Congress, senior party leader Mallikarjun Kharge said he does not want the two of them to be compared. Kharge and Tharoor are in the race to become the next Congress president.

    In an exclusive interview with India Today, he made an appeal to not compare him with Tharoor. Speaking on Tharoor’s manifesto to “reform the way the party functions”, he said, “I have come on my own from block president to this level. Was Shashi Tharoor there during that time?” He added that Tharoor is free to go ahead with his manifesto but his agenda is to implement the decisions taken in the Udaipur declaration. The declaration that was adopted by the party in May pays focus to three fields — public insight, election management and national training.

                    Source: India Today

  • Amarinder writes to Sonia, expresses reservation over Sidhu as Punjab Congress chief

    Punjab Chief Minister Amarinder Singh is learnt to have written to Congress president Sonia Gandhi, expressing reservation over Navjot Singh Sidhu’s possible appointment as the state party chief. The Punjab CM is learnt to have mentioned that there could be an adverse impact on the party’s prospects in the upcoming Assembly polls by ignoring the old guard, according to Congress sources. Earlier in the day, Congress MP and senior party leader Manish Tewari gave details of the composition of the state’s population, appearing to bat for a Hindu face for the post. There are reports that Sidhu is likely to be made the Punjab Congress chief. There is also talk of appointing two working presidents-a Dalit and a Hindu face to balance the caste equations. The names of minister Vijay Inder Singla and MP Santokh Chaudhary are doing rounds for the post of working presidents. But Amarinder expressed his displeasure over Sidhu being given a key post, said the sources.