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Business Standard
02-08-2025
- Politics
- Business Standard
Best of BS Opinion: India must not bend the knee before Trump's tariffs
Hello, and welcome to the Best of BS Opinion, our distilled wrap of today's Opinion page. Our lead columnist Shyam Saran makes a forceful case for standing up to the United States' geopolitical arm-twisting using tariffs as leverage. Not resisting now will lead to bigger demands in the future, he warns, and could had long-term consequences for India's national security, credibility, and influence. There will certainly be a price to pay, and India should be prepared, not by closing off its economy but by making it more outward-looking. As it is, the US' tariffs will only have a modest impact on India's GDP, a price the country should be willing to pay. In fact, he says, India should follow its Look East policy more vigorously because that region wants India to be a counterweight to China. It should also become part of the Comprehensive and Progressive Trans-Pacific Partnership, where currently neither China nor the US is present. Insulating the nation from the vagaries of Trump's policies may be best served by this initiative, he says. It is not easy steering Indian democracy in live action: witness the often-raucuous scenes that play out on our screens when Parliament is in session. Yet, it is a role that Harivansh Narayan Singh has in the past played to near-perfection, writes Aditi Phadnis. As deputy chairman of the Rajya Sabha, he was unerringly fair, always putting principle over party. It also helped that he was unfailingly polite. A former journalist who is credited with the turnaround of Bihar Prabhat, his politics hewed close to former Prime Minister Chandra Shekhar, who was a major political influence in his life. With the Vice President's position falling empty with Jagdeep Dhankhar's abrupt resignation, political circles are abuzz with names of likely candidates for the second-highest position in the republic. It is no surprise that Singh's name is among them - a win would redefine his political career. India, and the rest of the world, is trying to figure Donald Trump out so as to survive him until the midterm elections in the US two years from now. Before that, India must look find ways to protect itself from his monumental irrationality. But first, we must also look within at the bipolarity within the Indian 'establishment' - which encompasses government and its multi-faceted support base, including social media and TV studio experts, write Shekhar Gupta. From being euphoric about our closeness to the US and India finally gaining its rightful place at the world table, the Indian establishment is now reverting to Cold War-level suspicion of Uncle Sam and playing hurt victim. The other element of bipolarity exists within the establishment itself, he points out: even as the Prime Minister and others are acting quietly and prudently, working the levers behind the stage, the support base is the exact opposite, in a constant state of anger and hurt. There is something about nostalgia that makes us want to revisit the past, no matter how long ago. We all go back at least once to our school or college or hostel, just to soak in our memories one more time. The recent box-office success of Indian movies upon a re-release seems to prove that point. Sandeep Goyal pulls on that thread and wonders if a rerun of brand campaigns that have had a successful first innings would work the second time around. Recalling some of India's most iconic ad campaigns - Gold Spot's 'The Zing Thing', Parle's 'Melody itni chocolatey kaise bani', and Tata Sky's 'Isko laga daala to life jhinga-la-la, to name just a few - he bats for a second coming of such memorable ads. There are caveats, though: Tinkering with the original might backfire spectacularly, as Cadbury's gender-reversed re-run of Dairy Milk showed. Chintan Girish Modi, pens a heartfelt ode - ironically, in prose - to the legendary Eunice de Souza, poet extraordinaire and teacher at the equally famous St Xavier's College in Mumbai. August 1, when this column was written, is also de Souza's birthday and is commemorated by the college as Poetry Day, a rare incidence of anyone celebrating either a poet or a teacher, or as in this case, both. Modi recites parts of her poems, and is struck by her distinctive voice, and even more by her freedom with - and within - the language, unencumbered by the need for obscure allusions and pretentious references.
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Business Standard
04-07-2025
- Business
- Business Standard
Best of BS Opinion: University-level funding key to India's R&D targets
Hello, and welcome to the Best of BS Opinion, our daily roundup of the day's opinion page. The Research Development and Innovation (RDI) Scheme, which the government announced earlier this week, is an acceptance of the fact that policymakers must find ways to spark innovation and support it with funding. However, a lot will need to be done considering the scheme may not address key concerns about India's research and development (R&D), posits our first editorial. India spends less than 1 per cent of its gross domestic product (GDP) on R&D, compared to 2.5 per cent for both China and South Korea. It has a vast pool of tech graduates, but many migrate abroad or find employment in skill-mismatched roles. Not surprisingly. India ranks 39th on the Global Innovation Index, which is way below its potential. Meanwhile, the US and Japan have had programmes that, along with research institutions and universities, did 'bluesky' fundamental research across many disciplines. In comparison, India lacks both private corporate funding for R&D, as well as funding for such R&D at the university level. RDI may address some of the concerns about private sector research but India must also need to figure out how to channel funding efficiently into fundamental bluesky research in universities and other research organisations. The rise of artificial intelligence, fake news, and deep-fakes pose a clear and present danger to social order and democratic integrity, notes our second editorial. Tackling it will need a careful balance between regulation and free speech principles. In this context, the Karnataka government's draft Bill that allows for jail of up to seven years for fake news and other problematic content is a symbol of legislative over-reach and likely to have a chilling impact on free expression. Given India's biggest constraint in terms of development is bureaucratic and regulatory capacity, it is unfortunate that an increasing amount of this scarce commodity is diverted to channel, influence or restrict the freedom of expression in the country. Unfortunately, authorities in India at all levels have become far too engaged with imposing restrictions on speech. The Union government, too, has at various points amended the Information Technology Rules to give itself broader powers to restrict online platforms. In such an scenario, India's governments must step back and re-examine their approach. The current account deficit poses little concern amid global volatility, but its financing requires close monitoring, write Dharmakirti Joshi and Adhish Verma. Last financial year, India's current account deficit (CAD) came in at a benign 0.6 per cent of gross domestic product (GDP), because both the services trade and secondary income accounts saw a higher surplus. Such low reliance on external financing of CAD is a buffer against volatility in capital flows and attendant currency swings. Meanwhile, S&P Global expects world GDP growth to slow to 2.9 per cent in 2025; this will clearly adversely impact India's exports, even as healthy domestic growth, expected at 6.5 per cent, will support imports. Is that cause for worry for India's current account? Not so much — yet. India's CAD may face marginal pressure this fiscal, but there are no big worries. However, its financing needs monitoring, given volatile foreign capital flows in the light of global uncertainty. However, with comfortable foreign exchange reserves and the expectation of only a marginal rise in CAD, India is in a good position to weather global volatility. The Reserve Bank of India's (RBI's) recent guidelines which cut provisioning requirement on project finance to one per cent from five per cent have been welcomed by most parties. While the RBI has avoided a short-term slowdown in economic activity, our second columnist Prasanna Tantri questions whether these guidelines are a net positive from a long-term point of view. Unfortunately, he writes, the RBI circular does not distinguish between liquidity shocks and fundamental shocks, allowing lenders to extend the date of commencement of commercial operations (DCCO) without recognising NPAs even when the reason for the delay is not a liquidity shock. Extending the same concessions when the reason for delay lies with management could lead to misuse and be socially harmful. Lenders can be asked to have a policy of identifying liquidity shocks and institute a process where the DCCO is extended only after evidence that the delay is due to such shocks. Kuldeep Yadav's Dial 100: Tough Cases, Tougher Policemen Kirpal. The author, who is an actor, fimmaker, and former Naval officer, makes sure to remind readers how to keep themselves safe and watch for dangerous warning signals. The language in the book is straightforward jargon-free, likely because Yadav has also been a screenwriter. Ironically, though, he finds that several criminals learn a lot by just watching B-grade films, particularly those with outlandish and imaginative methods of committing a crime.
