Best of BS Opinion: In a swirl of crises, who still holds the torch?

Business Standard

a day ago

There's something surreal about watching the Olympic flame being passed hand to hand, unwavering, even as torrential rain pelts down or gusts of wind try to snuff it out. That torch — symbolising effort, endurance and fragile hope — has to stay alight. And so, often, do we. In a world where each week feels like a relay of upheavals, someone somewhere must clutch the torch. Whether it's a policymaker braving backlash, a pilot navigating public doubt, or a seller trying to keep the algorithm from crushing them. The flame must travel on, however stormy the route. Let's dive in.
Private banks are gripping the torch with white-knuckled resolve. As unsecured loans and agri lending turn slippery, Axis and Yes Bank have already stumbled, reporting sharp slippages. Yet the system-wide burn remains faint, for now. As our first editorial notes, the deeper tremor lies in a subtle credit pivot: with big corporations increasingly tapping capital markets, banks may soon be stuck with the riskier borrowers. More risk, fewer returns, while households pile on debt and liquidity flows unchecked. The flame flickers, but regulators must keep it upright.
NITI Aayog, meanwhile, is navigating geopolitical gusts. As our second editorial argues, it has recommended letting Chinese firms buy up to 24 per cent in Indian companies without extra clearances. A torchy move, given the fraught 2020 border standoff, but also a pragmatic one. With India's trade deficit with China peaking and FDI flows from Beijing still negligible, this could signal a new openness — though the risks, influence-wise, remain very real.
Carrying the flame into darker terrain is A K Bhattacharya, who dissects the troubling investigation into the Ahmedabad Dreamliner crash. The AAIB's hasty, error-ridden probe, minus a Dreamliner pilot no less, has dented public trust. Global scrutiny, aviation opacity, Gujarat's political sensitivity—it's a storm of scrutiny. Yet in this downpour, the need for transparency and technical reform shines brighter than ever.
And Kaushik Das writes of a rare weather shift: inflation has dipped to 2.1 per cent, offering momentary relief. But economists urge restraint — torch-bearing is not torch-throwing. The RBI must resist aggressive rate cuts, lest inflation re-ignites with renewed ferocity.
Finally, in OTP Please! Online Buyers, Sellers and Gig Workers in South Asia, reviewed by Chintan Girish Modi, Vandana Vasudevan captures the lonely resilience of gig workers and small sellers trying to stay visible, solvent, and sane in a platform-controlled storm. Their struggles of data dominance, algorithmic suppression, and vanishing autonomy are stories of endurance, often in silence.
Stay tuned!