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Best of BS Opinion: Continuing turbulence in air, economy, and law
Israel's air strikes on Iran have escalated tensions in West Asia, with fears of a wider conflict threatening energy markets and trade routes. Crude and gas prices have jumped, and the possibility of a proxy war looms with the involvement of Iran-backed groups. The strikes may also derail ongoing nuclear negotiations. Israel accuses Iran of nuclear ambitions, while Tehran insists its programme is peaceful. With both nations entangled in domestic political stakes, external silence has grown louder, notes our second editorial. India has echoed its familiar call for restraint, mindful of its diplomatic ties and economic exposure to both sides.
Meanwhile, M S Sahoo and Ashish Makhija argue that the Insolvency and Bankruptcy Code, once a shining example of institutional alignment, has been eroded by judicial overreach, bureaucratic delays, and enforcement disruptions. Supreme Court rulings in key cases have altered the Code's commercial logic. The National Company Law Tribunal, already under-resourced, struggles with complex insolvency matters. Meanwhile, government agencies continue to disrupt resolution processes, undermining investor confidence. Without urgent fixes, they caution, the IBC risks losing its effectiveness entirely.
According to Debashis Basu, the Reserve Bank's recent rate cut failed to energise the economy. Despite liquidity infusion, growth remains sluggish. The four economic engines, consumption, exports, private investment, and government capex, are all under strain. Structural issues, including over-taxation and stagnant job creation, outweigh the benefits of monetary easing.
Finally, Peter Sagal reviews Submersed:Wonder, Obsession, and Murder in the World of Amateur Submarines by Matthew Gavin Frank, a haunting blend of memoir and true crime. The book explores the world of amateur submarine builders while tracing the tragic murder of journalist Kim Wall. Although the narrative occasionally drifts, its psychological depth makes it a gripping read.
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