Best of BS Opinion: Promises of big reforms, failed talks, and new ideas

Here are the best of Business Standard's opinion pieces for today

Prime Minister Narendra Modi’s 12th Independence Day address laid out fresh economic and security priorities. He announced a task force to streamline regulations, continuing efforts to scrap outdated rules. On taxation, he promised GST reforms with two main slabs of 5 and 18 per cent, plus a 40 per cent rate for sin goods. While this may ease compliance, concerns remain over revenue, notes our first editorial. On security, he launched Mission Sudarshan Chakra, an indigenous defence shield, and a demography mission to tackle illegal migration in border regions, underscoring both immediate and long-term goals. 

Meanwhile, the Alaska summit between US President Donald Trump and Russian President Vladimir Putin ended without progress. Trump failed to secure even a ceasefire in Ukraine and seemed to back Russia’s demand that Kyiv cede occupied territory. The outcome bolstered Putin’s stature while leaving Ukraine exposed as doubts rise over US support, highlights our second editorial. For President Volodymyr Zelenskyy, the failed summit casts a shadow on his upcoming White House meeting and raises questions about Washington’s reliability in conflicts worldwide, including Taiwan, with implications for countries like India. 

And back home, the GST debate has resurfaced. Ajay Shah, Vijay Kelkar and Arbind Modi write that while Modi’s plan reduces seven slabs to two plus a sin tax, it falls short of the “perfect GST” — a single low rate with full input tax credit. Restricted credit burdens MSMEs, while larger firms gain. A single 12 per cent rate with direct Union-State sharing could simplify compliance and raise revenues by 1.4 per cent of GDP. They also call for redesigning IGST and including petroleum, electricity, gold, and luxury goods. 

India’s soybean sector, notes Surinder Sud, faces stagnation with output stuck at 12.5 million tonnes. Farmers are shifting crops due to low returns and climate pressures. Industry bodies want 2026 declared the “Year of Soy” to raise awareness and expand cultivation. Rich in protein and nutrients, soy could cut oil imports, fight malnutrition, and boost exports, but consumption is just 2 grams per person per day against 40 grams in China. Processing and policy support could put the crop on a sustainable path. 

Finally, in today’s book review, Sanjeev Ahluwalia explores why inequality coexists with surprising stability in India. Drawing on his family’s history as Kerala gold money lenders, the book argues that social distance, cultural compacts, and restrained displays of wealth maintain legitimacy. Urban chaos, he suggests, may itself act as a leveller. While some claims feel overstated, the work is witty and insightful, offering fresh reflections on why India continues as both India and Bharat. 

Stay tuned!