Best of BS Opinion: Conflict, course corrections and open questions

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

The year 2025 left behind a year that refused to settle into a single mood. It was rough in its own right and unexpectedly tender in others, marked by open confrontation, quiet recalibration and moments of loss that reshaped public life. Power shifted through tariff wars and elections, through institutional friction and diplomatic resets, while technology accelerated faster than governance could keep pace. There were fistfights in policy and politics, but also gestures of accommodation and repair. The year asked economies to stay resilient, societies to stay alert, and governments to choose between short-term comfort and long-term clarity. Let’s dive in. 

 

Our first editorial notes that 2025 marked a break in the global trade order. The US shift towards reciprocal tariffs and bilateral deals has injected uncertainty into commerce, with India directly hit by a sharp tariff increase under President Donald Trump. A durable US-India trade agreement in 2026 has therefore become central to India’s outlook. Parallel talks with the European Union and others could cushion exporters, but only if India sustains its recent push towards tariff rationalisation, deregulation and greater openness. At home, new CPI and GDP series are expected in 2026, addressing gaps in inflation measurement and the informal economy. External pressures on the rupee and capital flows, however, keep trade and stability firmly in focus. 

Our second editorial turns to Bangladesh, where the death of Begum Khaleda Zia closes a long chapter defined by her rivalry with Sheikh Hasina. With Hasina out of contention ahead of the February 12 elections, the BNP has re-emerged as a serious contender after years on the margins. Khaleda Zia’s personal popularity and institutional legacy contrast with corruption charges and the shadow of her son Tarique Rahman, whose return and the party’s break with Jamaat-e-Islami have reshaped the contest. For India, the election matters because ties with the BNP were once strained. But recent diplomatic outreach suggests a cautious reset that will depend heavily on the outcome. 

Writing on financial sector reform, Ajay Chhibber argues that India’s institutional weaknesses are most evident in the conflicted relationship between the RBI and the finance ministry. He highlights the RBI’s limited authority over public sector banks and the contradiction between its monetary policy role and its function as the government’s debt manager. With growth strong and inflation low, he argues, the upcoming Budget offers a rare opening to pursue fiscal consolidation and long-delayed institutional reform. 

Ajay Kumar writes that the India-AI Impact Summit 2026 offers the country a rare chance to shape global AI norms, an area historically dominated by small, advanced-economy groupings. He argues that India must focus on outcomes by positioning itself as the Global South’s representative, embedding concerns such as access to compute, data gaps, informal economies and linguistic diversity into global frameworks. Concrete deliverables are essential, alongside regulatory reform, assured procurement and long-term capital mobilisation to strengthen India’s AI ecosystem. 

Finally, Sneha Pathak reviews Terry Deary’s Revolting: A History of the World in 77 Rebellions, which she finds an accessible, irreverent survey of global rebellions aimed at a general audience. Structured around short chapters, the book foregrounds lesser-known uprisings and marginalised figures, particularly women, while challenging heroic myths and popular misconceptions. Its strengths lie in pace and provocation, but the emphasis on breadth over depth, a strong European focus and reliance on dark humour limit its appeal for readers seeking sustained analysis. 

Stay tuned!