Best of BS Opinion: Fragile flames of reform, farming and markets

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

Have you ever noticed a candle flickering before steadiness? It appears fragile but also announces that something new is forming. Every transformation begins this way, caught between uncertainty and clarity, weakness and resilience. The flame trembles, threatened by the slightest wind, yet it also declares the inevitability of light. India’s economic and political debates often find themselves in this stage, one which contains unsteady sparks but suggest a larger glow ahead, provided they are shielded, nurtured, and allowed to grow. Let’s dive in. 

The GST Council’s upcoming meeting captures this balance of uncertainty and hope. Non-NDA states want extra levies on luxury and sin goods and fresh compensation guarantees, fearing losses that could touch Rs 2 trillion. The Centre, meanwhile, argues for a simpler structure of two slabs, plus 40 per cent for sin goods. As our first editorial reminds us, the flicker here is about revenue stability: India’s average GST rate, at 11.64 per cent, is well below the neutral mark. Simplification could steady the flame, but only if both sides focus on sustainability, not short-term stimulus. 

 

Farming too is in this fragile transition. As highlighted in the RBI Bulletin, horticulture is drawing small farmers away from cereals toward fruits and vegetables. The gains are evident with higher returns, more jobs, better diets. But stagnating yields, climate risks, and wastage worth Rs 1.5 trillion threaten to snuff out momentum, notes our second editorial. The study insists that with better technology, storage, and market reforms, horticulture can become a steady glow alongside staples, not a replacement but a complement. 

Meanwhile, R Jagannathan writes on steadying the flame of increasing critique of India Inc. Political and intellectual attacks on large businesses, he argues, weakens trust and invites foreign probes, risking the fragile light of corporate credibility. Yet conglomerates are investing in green energy, defence, and R&D, ready to burn brighter if they are not doused by suspicion. 

Nivedita Mookerji spotlights three potential IPOs in 2026: Jio Platforms, Tata Sons, and Flipkart. Together, they symbolise legacy, regulatory necessity, and startup ambition. Jio’s listing could deepen telecom maturity, Tata Sons’ may alter the group’s governance DNA, and Flipkart’s could stamp India’s startup success into the stock market’s history. If these flames steady, they could redefine capital markets for at least a decade. 

And Prosenjit Datta reviews The Red Bull Story: The Unbelievable Success of Dietrich Mateschitz and his Energy Drink Empire by Wolfgang Furweger, where the light comes from an empire built on a drink that promised wings. Dietrich Mateschitz, the recluse behind Red Bull, turned a Thai tonic into a global brand spanning Formula One, football, and extreme sports. Furweger’s book captures how a secretive life fuelled a blazing corporate legend, reminding us that sometimes the brightest flames begin as the quietest sparks. 

Stay tuned!