Best of BS Opinion: From RBI to Syria, balancing on a global tightrope

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

Ever watched a tightrope walker navigate their way across a dizzying height, balancing weights with precision? It's much like the delicate balancing acts unfolding in our world today. From changes in leadership at home to volatile geopolitics and evolving business landscapes, the stakes are high, the fear of falling into darkness is imminent and the margins for error, thus, are slim. And like the frightfully scared but entertained audience, we look at the act with our mouths wide open. Today, let us take you closer to the tightrope, so you can gauge the challenges, risks, and triumphs of the high-stakes performance.

 

Imagine stepping into the shoes of Revenue Secretary Sanjay Malhotra, the next Governor of the Reserve Bank of India (RBI). With the baton passed from Shaktikanta Das, Malhotra inherits a high-wire act: managing inflation, stabilising the rupee, and addressing global financial volatility. While Das’ tenure saw bold steps to maintain financial stability through a pandemic, towards the end of his term, challenges like rising inflation and slowing growth began to take their toll. Our first editorial explores the complex road ahead — from regulating cryptocurrencies to ensuring transparent communication. Can Malhotra strike the right balance and steer the economy towards sustainable growth?

 

Now, turn your gaze to the geopolitical tightrope in Syria. Bashar al-Assad’s ouster after 24 years has plunged the region into deeper uncertainty. For ordinary Syrians already living on the edge of devastation, the crisis has morphed into yet another power struggle. Rebel groups are vying for power, and regional actors like Turkiye, Iran, and Israel are recalibrating their strategies. The US, amid its own political transition, is juggling airstrikes and evolving policies. Our second editorial analyses the impending precarious balancing act: rebuilding Syria while navigating the complexities of international alliances.

 

Meanwhile, over in the world of finance, the dominance of US equities has, for long, mirrored the unwavering focus of a tightrope walker. For 15 years, American stocks have led global markets, buoyed by innovation and profitability. But as valuations climb, some investors question how long this outperformance can last. Akash Prakash, who boasts extensive experience in the Indian securities markets, warns that a period of underperformance in the US stock market may be due. Is this the moment to adjust your portfolio, or is the US still the core investment destination for the long haul? Read his views to find out.

 

Closer to home, India’s 2024 business narrative unfolded like an acrobat improvising mid-performance. Nivedita Mookerji looks back at the events of 2024 in India that shaped the year. While some stayed on the rope, others briefly faltered. Quick commerce reshaped retail, with startups like Zepto prompting giants like Amazon and Flipkart to pivot. Satellite communication policies sparked a debate, and artificial intelligence continued to intrigue but not quite woo Indian companies. Meanwhile, IPOs soared to record levels, reflecting a dynamic market. Amid all this, traditional powerhouses like the Tata and Reliance groups navigated their own balancing acts — expansion, innovation, and scrutiny.

 

In today’s book review, Nayantara Roy writes that Saurabh Kirpal’s Who is Equal: The Equality Code of the Constitution dissects equality in its many dimensions. Much like the tightrope of social justice, it highlights the tensions between ideals and realities. The book explores Article 14 of the Constitution, examining how its interpretation has evolved and where it has faltered. From caste and gender to LGBTQIA+ rights, the book asks: How can India craft a more inclusive and balanced society? Read more for Roy’s fascinating analysis of this book.