Best of BS Opinion: Global debt, India's power gaps, Punjab's anger

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

There’s something hypnotic about the moment before a perfect dive, the hush of breath, the still water waiting, and then the clean slice of entry, no splash, no stumble, just fluid control. Much like the sight of a kingfisher bird diving into the water for prey. Life rarely offers such seamless dives, but every now and then, big events across politics, economics, and culture reveal just how hard it is to hit the water without turbulence. Some entries are graceful, some messy, and some leave ripples that last far longer than the moment itself. Let’s dive in. 

Kenneth Rogoff writes that the anti-austerity movement after the 2008 crisis promised countries could leap headlong into debt without consequence, buoyed by years of low interest rates. But as rates normalise post-Covid, the dive looks less clean. US debt-servicing costs have doubled, Europe faces similar strains, and the illusion of costless borrowing has cracked. History shows debt crises often begin not with incapacity but with loss of confidence, making each plunge harder, slower and less flexible. 

 

And Devangshu Datta finds another mismatch between surface calm and deeper churn. India’s GDP grew 7.8 per cent in Q1FY26, but power consumption fell, hinting at inconsistencies. A cooler summer masked demand, yet the structural wave is clear, that by 2030, air conditioning alone could claim a quarter of power use. Renewables flood the grid in daytime but vanish at night. Like divers needing perfect timing, India must balance surplus and scarcity. Battery storage, smart grids, and sharper forecasting are the springboards needed for a smooth entry into a decarbonised future. 

Meanwhile, Shekhar Gupta turns to Punjab, where floods have submerged villages. Prime Minister Modi’s absence has deepened old suspicions of Delhi’s neglect, feeding into a fragile political pool already stirred by radical voices and diaspora propaganda. The BJP hopes to swim alone in the state, but with Sikh majority politics and diaspora narratives pulling in different directions, every move risks a splash.  

Mihir S Sharma explores how India’s relationship with the US also struggles to find grace. Modi has managed a measured stroke toward Washington, yet anti-American sentiment deepens, recalling older suspicions rooted in Nehruvian caution. Many BJP supporters admire Russia more readily than the West, treating it as a civilisational rival. Each attempt to dive closer to the US meets undercurrents that pull India back toward its wary instincts. 

And then, in a different kind of plunge, Atanu Biswas reviews Taylor Swift and Travis Kelce’s engagement, a cultural cannonball that splashes far beyond music or sport. Their billion-dollar union is already reshaping consumer moods and marketing strategies, a reminder that celebrity dives can ripple through economies just as much as policy shifts.  

Stay tuned!