Best of BS Opinion: Rethinking India's path to progress and sustainability

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

Imagine a factory worker, late for his shift, pedalling harder and harder on his bicycle. The spokes of his wheels blur into a spinning web, and the seat groans as he alternates between standing and sitting, pushing his body - and his machine - to their limits. For a moment, he finds his rhythm, wind rushing past his face as he gathers speed. But then—snap! The chain gives way, and his journey comes to an abrupt halt. What does he do? Abandon the trip or stop to repair the chain, making it stronger than before? This scene feels eerily similar to the systems around us - trade policies, sustainability goals, global finance - where progress is often found faltering under the weight of unintended consequences.  Take India’s Quality Control Orders (QCOs) for example. Designed to protect consumers and reduce dependence on imports, they’ve instead added layers of bureaucracy and costs for businesses. Small and medium enterprises, in particular, are left stranded, unable to keep up with expensive certifications and approvals. Industries like steel and textiles are being forced to rely on subpar domestic materials, reducing their competitiveness. It’s as if policymakers are tightening the chain without checking if it can still turn the wheels. Our first editorial today highlights that to fix this, India must rethink its interventionist policies before they derail the journey toward global trade integration. 

Meanwhile, the chain is also wobbling when it comes to sustainability. Interest in ESG (environmental, social, and governance) investing is slipping globally, with $24 billion fleeing green funds this year. Political resistance, particularly in the US, is steering investors away from what some dismiss as divisive initiatives. Our second editorial argues that for India, the implications are serious: the country risks missing out on vital private capital for sustainable development. Regulatory delays and fragmented policies only add to the instability. To keep the ride smooth, India must adopt globally aligned ESG frameworks and actively pursue green financing opportunities. 

History, however, reminds us that progress is never linear. During the Nehru era, India forged ahead with bold developmental policies, despite limited resources and immense challenges. Economist Nitin Desai in his column reminds us that while critics often focus on inefficiencies or missed opportunities in trade, they overlook the optimism and resilience of a country rebuilding itself after colonial rule. It was a time of reforging old chains and building new ones, ensuring the nation could carry its aspirations forward. 

Meanwhile, the global trade chain continues to reveal its weak links. The US-China trade war has been a lesson in adaptability. While the US imposed tariffs, China cleverly rerouted its exports through Vietnam, Mexico, and other nations, maintaining its dominance. Countries like India, too, found opportunities, boosting exports of products like smartphones and medicines. But here’s the catch: much of India’s gains rely on Chinese inputs, exposing a precarious interdependence. To build a truly resilient economy, India must strengthen its domestic manufacturing while forging stronger trade alliances, writes Ajay Srivastava, the founder of Global Trade Research Initiative. 

The challenges extend to the energy sector, where the promise of a green future often overlooks inconvenient truths. In today’s book review, Shyam Saran - a career diplomat - examines More and More and More: An All-Consuming History of Energy by Jean Baptiste-Fressoz. Fressoz dismantles the myth of a clean energy “transition,” arguing that new energy sources add to, rather than replace, older ones. For India, the message is clear: the country must chart its own path, one that prioritises sustainable growth without locking future generations into the same broken systems. Read more to find out.

  So, where does this leave our factory worker and his broken chain? The solution isn’t to give up the journey or to patch things up temporarily. It’s to stop, rethink, and rebuild - stronger and smarter. Let’s not wait for the chain to snap; let’s start fixing it now.