Editorial Comment

Powering data centres: AI leadership depends on control of power supply

Google's Intersect Power deal shows how AI's explosive energy needs are pushing Big Tech from buying clean power to owning it-reshaping grids, climate goals and regulation

Fiscal policy planning: Why India needs a clearer medium-term plan

India's fiscal discipline has improved, but high debt, future spending pressures and bond-market constraints make deeper consolidation increasingly difficult

India's cities need mobility reform, not just infrastructure spending

The Budget puts cities at the heart of growth, but without fixing buses, walking and last-mile links, India's urban mobility crisis will keep choking productivity

Defence spending rises in Union Budget, but capability gains remain key

Operation Sindoor shapes FY27 defence Budget as India lifts spending to 2% of GDP, boosts capital outlay and modernisation to prepare for a potential two-front conflict

State power discom profits hide a deeper and unresolved fiscal problem

After a decade of losses, the state discoms reported profits of about ₹2,700 crore in 2024-25, a turnaround from the losses of over ₹25,000 crore the previous year

Lower US tariffs help India, but diversification remains essential

US tariff relief lifts markets and sentiment, but India must use the trade deal to deepen reforms, attract capital flows and diversify exports

Budget 2026: Govt should have a clear road map for disinvestment target

Even for 2025-26, miscellaneous capital receipts were budgeted at ₹47,000 crore, but were later revised down

Devolution for growth: 16th FC rejigs inter-state formula with care

State governments have long argued that their space for policy experimentation and autonomy has been shrinking

Holding steady: Banks resilient as global spillovers and risks persist

RBI says banks and NBFCs remain resilient with strong capital and asset quality, but flags risks from unsecured lending and global spillovers in a volatile world

Withdrawing to the West: US defence strategy raises global concern

America First reshapes US defence priorities, urging allies to secure themselves and raising fresh doubts over Taiwan and Asia's stability as Washington turns inward

In a fragile world: Economic Survey 2026 will enable informed debates

Economic Survey 2025-26 flags stronger growth but warns that global uncertainty, fiscal discipline, and lower import protection are key to sustaining momentum

Creating employment: India-EU FTA can increase labour-intensive exports

The India-EU FTA offers major export and job gains for labour-intensive MSME sectors, but success will hinge on meeting EU standards and easing logistics bottlenecks

Market signals: Global factors will continue to drive stock markets

Indian investors are in a difficult spot, given the uncertainty. In January to date, the benchmark Nifty saw a small correction of around 3.3 per cent after gaining 9.8 per cent in 2025

Rewiring power reforms: Discom profitability is an encouraging start

India's discoms return to profitability after a decade of losses, boosted by fuel cost pass-through, smart metering, and sector reform incentives

A big deal: The India-EU partnership will open up new opportunities

India and EU seal historic free trade deal, opening vast markets and cooperation avenues while urging India to boost competitiveness and reforms

Strategic alliance: Pax Silica can reshape global tech supply chain

The bloc brings together complementary strengths. The US and Japan can provide technological leverage while South Korea dominates chip manufacturing

Demographic shift: State finances reflect the rapid transition ahead

Nationally, the working-age population is expected to peak around 2031, but several states have already crossed that point

Digital intervention: Fiscal efficiency can work together with soil revival

Linking urea sales to digital farmer IDs could curb leakages and fiscal waste-but only a phased, inclusive rollout can protect farmers and revive soil health

March of a Republic: India must find its way in an uncertain environment

As global order frays and the US turns inward, India's Republic Day optics underline a strategic pivot towards Europe and faster reforms at home

India's power reforms: New policy aims to address persistent fault lines

The policy rightly recognises that tariff dysfunction is at the heart of the sector's problems