Fasten Your Seat Belt
In his weekly column for The Indian Express, former Finance Minister P Chidambaram shares his thoughts on the Monetary Policy Statement of the Reserve Bank of India (RBI), particularly Governor Shaktikanta Das' decision to keep the repo rate unchanged at 6.5 percent.
"Inflation is not yet on the path toward the target rate of 4 per cent. Food and Fuel prices complicate matters. Both do not respond to interest rate changes. In September 2024, the year-on-year price increases were for tomato (42.4 per cent), for onion (66.2) and for potato (65.3). The Governor argued that there was justification for keeping the repo rate unchanged. The contrary argument is that a high repo rate has the effect of dampening the growth rate of the economy."P Chidambaram
Presidential Frontrunners
Coomi Kapoor, in an article for The Indian Express, sheds light on who may finally be chosen to replace JP Nadda as the next Bharatiya Janata Party (BJP) president.
She says that the likely contenders in the race are Dharmendra Pradhan and Bhupendra Yadav – who are both "prominent OBC faces". Others whose names are being floated, such as Vinod Tawde and Devendra Fadnavis, are seen to have "handicaps", she argues.
"Pradhan, an old ABVP hand, is a favourite of RSS general secretary Dattatreya Hosabale. Yadav, who once headed the RSS’s lawyers’ unit, has the blessings of Suresh Soni, once Modi’s benefactor. Pradhan’s recent success in Haryana, where he was in charge of the election, is an advantage. Similarly, Yadav earned kudos when the BJP pulled off a surprise upset in Madhya Pradesh last year. His standing would increase if he pulls off a BJP victory in Maharashtra."Coomi Kapoor
The Wonder That Was India in Ancient Times
In an article for Hindustan Times, journalist Karan Thapar reviews historian William Dalrymple’s latest book The Golden Road: How Ancient India Transformed the World. Thapar says that the book should bring cheer to Indian readers as it sheds light on not just the wonder that India was from the 3rd century BC to the 12th-13th centuries CE, but also its influence on the rest of the world.
However, he argues that a few critics may be riled by the fact that the book appears to support the Hindutva theory that ancient India was a vishwaguru (teacher to the world).
"In telling this tale, Dalyrmple makes a second point that would be equally welcome to Indian ears. This time it’s in relation to China, a country that traditionally presents itself as the middle kingdom i.e. the centre of the world. But the truth is that there was hardly any direct trade between China and the West during the period his book covers. In fact, as he told me, the Europe of that time and China were 'only dimly aware of each other'."Karan Thapar
Why Bezos and LA Times Owner Are Right About Not Endorsing Harris
Ruchi Gupta, in an article for The Times of India, says that the decision of Jeff Bezos, owner of The Washington Post, and the Los Angeles Times' Patrick Soon-Shiong to "block" their newspapers from endorsing Kamala Harris in the US presidential election has widely been interpreted as "unprincipled billionaires trying to hedge bets in an uncertain election".
However, she says, their decision was actually correct.
"Democratic politics is about peacefully negotiating differences within a population that must coexist. This requires the willingness to engage with all sides to find common ground. Instead, our politics and public discourse are increasingly characterised by contempt and antagonism. The resultant polarisation is making negotiation impossible and a big reason for the breakdown in democratic politics."Ruchi Gupta
The Stars Staying Dim on Bollywood
In the backdrop of two star-studded Diwali releases, namely Singham Again and Bhool Bhulaiyaa 3, Namrata Joshi raises a pertinent question: "Will both of them bring the fickle audience to theatres over the festive weekend, when ticket sales are meant to rise? Or will they split the viewers and eat into each other’s profits?"
Writing for The New Indian Express, Joshi argues that nobody seems to be reliable anymore – neither big stars and mega budgets, nor legacy production houses and top-rated directors.
"At the heart of the crisis is the outmoded structure and process of filmmaking in Mumbai that is marked by an overwhelming power imbalance. The burden of business – both the movie making and viewing cultures – rests with just a few tentpole films, popular directors and stars, usually male. However, these stars aren’t shining as bright, offering no assurance of success any more despite accounting for 30-40 percent of a film’s cost. This is at a time inflation has pushed up costs."Namrata Joshi
India, China and the Fog of Elusive Peace
Shedding light on the recent India-China "disengagement" deal in eastern Ladakh, MP Manish Tewari argues that there is a greater need for transparency.
Writing for Deccan Chronicle, Tewari says that the Indian government's optimistic stance on achieving "complete disengagement" starkly contrasts with China's more cautious position – going by the official readouts of the meeting between Prime Minister Narendra Modi and Chinese premier Xi Jinping on the sidelines of the BRICS Summit in Russia.
"India asserts that the de facto border extends for 3,488 km, while China contends it is significantly shorter. Beijing claims approximately 90,000 square kilometres of Indian territory in the northeastern region, including Arunachal Pradesh, while New Delhi maintains that 38,000 square kilometres in Aksai Chin is part of Ladakh. Despite considerable focus on the disengagement efforts in Depsang and Demchok, numerous such unresolved holdovers persist."Manish Tewari
India Contributed to Their Own Downfall Against Kiwis
"If anyone attempts a post mortem of their debacle against the Kiwis, hubris would be counted as one of the big factors," says Tushar Bhaduri in an article for Financial Express, calling New Zealand's recent Test win against India one of the "biggest upsets" in the history of Test cricket.
Despite the defeat, however, Bhaduri says that the Indian team doesn't have much time to lick their wounds before flying to Australia to attempt a third consecutive series win there.
"The series loss has given India cause to ponder whether our superstars, on whose shoulders this 12-year, 18-series home streak was based, have their powers diminished. India is such a vast country and cricket enjoys such popularity here that prodigious talents will continue to emerge from various nooks and corners. But it takes time for them to turn world-beaters, hence the impression that the Indian team may be entering a transitional phase."Tushar Bhaduri
For Tehran and Tel Aviv, War With Limited Options
In an opinion piece for Hindustan Times, Ramin Jahanbegloo argues that the confrontation between Israel and Iran is one with "limited options".
He says that while Israel has the independent capacity to hit Iran hard, it will not be able to defeat its clerics and Revolutionary Guards without US military support. Similarly, Tehran can only count on proxies in West Asia to inflict any damage on Tel Aviv, Jahanbegloo asserts.
"The possibility of an open war between Iran and Israel is worrying both the Israelis and the Iranians. Besides the loss of lives, an Israeli attack against Iran’s oil installations could be followed by Tehran interrupting the passage of oil tankers through the Strait of Hormuz, the daily transit route for more than 20 percent of the world's oil."Ramin Jahanbegloo
Pawar's Last Stand to Save Legacy & Dynasty
"Considered the most resourceful politician in the Indian scenario today, Sharad Pawar faces a formidable challenge to deliver more than 150 seats in the 288-member Maharashtra assembly," says Prabhu Chawla, in an article for The New Indian Express.
Chawla argues that Pawar is a rare political species – indefinable even in the sunset stage of his six decades-old career. He says that while age and affliction have slowed the octogenarian, his "Machiavellian mind" remains sharp as ever as he leads the "entire non-BJP Opposition in Maharashtra to put the kibosh on the Modi onslaught".
"The Maharashtra hostilities are a straight face-off between Sharad Pawar and Narendra Modi. It will be Pawar’s last battle in all likelihood. And Modi’s crucial test for the absolute validation of his charisma. Pawar must prove he remains the Mighty Maratha par excellence. Through a series of political machinations and collusion, he lost his party’s name and symbol; but the masses are loyal to him. At every important public or party meeting, he occupies the centre-stage."Prabhu Chawla
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