Editorials

Across India, Gen Z and Alpha are protesting fiercely, driven by deep-seated issues in education and employment. Protests range from school students demanding teachers and infrastructure to aspirants alleging exam irregularities with JPSC-JSSC and NEET paper leaks. The author highlights soaring youth unemployment, especially among graduates, and the disparity between costly private and limited government educational opportunities. These widespread agitations signal a critical societal churn. The author criticizes leaders for failing to initiate serious debates or long-term action plans to address these fundamental challenges, instead focusing on superficial fixes. This widespread unrest demands urgent, comprehensive solutions for the youth's future.

India’s core industrial growth slowed to 5.4% in July, reflecting easing domestic demand. Much of this growth appears based on a low statistical base effect for sectors like coal and refinery products. While iron ore showed robust expansion, steel significantly decelerated. Crude oil and natural gas sectors are continuous drags, necessitating expensive imports. Impending US tariffs on Russian oil will further burden Indian exporters. Only cement and electricity sectors maintained strong growth, though electricity's pace moderated. Overall, the Indian economy anticipates slack demand, higher costs, and moderating growth, with positive indicators scarce.

The Supreme Court reviewed the 1978 "Triple Test" defining "industry" under the ID Act. A nine-judge Bench upheld it for old disputes, but the majority wrongly severed its interpretive relevance for the new IRC's Section 2(p). This is a mistake, as Section 2(p) largely retains the Triple Test's essence. The author argues the Triple Test is crucial for worker protection post-liberalization and fostered industrial peace by balancing worker safeguards with employer restrictions. Severing this framework is detrimental; courts must uphold the original intent despite the majority's flawed ruling.

The National Tribunal Commission (NTC) Bill, 2026, aims to formalize India's tribunal system, establishing the NTC for independent appointments, following Supreme Court directives. However, the author highlights critical shortcomings. Concerns arise from government influence in NTC chairman appointments, bureaucratic oversight of its secretariat, and the problematic exclusion of the NCLT. These structural flaws could undermine the NTC's independence and its ability to effectively address pervasive capacity gaps and delays in tribunals. The Bill's architecture, despite its intent, is viewed as inadequate to truly strengthen the judiciary.

The Treasury's attempts to lower borrowing costs are problematic. Secretary Bessent is criticized for using hedge fund tactics to time the bond market with taxpayer money. His decision to increase bond buybacks to $32 billion quarterly is viewed as a desperate, inappropriate manipulation of yields. The author asserts this, like past interventions, will likely fail. Global financial forces, including Japanese inflation and surging corporate borrowing, will sustain high yields. The administration's unaddressed policies exacerbate deficits. Bessent’s market-timing bet is a long-shot, predicted to disappoint voters promised lower borrowing costs.

India's current neighborhood policy is at an impasse, hindered by suspicion of China and outdated patterns. The author advocates a crucial reset: India must engage each neighbor bilaterally, focusing on mutual benefits like energy, water, or market access, moving beyond geopolitical anxieties. Offering asymmetric concessions and relaxing punitive restrictions, India can leverage its economic strength for long-term influence. This pragmatic, future-oriented approach, prioritizing win-win deals over legacy issues, is essential for a more effective and influential regional engagement.