Best of BS Opinion: Balancing growth, sustainability, and innovation

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

As the holiday season wraps the year in glitter and reflection, we’re here to deck your halls with stories that resonate—like gifts under the tree, some bright and shiny, others wrapped in layers of complexity. And with the light rain in Delhi which has delightfully dampened pollution and lifted the festive spirits, let’s unwrap the themes of growth, sustainability, innovation, and resilience that shaped 2024. 

Imagine setting the perfect holiday budget—balancing indulgent gifts with prudent savings. The government faces a similar dilemma, as highlighted in its mid-year fiscal review. Revenue receipts spark joy, outperforming a five-year average, yet slower-than-expected economic growth casts a shadow. With real growth at 6 per cent against a hopeful 10.5 per cent nominal target, the fiscal deficit appears tidy but hides deeper concerns. Like a carefully curated holiday wishlist, decisions must be made: Should we focus on short-term indulgences (boosting expenditure) or long-term financial health (maintaining fiscal discipline)? Read our first editorial to know more.  Picture decorating your home with flashy lights, a small christmas tree and a few ornaments but neglecting the tree’s roots. That’s the state of India’s forest cover, as the latest ISFR report paints a rosy picture—on paper. Our second editorial today highlights that while the carbon sink grows, biodiversity-rich regions like the Northeast and Western Ghats lose their green glory to plantations that resemble plastic baubles more than vibrant ecosystems. Monoculture plantations, much like faux greenery, lack the depth and resilience of natural forests. 

And what can/should be the Indian economy’s New Year resolution? To balance growth and stability amid global headwinds. In her forecast, economist Sonal Varma predicts a year of challenges: slower GDP growth, high inflation, and a pinch from tightening monetary policies. Much like deciding between a cozy night in or a glittering party, policymakers must navigate domestic slowdown and global pressures. Will they find the perfect balance? 

Meanwhile Artificial Intelligence (AI) is like that high-tech gift under the tree - exciting but with a learning curve and ethical questions. Our second columnist today Arun Maira warns us of the risks posed by AI’s increasing autonomy, from justice concerns to societal disruptions. Just as corporations prioritise profit, AI systems follow programmed goals, often without compassion. To keep this tech wonder on the “nice” list, Maira urges us to prioritise ethical innovation and regulation, ensuring these tools serve society rather than overshadow it.  Need a holiday read? Meenakshi Ahamed’s Indian Genius: The Meteoric Rise of Indians in America unpacks the meteoric rise of Indian Americans, from Silicon Valley to the White House. In today’s book review, Shyam Saran highlights the grit and determination of diaspora luminaries like Sundar Pichai and Atul Gawande. Yet, the book doesn’t shy away from presenting the challenges faced by less-skilled migrants—a poignant reminder that every community has stories of triumph and struggle.

  As we trim our trees and toast to new beginnings, these stories remind us that growth, sustainability, and innovation don’t come without trade-offs. Whether it’s budgeting for national priorities or preserving ecosystems, every choice shapes our collective future.