Best of BS Opinion: Holidays with India Inc: Popcorn and free trade dreams

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

It’s one night before Christmas Eve—the air is tingling with the scent of cinnamon, playlists are looped with Mariah Carey or August Burns Red (whatever your tastes are), and holiday cheer is spreading faster than a meme on Instagram. But while the world slows down for mulled wine and some cake, India Inc has no time for idle festivity. So, here’s the deal: no fairy lights or metaphors this time. Just like caramel popcorn—sweet yet complex, satisfying yet sticky—India’s business stories demand a closer look. Because let’s be honest, whether it’s popcorn or policy, it’s always about finding that perfect balance. Just like caramel popcorn, there’s a bit of crunch, a hint of sugar, and maybe some sticky parts.

The 55th GST Council meeting proved that even popcorn isn’t spared the complexity of India’s taxation system. The Council exempted GST on penal charges for loan defaults (a relief for borrowers) and reduced taxes on fortified rice kernels. However, popcorn—whether caramel-coated or plain salted—continues to demonstrate the labyrinth of GST rules. But the Council didn’t just stop at snacks. As the popcorn crunches on, experts are calling for GST reform that’s less about layers and more about simplicity—because whether it’s snacks or stability, everyone loves a smooth experience. Read our first editorial to find out more.

On the other hand, India’s manufacturing ambitions might promise a booming future, but they’re stuck in a present riddled with hazardous factory conditions. Between 2017 and 2020, three workers died, and 11 were injured daily. This year alone, over 400 deaths and 850 serious injuries have been recorded, with the real figures likely much higher. It’s a cycle: unsafe workplaces deter investors, low investment stifles productivity, and that keeps factories running on exploitative labour. Contractual workers, informal setups, and inadequate oversight make factory floors dangerous, especially for underpaid and underprotected groups. Our second editorial argues that if India truly wants to rise as a global manufacturing hub, it needs to prioritise safety and accountability over shortcuts. After all, no one wants to build a dream on shaky—and unsafe—ground.

In the spirit of holiday collaboration, whispers of an India-US Free Trade Agreement (FTA) are warming up trade corridors. An FTA could help reduce tariffs, improve cross-border services, and even streamline visa processes—music to the ears of techies and traders alike. Yet, it’s not all holiday cheer. Both nations need to tackle procedural barriers, negotiate rules of origin, and sidestep the pitfalls of past FTAs marred by special interests. Our columnist Ajay Shah highlights that if done right, this deal could become a gift that keeps on giving, aligning India’s ambitions with America’s strategic priorities. Let’s hope this wishlist doesn’t get lost in the mail.

Meanwhile, India’s New National Mission on Edible Oils and Oilseeds has set its sights on self-reliance within seven years—a bold plan for a country that imports 60% of its edible oils. But history has taught us that missions like these often falter. Today, challenges persist: oilseed cultivation remains less profitable than other crops, procurement support is insufficient, and rain-fed lands aren’t doing any favours. Without addressing these fundamental issues, India’s edible oil dream could slip through its fingers, argues Surinder Sud. Self-reliance is a noble goal, but like caramel popcorn, it requires the right ingredients and careful timing to get it just right. 

So there you have it—a mix of challenges, ambitions, and reforms that India Inc is grappling with while the world decks the halls. This holiday season, let’s hope for a little extra cheer and a lot more clarity. And if you’re munching caramel popcorn while reading this, remember: no matter how sweet or crunchy, someone, somewhere, is calculating its tax slab.