Aditi Phadnis recently reviewed Poonam Agarwal’s book, “India Inked: Elections in the World’s Largest Democracy,” in an article published in Business Standard. When it comes to electoral reform, the India review adds an additional slice of complexity. It targets in particular the controversial electoral bonds mechanism that was introduced in 2017. Agarwal meticulously examines how these bonds have not only failed to achieve their intended purpose but have introduced complexities through hidden alphanumeric codes that obscure transparency.
Phadnis highlights that Agarwal’s book serves as a comprehensive account of the evolution of elections in India over several decades. She argues that the electoral bonds, which were supposed to increase transparency in political donations, had the opposite effect. Complicated codes to back these bonds have often complicated the very transparency they were designed to ensure. This raises some very serious concerns about these provisions and their implications for democracy and governance.
Phadnis identifies three fundamental principles essential for driving regulatory reform in India: foundational thinking, a clear set of functions, and the establishment of checks and balances. These principles are timely as India’s regulatory landscape starts to warm up to the idea of reforms badly needed in the economy and across sectors.
The country’s urban infrastructure is being put under an unprecedented spotlight. This is particularly prescient given the ongoing emergence of electric vertical take-off and landing vehicles (eVTOLs). To date, not a single operational license has been issued for either of these groundbreaking new transportation modes. The deployment of eVTOLs demands a collaborative method that combines urban and community planning, energy usage, vertiport design and installation, and regulatory action. Phadnis agrees that regulatory changes will be key to incorporating eVTOLs safely and effectively into urban environments.
Vinayak Chatterjee paints an optimistic and inspiring future scenario. Thrall strongly advocates for much more rigorous regulatory changes to prepare for new technologies, such as eVTOLs, to come into play. Our current regulatory framework needs to change to meet the challenges that these new paradigms in transportation technology create.
In addition to this, Phadnis raises a very important issue with corporate governance in startups. Independent directors, boards, and auditors need to consistently intervene when they see malfeasance. Their oversight is absolutely essential to rooting out the bad actors in these very powerful organizations. Startups have quickly become an integral aspect of the state of India’s economy and innovation ecosystem. We need to be alert as their influence expands.
Alongside these threads on regulatory reform, Phadnis shines a light on the uphill battle India’s justice delivery system is fighting. She doesn’t just share a sad story—she shares an alarming picture of the justice system overtly failing on both ideals and practice. The lack of effective accountability tools exposes a pressing crisis. We demand sustained, systemic reforms so that communities can once again have faith in our legal systems.
Our retrospective looks at the increasing threats to press freedom in India. Agarwal courageously argues that the polarization of interests among media proprietors threatens this freedom. This observation raises alarms about the independence of journalism in the country and its ability to serve as a watchdog over political and corporate actions.