Centrally planned electricity systems work well in a stable world. Three big changes have hit the global electricity system: climate change, technical change in renewables and storage, and demand surges associated with crypto-currencies and AI. From advanced economies all the way to Pakistan, the traditional centrally planned electricity system is fumbling when faced with this pace of change. The price system is of essence, in creating conditions for private firms to take risks, deploy capital, and anticipate requirements of all the elements of the electricity system at future dates. My column in the Business Standard today.
The slideshows and papers are up on the website.
From Statute to Zero-Cost: Section 31A and the Bombay High Court’s Zero-Cost Culture by Prashant Narang and Vishnu Suresh, unveils their new paper.
There is a "loser-pays" principle in Indian arbitration law. The authors conduct a mixed-methods study of 102 decisions from the Bombay High Court between 2023 and 2024 to evaluate whether the 2015 legislative amendments to Section 31A of the Arbitration and Conciliation Act have effectively deterred frivolous litigation. Their findings reveal that costs were imposed in only 3.9% of cases, indicating that the statutory presumption in favor of the successful party remains largely unenforced. This shows a systemic "deterrence gap" where the absence of financial consequences for weak petitions encourages tactical delays and speculative filings. The authors propose specific reforms—including mandatory reasons for withholding costs and receipt-anchored scales—to align courtroom reality with legislative intent.
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