English Vocabulary from “The Hindu Editorial
March 2, 2018
Buoyant again
But this GDP growth coincides with higher public spending, which risks fanning inflation
The latest economic data from the Central Statistics Office reveal that India’s GDP expanded at a brisk 7.2% pace in the three months ended December, an acceleration from the 6.5% posted in the second quarter. On the face of it, the numbers are cause for cheer and optimism, with gross fixed capital formation, a key measure of investment demand, showing a healthy improvement. Sectoral gross value added (GVA) figures also reflect a broad-based pickup in activity from the preceding quarter. The only three laggards last quarter were mining; utility services (including electricity, gas, and water supply); and trade, hotels, transport and communication services. The contraction in mining is of particular concern. The October-December quarter in 2016 was, however, the period when the Centre implemented the widely disruptive demonetisation of high-value currency notes, and so one has to bear in mind the base effect on the latest third-quarter data. Also, the CSO’s second advance estimates of national income for the full financial year are a lot more sobering. Both GDP and GVA growth estimates for 2017- 18 have been revised upwards from the first-cut projections made in early January — GDP growth to 6.6% from 6.5% earlier as a result of GVA expansion being lifted to 6.4% from January’s 6.1%. But the assumption for increase in net taxes has been pared, reflecting the struggle to ensure buoyancy in GST revenue collections. A study of the full-year projections reveals the pressure points. The same sectoral GVA data that at a quarterly level appeared to give promise of a more enduring recovery show momentum in five of the eight sectors decelerating. Of particular concern are the farm sector, where growth is set to slow to 3% from 6.3% in the previous fiscal; and manufacturing where the pace is expected to ease to 5.1% from 7.9% in the revised estimate for 2016-17. The latest Index of Industrial Production numbers that show manufacturing in April-December still significantly lagging behind the previous nine-month period, as also the Nikkei India Manufacturing Purchasing Manager’s Index that shows growth in the sector slowed to a four-month low in February, add to concerns about manufacturing. With private final consumption expenditure, a crucial driver of economic momentum, still to gain traction over the full financial year, it is increased government spending that has undergirded the expansion. Here lies the rub. The leeway for more pump priming is restricted as fiscal deficit at the end of January has already exceeded 113% of the revised estimate for the full year. Any more profligacy by the government risks threatening price stability. With the banking sector beset by bad loans and increased scrutiny on lending in the wake of frauds, and exporters still to make the most of the revival in global trade demand, the economy is not yet out of the woods.
War and peace
Kabul extends a peace proposal to the Taliban. But will it be accepted?
Afghan President Ashraf Ghani’s offer of talks with the Taliban is the most comprehensive peace proposal to have come from Kabul since the U.S.-led invasion of Afghanistan in 2001. Speaking at the Kabul Process, a two-day security conference in the city with more than 20 countries including India represented, Mr.Ghani promised to recognize the Taliban as a political party, called for confidence-building measures and asked them to recognize the Kabul regime and the constitution. The Taliban was told to open an office in Kabul; passports and freedom of travel were offered to those involved in negotiations. This is not the first official attempt to make peace with the Taliban. In July 2015, Taliban and Afghan government representatives held talks in Pakistan. But the talks collapsed when it emerged that Taliban leader Mullah Omar had died two years earlier. Ever since, the Taliban has stepped up its violent campaign, killing thousands. This time the difference is that the Afghan government has come up with a seven-point plan of engagement with the Taliban and invited the group for talks without preconditions: the previous formulation was that the Taliban should choose between war and peace. Mr.Ghani has not set any time limit for the Taliban to respond. He has said the views and proposals of the Taliban would be considered, thereby lobbing the ball into the Taliban’s court. Mr.Ghani’s offer comes a month after U.S. President Donald Trump ruled out talks with the Taliban. The Trump administration has also committed more troops to Afghanistan. But given how much Kabul relies on the
U.S. for support, it is unlikely that Mr. Ghani would have made such a significant offer to the Taliban without U.S. consent. The reason could be desperation. After more than 16 years of war, the Afghan government is helplessly watching the Taliban spread its influence across rural areas. In the east, the Islamic State has gained ground. Over the years the U.S. had tried tacticsincluding a troops surge, putting pressure on Pakistan to use its leverage with the Taliban and promoting secret talks. But nothing worked, and the Taliban has established a strong presence in almost two-thirds of Afghanistan, and is constantly on the offensive. It has shown a capacity to strike at the most fortifiedpositions in Kabul, but knows it cannot capture the city as long as the Americans remain committed to the government’s security. Therefore, both sides have an incentive to break the stalemate and try direct negotiations for a way out. If the Taliban accepts Mr. Ghani’s proposal, that could set the stage for a constructive engagement between the militants and the government, and provide hope for some much-needed relief to the war-hit Afghan people.
1). Laggards (Noun) –फिसड्डी
Definition: a person who makes slow progress and falls behind others.
Synonyms: straggler, loiterer, lingerer, dawdler, sluggard, slug, snail, delayer, idler, loafer, lounger
Usage: staff were under enormous pressure and there was no time for laggards
2). Buoyancy (Noun) –उछाल
Definition: a cheerful and optimistic attitude or disposition.
Synonyms: cheerfulness, cheeriness, happiness, light-heartedness, care freeness, brightness
Usage: She is a buoyancy person
3). Undergirded (Verb) –समर्थन करना
Definition: provide support or a firm basis for.
Synonyms: support, back up, strengthen
Usage: that’s a philosophy that needs to undergirdretailers’ business plans this year
4). Leeway (Noun) –अनुवातगमन
Definition: the amount of freedom to move or act that is available.
Synonyms: freedom, scope, room to manoeuvre, latitude, elbow room, slack, space, room
Usage: the government had greater leeway to introduce reforms
5). Scrutiny (Noun) –संवीक्षा
Definition: critical observation or examination.
Synonyms: careful examination, inspection, survey, scan, study, perusal
Usage: every aspect of local government was placed under scrutiny
6). Lobbing (Verb) –फेंकना
Definition: throw or hit (a ball or missile) in a high arc.
Synonyms: throw, toss, fling, pitch, shy, hurl, pelt, sling, loft, cast, let fly with, flip
Usage: he lobbed the ball over their heads
7). Surge (Noun) –महोर्मि
Definition: of a crowd or a natural force) move suddenly and powerfully forward or upward.
Synonyms: gush, rush, stream, flow, burst, pour, cascade, spill, overflow, brim over
Usage: the journalists surged forward
8). Offensive (Ajective) –अपमानजनक
Definition: actively aggressive; attacking.
Synonyms: hostile, attacking, aggressive, invading, incursive, combative, threatening
Usage: offensive operations against the insurgents
9). Fortified (Verb)-किलाबंद
Definition: provide (a place) with defensive works as protection against attack.
Synonyms: build defences round, strengthen with defensive works, secure, protect
Usage: the whole town was heavily fortified
10). Stalemate (Noun) –गतिरोध
Synonyms: deadlock, impasse, standstill, dead end, stand-off, draw
Usage: last time I played him it ended up in stalemate
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