UNENDING SLOWDOWN: INDIAN ECONOMY
India’s economy continues to decelerate(धीमा करना/सुस्त करना) with the government’s estimate for first-quarter gross domestic product pegging growth at a 13-quarter low of 5.7% in April-June. The reasons for theprotracted(दीर्घ/लम्बा/दीर्घकालिक) slowdown — a slide of five straight quarters from 9.1% in March 2016 — are many and varied. But there is little doubt that the demonetisation(विमुद्रीकरण) exercise combined with the uncertainty around the July 1 adoption of the new indirect tax regime served to significantly dampen(उत्साहहीन करना/कम करना) economic activity. While the GST-related “inventory(विस्तृत सूची/संख्यापत्र) deaccumulation” that Chief Statistician T.C.A. Anant referred to may well be reversed in the current quarter as companies across sectors gain(प्राप्तहोना/लाभ) comfort with the new tax regime, it is still doubtful whether demand for industrial output is going to attain any meaningful strength. The Reserve Bank of India last month said that its industrialoutlook(दृष्टिकोण/संभव) survey had “revealed(प्रकट करना) a waning(गिरावट/घटना) of optimism(आशावाद/आशापूर्ण दृष्टि) in Q2 about demand conditions across parameters and especially on capacity utilisation, profit margins and employment.” A look at the sector-specific trends(प्रवृत्ति) shows that manufacturing expansion in gross value added (GVA) terms has slackened(ढीलदेना/धीमा करना) to a near stall at 1.2%. This, from 5.3% in Q4 of the last fiscal and 10.7% a year earlier, is a far from heartening(प्रशंसा करना/खुशी) sign. With capacity utilisation expected to weaken this quarter, according to the RBI, and with surveys suggesting that consumer sentiment hasdeteriorated(बिगड़ना/विकृत होना/ख़राब होना) steadily(लगातार/निरंतर) in August, the auguries(भविष्यवाणी/शकुन) for a demand rebound are far from promising.Also Read Fallout(गिराव/नतीजा/उतार) of demonetisation onpredicted(भविष्य बतलाना) lines, says Jaitley While expressing concern about the slower-than-expectedexpansion(प्रसार), the Finance Minister has acknowledged(स्वीकारकरना) that the challenge before the government now is to work out both policy and investment measures to boost momentum. One option would be to suspend the fiscal road map for a limited period in order to pump prime the economy through increased capital spending by the government. The risks of fiscal loosening(ढीला करना) are of course manifold(विविध/अनेक/तरह तरह का), especially at a juncture(समय/परिस्थिति) when several State governments have either announced or are contemplating(ध्यान से देखना/विचार करना) large-scale farm loan waivers, which would push up interest rates and crowd(भीड/समूह) out fresh lending(उधार देना). Still, there is a thin sliver of a silver lining(उम्मीद की किरण) in the GDP data. The services sector continues to remain buoyant(प्रफुल्लित/प्रसन्न).Quarterly GVA across this broad swathe(लपेटना/बांधना) that encompasses(सम्मिलित करना/घेरना/समेट लेना) trade, hotels, transport, communication and broadcasting accelerated to 11.1%, from 6.5% in the fourth quarter, faster than the 8.9% posted in the corresponding(समरूपी/अनुकूल) period last year. The civil aviation sector saw passenger traffic soaring(उड़ान) by 15.6%, and construction activity, a provider of jobs, also ticked up by 2%. The Finance Minister has his task cut out: to find ways to restore momentum before the tailwinds(अनुकूल हवा) of low inflation and affordable energy prices start reversing direction.
1.Protracted(दीर्घ/लम्बा/दीर्घकालिक)
Synonyms:- prolonged, long-lasting, extended, spun out, dragged out
2.Dampen(उत्साहहीन करना/कम करना)
Synonyms:- moisten, soften, weaken, deaden, muffle
3.Accumulation(संचयन/संग्रहण)
Synonyms:- accruement, aggregation, assemblage, collection, accretion
4.Optimism(आशावाद/आशापूर्ण दृष्टि)
Synonyms:- hopefulness, confidence, buoyancy, cheerfulness, good cheer
5.Slackened(ढीलदेना/धीमा करना)
Synonyms:- loosen, relax, weaken, remit, slow down
6.Deteriorated(बिगड़ना/विकृत होना/ख़राब होना)
Synonyms:- degenerate, worsen, decline, slump, wane, ebb
7.Auguries(भविष्यवाणी/शकुन)
Synonyms:- foretoken, preindication, omen, portent, prophecy
8.Juncture(समय/परिस्थिति)
Synonyms:- occasion, articulation, junction, crossroads, eventuality
9.Contemplating(ध्यान से देखना/विचार करना)
Synonyms:- excogitate, meditate, ponder, ruminate, speculate
10.Encompasses(सम्मिलित करना/घेरना/समेट लेना)
Synonyms:- comprehend, embrace, surround, enclose, bound
