Hindi English Translation || Editorial || A fragile momentum: On the economy and India’s growth

A fragile momentum: On the economy and India’s growth

Industrial output gains in January remain uneven (असमान, असंगत) and may not sustain (कायम रखना)

On the face of it (apparently, seemingly, outwardly, ostensibly, at first glance, it seems (that), it appears (that), at face value, to go by appearances, by all accounts), the 5.2% uptick (तेजी) in India’s Index of Industrial Production (IIP) (औद्योगिक उत्पादन का सूचकांक) this January is a good new year tiding for a metric (measures of quantitative assessment used for comparing, and tracking performance) that had seen two months of contraction (संकुचन, सिकुड़न) in the previous five months. With the Gross-Value Added (GVA) (it is a measure of total output and income in the economy. It provides the rupee value for the amount of goods and services produced in an economy after deducting the cost of inputs and raw materials that have gone into the production of those goods and services. It also gives a sector-specific picture like what is the growth in an area, industry, or sector of an economy. On the other hand, GDP or gross domestic product is a measure of economic activity in a country. It is the total value of a country’s annual output of goods and services) in the economy by the manufacturing sector shrinking (lessen, reduce, decrease) 3.6% in the July to September 2022 and 1.1% in the October to December 2022 quarters, one would hope that the final quarter (a period of three months (considered as one-fourth of a year)) of this financial year bucks this trend. To that end (इस अंत तक), January’s factory output numbers offer moderate (average, modest, medium, ordinary), although not necessarily (अनिवार्य रूप से, निश्चित रूप से) adequate, encouragement. For one (used for highlighting that someone is thinking in a particular way, even if other people are not), the rise is almost twice the insipid (uninteresting, boring, unexciting, lacklustre, pathetic) 2.6% growth averaged in the previous quarter and marks (निशान, दिखाएँ) a 4.7% improvement from output levels in December 2022. Double-digit growth in electricity and capital goods lifted the IIP, aided (सहायता, समर्थन) by a 9.6% rise in primary goods and an 8%-odd rise in mining and infrastructure (आधारभूत संरचना) goods (a three-month low for both). Manufacturing rose 3.7%, which is slightly better than December’s 3.1% increase, but 10 of 23 tracked sub-sectors recorded contractions in output and five of those slipped (fall, sink, drop, go down, decrease) more than 10% from January 2022 levels. Textiles factories pared (reduce, lessen, diminish, decrease) production by over 11%, wood products fell by 12.6%, wearing apparel units slashed output by 22.3%, while computers and electronics manufacturing fell 29.6%. As many as seven sectors have clocked (register, record; achieve) output declines over the first 10 months of 2022-23, including electrical equipment, computers, pharma and the employment-intensive ((in business) concentrating on a particular thing) textiles, apparel and leather.

Weakening global demand is surely hurting factory order books and the increasingly hawkish (aggressive, contentious; relating to the policy that prioritizes lowering inflation and likely will raise interest rates. (A “hawk” refers to an economist who focuses on curbing or preventing inflation, typically through interest rates. A hawk is very concerned with the negative effects of inflation, so they advocate for higher interest rates to slow down the rise in price levels)) monetary policy (मौद्रिक नीति) outlook in critical (essential, important, key, high-priority) markets for Indian exporters such as the United State, do not augur well (शुभ होना). On Friday, when the IIP numbers were released, global oil prices fell by another 1.3% as markets expect rate hikes by central banks (केंद्रीय अधिकोष) will hurt demand (and export orders). Of equal concern (समान चिंता का) for the Reserve Bank of India’s Monetary Policy Committee (MPC) members, when they meet in early April, would be how domestic demand is holding up. Two MPC members had already flagged (indicate, identify, point out; draw attention to) concerns about interest rates turning too high for comfort at its February meeting — one termed India’s growth as ‘extremely fragile (vulnerable, risky, unreliable, insecure)’. The signals (show, indicate, signify) from consumer goods production numbers in January’s IIP are not too enthusing (motivate, spur/stimulate, encourage). While consumer durables output shrank sharply year-on-year (year over year (for comparison)) for the second successive (consecutive, in a row, straight, continuous) month, it was almost 15% below pre-COVID levels. Non-durable consumption items grew 6.2%, the slowest pace in three months, with total output this year still below 2021-22 levels. A K-shaped recovery (In a K-shaped recovery, some parts of the economy may go through strong growth while others continue to decline. A K-shaped recovery occurs after a recession when certain parts of the economy resume growth while others lag behind) may be officially denied, but industry is pointing to a slower rebound (recovery, revival, rallying, bouncing back, picking up, comeback (in value of something after decline)) in lower income and rural segments. All is still not well.

Courtesy: The Hindu

Important Word List With Meaning

1.uneven (adjective)

Hindi Meaning - असमान, असंगत
English Meaning - inconsistent, varying, changeable, fluctuating, irregular, patchy.

2.sustain (verb)

Hindi Meaning - कायम रखना
English Meaning - continue, carry on, keep up, maintain, bolster up.

3.uptick (noun)

Hindi Meaning - तेजी
English Meaning - a small increase or upward trend.

4.Index of Industrial Production (IIP) (noun)

Hindi Meaning - औद्योगिक उत्पादन का सूचकांक
English Meaning - a composite (combined/complex) indicator that measures the changes in the volume of production of a basket of industrial products during a given period with respect to the volume of production in a chosen base period.

5.contraction (noun)

Hindi Meaning - संकुचन, सिकुड़न
English Meaning - In economics, it refers to a decline in national output as measured by gross domestic product.

6.to that end (phrase)

Hindi Meaning - इस अंत तक
English Meaning - for that reason, with that goal.

7.necessarily (adverb)

Hindi Meaning - अनिवार्य रूप से, निश्चित रूप से
English Meaning - inevitably, certainly, surely.

8.mark (verb)

Hindi Meaning - निशान, दिखाएँ
English Meaning - show, indicate, denote.

9.aid (verb)

Hindi Meaning - सहायता, समर्थन
English Meaning - help, assist, support.

10.infrastructure (noun)

Hindi Meaning - आधारभूत संरचना
English Meaning - the basic physical or organisational structure or framework that a country or organization needs in order to function properly. For a whole nation, it includes all the physical systems such as buildings, roads & railways networks, utilities, etc.

11.monetary policy (noun)

Hindi Meaning - मौद्रिक नीति
English Meaning - monetary policy refers to the use of monetary instruments under the control of the central bank to regulate magnitudes such as interest rates, money supply, and availability of credit with a view to achieving the ultimate objective of economic policy mentioned in the Reserve Bank of India Act, 1934.

12.augur well (verb)

Hindi Meaning - शुभ होना
English Meaning - bode, indicate, portend (a good outcome).

13.central bank (noun)

Hindi Meaning - केंद्रीय अधिकोष
English Meaning - the banking regulator of a county’s banking system. (e.g. The Reserve Bank of India (RBI) is the central bank of India).

14.of equal concern (phrase)

Hindi Meaning - समान चिंता का
English Meaning - if something is of concern to someone, they find it upsetting and disappointing.

15.The monetary policy committee (MPC) (noun)

Hindi Meaning - मौद्रिक नीति समिति
English Meaning - it is a six-member panel that is expected to bring “value and transparency” to rate-setting decisions. It will feature three members from the RBI — the Governor, a Deputy Governor and another official — and three independent members to be selected by the Government. The MPC will meet four times a year to decide on monetary policy by a majority vote.

16.fragile (adjective)

English Meaning - vulnerable, risky, unreliable, insecure.

17.momentum (noun)

English Meaning - the increase in the rate of growth of something; strength, impetus.

18.on the face of it (phrase)

English Meaning - apparently, seemingly, outwardly, ostensibly, at first glance, it seems (that), it appears (that), at face value, to go by appearances, by all accounts.

19.tidings (noun)

English Meaning - news, information, reports.

20.metric (noun)

English Meaning - measures of quantitative assessment used for comparing, and tracking performance.

21.gross value added (GVA) (noun)

English Meaning - it is a measure of total output and income in the economy. It provides the rupee value for the amount of goods and services produced in an economy after deducting the cost of inputs and raw materials that have gone into the production of those goods and services. It also gives a sector-specific picture like what is the growth in an area, industry, or sector of an economy. On the other hand, GDP or gross domestic product is a measure of economic activity in a country. It is the total value of a country’s annual output of goods and services.

22.shrink (verb)

English Meaning - lessen, reduce, decrease.

23.quarter (noun)

English Meaning - a period of three months (considered as one-fourth of a year).

24.buck the trend (phrase)

English Meaning - go against/oppose (principles) something predetermined.

25.moderate (adjective)

English Meaning - average, modest, medium, ordinary.

26.for one (phrase)

English Meaning - used for highlighting that someone is thinking in a particular way, even if other people are not.

27.insipid (adjective)

English Meaning - uninteresting, boring, unexciting, lacklustre, pathetic.

28.contraction (noun)

English Meaning - decline, decrease, reduction.

29.slip (verb)

English Meaning - fall, sink, drop, go down, decrease.

30.pare (verb)

English Meaning - reduce, lessen, diminish, decrease.

31.clock (verb)

English Meaning - register, record; achieve.

32.intensive (adjective/usually in combination)

English Meaning - (in business) concentrating on a particular thing.

33.hawkish (adjective)

English Meaning - aggressive, contentious; relating to the policy that prioritizes lowering inflation and likely will raise interest rates. (A “hawk” refers to an economist who focuses on curbing or preventing inflation, typically through interest rates. A hawk is very concerned with the negative effects of inflation, so they advocate for higher interest rates to slow down the rise in price levels).

34.outlook (noun)

English Meaning - expectations, prospects, expectancy, future, lookout.

35.critical (adjective)

English Meaning - essential, important, key, high-priority.

36.hold up (phrasal verb)

English Meaning - support, sustain, buttress, shore up, bolster up, prop up.

37.flag (verb)

English Meaning - indicate, identify, point out; draw attention to.

38.too close/high for comfort (phrase)

English Meaning - if something is too close/high for comfort, it is closer/higher than you would like it to be or than what is safe.

39.signal (verb)

English Meaning - show, indicate, signify.

40.enthuse (verb)

English Meaning - motivate, spur/stimulate, encourage.

41.consumer durables (noun)

English Meaning - manufactured products/goods (such as TV, fridge, AC, motorbike, car & etc) which last for an extended period of time.

42.consumer non-durables (noun)

English Meaning - products/goods (such as food, clothing, fuel, etc.) which are produced for immediate use and frequently replaced by the consumer.

43.year-on-year (adjective)

English Meaning - year over year (for comparison).

44.successive (adjective)

English Meaning - consecutive, in a row, straight, continuous,.

45.K-shaped recovery (noun)

English Meaning - In a K-shaped recovery, some parts of the economy may go through strong growth while others continue to decline. A K-shaped recovery occurs after a recession when certain parts of the economy resume growth while others lag behind.

46.point to (phrasal verb)

English Meaning - indicate, suggest, signal, signify, denote, reveal.

47.rebound (noun)

English Meaning - recovery, revival, rallying, bouncing back, picking up, comeback (in value of something after decline).