Hindi English Translation || Editorial || All for small: On focus on the small enterprises

All for small: On focus on the small enterprises

India’s push for small businesses at the G-20 trade summit (सम्मेलन, बैठक) must be pursued

Trade and investment Ministers of the G-20 (The G20, formed in 1999, is a group of twenty of the world’s largest economies that meets regularly to coordinate global policy on trade, health, climate, and other issues. It brings together the world’s major advanced and emerging economies. The G20 comprises Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK and USA. The G20 Countries together represent around 90% of global GDP, 80% of global trade, and two thirds of the world’s population) nations, representing 80% of the world economy’s output, three-quarters of trade flows and three-fifths of the population, concluded their deliberations (विचार-विमर्श) under India’s presidency (premiership, leadership, chairmanship, stewardship) of the bloc (alliance, group, association, union, coalition, partnership) last week. A comprehensive (inclusive, extensive, all-inclusive, all-encompassing, all-embracing, thorough, sweeping, far-reaching, widespread, broad-based) communiqué (विज्ञप्ति) was scuttled ((intentionally) cause (a plan) to fail) as China and Russia blocked a reference (सन्दर्भ) to geopolitical (भूराजनीतिक) issues arising from the conflict (संघर्ष, टक्कर) in Ukraine, as has been the case since last year’s G-20 Bali summit. Yet, amid (के बीच, मध्य में) flailing (floundering, struggling, stumbling, blundering) prospects (संभावना) for global trade and investment in the near-term, the G-20 nations did agree to take joint actions to reaffirm (पुष्टि करना) the world’s faith in cross-border (सीमा पार) commerce and investment flows as a route to prosperity (समृद्धि, सफलता) and growth for all. The government counted five concrete (real, actual, solid, substantial, definite, tangible) and action-oriented deliverables from the meet, including a dialogue on global standards to bridge (join, link, connect, unite) regulatory (विनियामक) divergences (difference, dissimilarity, variance, discrepancy, incompatibility, mismatch, deviation) across countries and a compendium (group, collection, series, complete series) on best practices for mutual recognition (मान्यता, सम्मान) of qualifications for professional services such as medicine, law and nursing. Asserting that the trade track outcomes were the most significant so far in the G-20 parleys (बातचीत), Commerce and Industry Minister Piyush Goyal highlighted (emphasise, underline, underscore, stress, call/draw attention to) the other three deliverables as new elements that hold importance for India. A generic (general, common, collective, all-inclusive, all-encompassing, comprehensive) framework (structure, system, composition) to map (depict, portray, represent) global value chains (International production, trade and investments are increasingly organised within so-called global value chains (GVCs) where the different stages of the production process are located across different countries. (also known as the global supply chain)), essentially to identify the weakest links and mitigate (reduce, diminish, lessen) any shocks (disturbance causing volatility/uncertainty in an economy) like those seen during the pandemic, is a good idea that may prove tricky to execute. Digitalisation (digitalisation is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities. It is the process of moving to a digital business) of trade documents to ease flow of goods and services is welcome (pleasing, agreeable, favourable, promising, much needed), but the principles identified in the pact (agreement, treaty, protocol) pertain to (concern, relate to, be connected with) paperwork on transactions such as transport, insurance, and storage, “not necessarily” to government filings for cross-border trade.

What has been coined (create, devise, conceive, think up, formulate) as the ‘Jaipur Call for Action to enhance Micro, Small and Medium Enterprises’ (MSMEs’) (MSME stands for Micro, Small and Medium Enterprise (MSME), introduced by Government of India in agreement with Micro, Small & Medium Enterprises Development (MSMED) Act, 2006. It includes Enterprises engaged in the manufacture or production, processing or preservation of goods & Enterprises engaged in providing or rendering of services with some specific requirements) access to information’ may yield (give, provide, produce generate, contribute, bring in produce or generate (a result/gain)) quicker and more tangible (real, actual, solid, concrete, substantial, well defined) results. The International Trade Centre (it is the only international agency fully dedicated to the development of micro, small and medium-sized enterprises. ITC is the joint cooperation agency of UNCTAD and WTO for business aspects of trade development. Originally created by the General Agreement on Tariffs and Trade (GATT) in 1964, ITC has been operated since 1968 under the joint aegis of GATT/WTO and the UN, the latter acting through the United Nations Conference on Trade and Development (UNCTAD). It is the focal point in the UN system for technical cooperation with developing countries and economies in transition in trade promotion and export development), WTO and UNCTAD, which operate the Global Trade Helpdesk (it is a multi-agency initiative jointly led by ITC, UNCTAD, and the WTO that aims to simplify market research for companies, and especially Micro, Small and Medium Enterprises (MSMEs), by integrating trade and business information into a single online portal), have been urged to work with G-20 members to upgrade their data portal (website or web page) for businesses and bridge the “information asymmetry (lack of equality, non-uniformity, unevenness, imbalance, lack of symmetry, lopsidedness)” that often hinders (hold back, hamper, impede, inhibit, obstruct, thwart, block) small players. This resonates (resound, echo, reecho, repeat, reverberate, vibrate) with Prime Minister Narendra Modi’s plea (claim, assertion, formal statement, explanation, justification) that G-20 Ministers strive (try, try hard, aspire, seek, struggle, make every effort) to help MSMEs which account for (constitute, comprise, form, compose, make up, represent) 60%-70% of employment and 50% of the global GDP, integrate with global value chains as empowering (authorize, allow, entitle, permit, approve, endorse) them translates (change, convert, transform, interpret, express, render) to societal (relating to society or social relations; public) empowerment (authority/power provided to someone to do something; authorization). India, on its part, must also consider steps to bolster (strengthen, support, make stronger, reinforce, buttress) the capacity of its small enterprises. For one, its nudge (push, encouragement) for greenfield (new facility; relating to the new (production) facility that has never been used for any development (whereas brownfield means existing facility)) investments through productivity-linked incentives (attraction, encouragement, motivation, stimulus, impetus) across sectors, can be tweaked to create a separate window (opportunity, chance, opening) for fresh outlays (expenditure, expenses, spending, outgoings, money spent) by MSMEs that cannot qualify for incentives based on larger investments. Moreover, bureaucratic (relating to a bureaucracy; administrative, official, procedural, red-tape, governmental) red tape (excessive official rules/procedures which seem complicated or unnecessary and prevent/delay action or decision-making; (excessive) official procedure, official routine, rule, regulation, protocol) may have turned into a ‘red carpet (a privileged/special welcome & treatment)’ for some large investors, but for smaller firms, getting a project off the ground is not easy yet.

Courtesy: The Hindu

Important Word List With Meaning

1.enterprise (noun)

Hindi Meaning - उद्यम, व्यवसाय
English Meaning - business, company, industry.

2.summit (noun)

Hindi Meaning - सम्मेलन, बैठक
English Meaning - meeting, conference, conclave (international meeting/conference of heads of state/government).

3.deliberation (noun)

Hindi Meaning - विचार-विमर्श
English Meaning - consideration, thought/thinking, careful discussion, contemplation.

4.communiqué (noun)

Hindi Meaning - विज्ञप्ति
English Meaning - official communication, official announcement message, statement, report, press release, bulletin, missive, advisory

5.reference (noun)

Hindi Meaning - सन्दर्भ
English Meaning - mention, comment, remark.

6.geopolitical (adjective)

Hindi Meaning - भूराजनीतिक
English Meaning - relating to (the study of) the geographical factors (a country’s position on the earth, size, climate, and natural resources &, etc.) in world politics and inter-state relations.

7.conflict (noun)

Hindi Meaning - संघर्ष, टक्कर
English Meaning - war, warfare, armed conflict, military action, armed clash.

8.amid (preposition)

Hindi Meaning - के बीच, मध्य में
English Meaning - in the middle of, surrounded by; during.

9.prospects (noun)

Hindi Meaning - संभावना
English Meaning - chances, possibilities, expectations, outlook, future.

10.reaffirm (verb)

Hindi Meaning - पुष्टि करना
English Meaning - reassert, reiterate, confirm clearly or officially, restate strongly.

11.cross-border (adjective)

Hindi Meaning - सीमा पार
English Meaning - across a border between two states/countries.

12.prosperity (noun)

Hindi Meaning - समृद्धि, सफलता
English Meaning - success, good fortune, the good life, well-being, comfort, good health, welfare.

13.regulatory (adjective)

Hindi Meaning - विनियामक
English Meaning - relating to the control/supervision of an activity by a set of rules, laws, etc.

14.recognition (noun)

Hindi Meaning - मान्यता, सम्मान
English Meaning - understanding, discernment, realization; interpretation.

15.parley (noun)

Hindi Meaning - बातचीत
English Meaning - discussion, discourse, debate, dialogue, deliberation, talks, negotiation.

16.G-20 (noun)

English Meaning - The G20, formed in 1999, is a group of twenty of the world’s largest economies that meets regularly to coordinate global policy on trade, health, climate, and other issues. It brings together the world’s major advanced and emerging economies. The G20 comprises Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK and USA. The G20 Countries together represent around 90% of global GDP, 80% of global trade, and two thirds of the world’s population.

17.pursue (verb)

English Meaning - engage in, conduct, take part in (an activity).

18.presidency (noun)

English Meaning - premiership, leadership, chairmanship, stewardship.

19.bloc (noun)

English Meaning - alliance, group, association, union, coalition, partnership.

20.comprehensive (adjective)

English Meaning - inclusive, extensive, all-inclusive, all-encompassing, all-embracing, thorough, sweeping, far-reaching, widespread, broad-based.

21.scuttle (verb)

English Meaning - (intentionally) cause (a plan) to fail.

22.flailing (adjective)

English Meaning - floundering, struggling, stumbling, blundering.

23.concrete (adjective)

English Meaning - real, actual, solid, substantial, definite, tangible.

24.bridge (verb)

English Meaning - join, link, connect, unite.

25.divergence (noun)

English Meaning - difference, dissimilarity, variance, discrepancy, incompatibility, mismatch, deviation.

26.compendium (noun)

English Meaning - group, collection, series, complete series.

27.highlight (verb)

English Meaning - emphasise, underline, underscore, stress, call/draw attention to.

28.generic (adjective)

English Meaning - general, common, collective, all-inclusive, all-encompassing, comprehensive.

29.framework (noun)

English Meaning - structure, system, composition.

30.map (verb)

English Meaning - depict, portray, represent.

31.global value chains (GVC) (noun)

English Meaning - International production, trade and investments are increasingly organised within so-called global value chains (GVCs) where the different stages of the production process are located across different countries. (also known as the global supply chain).

32.mitigate (verb)

English Meaning - reduce, diminish, lessen.

33.shock (noun)

English Meaning - disturbance causing volatility/uncertainty in an economy.

34.digitalisation (noun)

English Meaning - digitalisation is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities. It is the process of moving to a digital business.

35.welcome (adjective)

English Meaning - pleasing, agreeable, favourable, promising, much needed.

36.pact (noun)

English Meaning - agreement, treaty, protocol.

37.pertain to (verb)

English Meaning - concern, relate to, be connected with.

38.coin (verb)

English Meaning - create, devise, conceive, think up, formulate.

39.Micro, Small and Medium Enterprise (MSME) (noun)

English Meaning - MSME stands for Micro, Small and Medium Enterprise (MSME), introduced by Government of India in agreement with Micro, Small & Medium Enterprises Development (MSMED) Act, 2006. It includes Enterprises engaged in the manufacture or production, processing or preservation of goods & Enterprises engaged in providing or rendering of services with some specific requirements.

40.yield (verb)

English Meaning - give, provide, produce generate, contribute, bring in produce or generate (a result/gain).

41.tangible (adjective)

English Meaning - real, actual, solid, concrete, substantial, well defined.

42.International Trade Centre (ITC) (noun)

English Meaning - it is the only international agency fully dedicated to the development of micro, small and medium-sized enterprises. ITC is the joint cooperation agency of UNCTAD and WTO for business aspects of trade development. Originally created by the General Agreement on Tariffs and Trade (GATT) in 1964, ITC has been operated since 1968 under the joint aegis of GATT/WTO and the UN, the latter acting through the United Nations Conference on Trade and Development (UNCTAD). It is the focal point in the UN system for technical cooperation with developing countries and economies in transition in trade promotion and export development.

43.World Trade Organization (WTO) (noun)

English Meaning - an intergovernmental organization that is concerned with the regulation of international trade between nations.

44.United Nations Conference on Trade and Development (UNCTAD) (noun)

English Meaning - it is the United Nations’ focal point for trade and development, and for interrelated issues in the areas of finance, technology, investment and sustainable development. Its objective is to assist developing countries, especially the least developed countries, and countries with economies in transition, to integrate beneficially into the global economy. It also seeks to help the international community promote a global partnership for development, increase coherence in global economic policy making, and assure development gains for all from trade.

45.Global Trade Helpdesk (GTH) (noun)

English Meaning - it is a multi-agency initiative jointly led by ITC, UNCTAD, and the WTO that aims to simplify market research for companies, and especially Micro, Small and Medium Enterprises (MSMEs), by integrating trade and business information into a single online portal.

46.portal (noun)

English Meaning - website or web page.

47.asymmetry (noun)

English Meaning - lack of equality, non-uniformity, unevenness, imbalance, lack of symmetry, lopsidedness.

48.information asymmetry (noun)

English Meaning - an imbalance between two negotiating parties in their knowledge of relevant factors and details.

49.hinder (verb)

English Meaning - hold back, hamper, impede, inhibit, obstruct, thwart, block.

50.resonate (verb)

English Meaning - resound, echo, reecho, repeat, reverberate, vibrate.

51.plea (noun)

English Meaning - claim, assertion, formal statement, explanation, justification.

52.strive (verb)

English Meaning - try, try hard, aspire, seek, struggle, make every effort.

53.account for (phrasal verb)

English Meaning - constitute, comprise, form, compose, make up, represent.

54.Gross domestic product (GDP) (noun)

English Meaning - a measure of economic activity in a country. It is the total value of a country’s annual output of goods and service.

55.empower (verb)

English Meaning - authorize, allow, entitle, permit, approve, endorse.

56.translate (verb)

English Meaning - change, convert, transform, interpret, express, render.

57.societal (adjective)

English Meaning - relating to society or social relations; public.

58.empowerment (noun)

English Meaning - authority/power provided to someone to do something; authorization.

59.bolster (verb)

English Meaning - strengthen, support, make stronger, reinforce, buttress.

60.for one (phrase)

English Meaning - used to give an example of something

61.nudge (noun)

English Meaning - push, encouragement.

62.greenfield (noun)

English Meaning - new facility; relating to the new (production) facility that has never been used for any development (whereas brownfield means existing facility).

63.incentive (noun)

English Meaning - attraction, encouragement, motivation, stimulus, impetus.

64.window (noun)

English Meaning - opportunity, chance, opening.

65.outlay (noun)

English Meaning - expenditure, expenses, spending, outgoings, money spent.

66.bureaucratic (adjective)

English Meaning - relating to a bureaucracy; administrative, official, procedural, red-tape, governmental.

67.red tape (noun)

English Meaning - excessive official rules/procedures which seem complicated or unnecessary and prevent/delay action or decision-making; (excessive) official procedure, official routine, rule, regulation, protocol.

68.red carpet (noun)

English Meaning - a privileged/special welcome & treatment.

69.get off the ground (phrase)

English Meaning - begin, start, initiate, launch, get under way, get going (something successfully).