Hindi English Translation || Editorial || Heartening milestone: On India’s overseas shipments record

Heartening milestone: On India’s overseas shipments record

Beyond stopgap measures (उपाय, क्रिया, कदम) such as enabling (सक्षम बनाना, सुविधा देना, संभव बनाना) rupee-rouble trade, India must expedite (शीघ्रता करना, तेज़ करना) FTAs

The Centre’s announcement that India’s merchandise (व्यापार, माल, उत्पाद) exports have already surpassed (के परे होना, से बड़ा होना, अधिक होना) the target set for this fiscal year (वित्तीय वर्ष), with overseas shipments crossing a record $400 billion mark (निशान, बिंदु, स्तर) by March 21, brings much-needed (बेहद जरूरी, काफी हद तक) cheer (प्रोत्साहन, जय-जयकार, आशावाद) to an economy still struggling to recover from the bruising (stressful, demanding/taxing, painful) impact (प्रभाव, स्पष्ट रूप से ध्यान देने योग्य प्रभाव) of the COVID-19 pandemic (वैश्विक महामारी). The export rebound (पलटाव, प्रतिक्षेप, प्रतिघात), coming on the back of last fiscal’s pandemic-induced (महामारी से प्रेरित) slump (decline, tumble, downturn, steep fall, decrease) in global demand, is particularly heartening (encouraging, promising, hopeful, reassuring) as the key value-added sectors (Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources) of engineering goods (Engineering goods include metal products, industrial machinery and equipment, auto and its components, and transport equipment) and apparel (clothes, clothing, garments, dress, attire) and garments have done well this year. Engineering goods, in particular (particularly, specifically), have registered almost 50% year-on-year (year over year (for comparison)) growth, while ready-made garments logged a more than 30% increase, in the April-February period, as per provisional (temporary, short-term, interim, transitional) data from the Commerce Ministry. However, in terms of (with regard to, regarding/concerning, in connection with) the sheer (complete, absolute, total, thorough, consummate) scale of increase, petroleum products were the standout performer as the global surge in oil prices lifted the dollar value of overseas shipments of goods produced at India’s refineries by 150% over the first 11 months of the fiscal. The fact that the export growth has been achieved against the backdrop of persistent (continuous, constant, unending, unrelenting, unceasing) logistical (relating to organization and planning of something) challenges, including container shortages and port congestion (overcrowding) that have pushed up (increase, raise) freight (transportation, transport, carrying, delivery; goods, cargo, load, consignment) rates, is laudable (praiseworthy, commendable, admirable) and reflects (indicate, show, display, demonstrate) the concerted (involving a lot of people coming together & doing something with great effort; strenuous, vigorous, energetic, determined, active, intense; coordinated, collaborative, collective, combined, joint) effort made by the government in coordination with industry and the country’s overseas missions. Interestingly (enthusiastically, eagerly, keenly), Commerce and Industry Minister Piyush Goyal made a pointed (sharp; relevant, relative, germane, applicable) reference to the role played by India’s embassies (An embassy is larger and more important than a consulate and is described as a permanent diplomatic mission, which is generally located in a country’s capital city. An embassy is responsible for representing the home country, for handling major diplomatic issues (such as negotiations), and for preserving the rights of its citizens abroad) and envoys (representative, delegate, deputy; diplomat, consul, ambassador) in exploring new opportunities for Indian products, and if the current momentum (energy, strength, impetus) in exports is to be sustained (continue, carry on, keep up, keep going, maintain, prolong) in the coming years, the diplomatic (tactful, sensitive, subtle, delicate; consular, foreign-policy) corps (unit, division, section) will need to enlarge their role in trade promotion.

Still, the cheer of attaining the milestone (मील का पत्थर) needs to be tempered by the acknowledgment that multiple challenges persist on the trade front (a particular situation; a particular sphere of operation). Imports have outpaced (surpass, exceed, do better than) exports this year, almost doubling (increase twofold) the trade deficit in the April-February period to more than $175 billion. The gap is wider than the pre-pandemic (before the pandemic) year of 2019-2020 as well and points to (indicate, suggest, signal, signify, denote, reveal) the pressing (urgent, critical, crucial, important) need to step up (increase, intensify; quicken, speed up, accelerate) the pace (speed, rate) of export growth if the deficit (shortfall, deficiency, shortage) is to be shrunk meaningfully. While global inflation (simply meaning “cost of living”; increase of price level of goods & services and vice versa decrease of currency value) in commodity prices certainly contributed to (play a part in, be instrumental in, be a factor in) enlarging the value of both exports and imports, the fact that project goods were the only item of import, among the 30 broad categories listed by the Ministry that contracted (decline, decrease, diminish, reduce) over the 11-month period, is also cause for disquiet. The lack of (absence, deficiency, scarcity, dearth) overseas purchases of capital goods (capital goods are man-made, durable items that businesses use to produce goods and services. They include tools, buildings, vehicles, machinery, and equipment. Capital goods are also called durable goods, real capital, and economic capital) for new projects is a clear indicator (measure, sign, signal) that private Indian businesses are still wary of making fresh investments given the lack of momentum in personal consumption. With the war in Ukraine and sanctions on Russia now posing (constitute, present, create, cause (a problem or danger or risk)) fresh problems for exporters seeking (try, aim, attempt) to ship goods to not only these countries but other markets in Europe as well (additionally, in addition, apart from, besides), policymakers must go beyond stopgap measures such as enabling rupee-rouble trade and expedite ongoing (continuing, happening, occurring, current) negotiations on the raft of free trade agreements so as to at least help lower some of the tariff (a tax imposed by one country on the goods and services imported from another country) walls.

Courtesy: The Hindu

Important Word List With Meaning

1.milestone (noun)

Hindi Meaning - मील का पत्थर
English Meaning - major achievement.

2.measure (noun)

Hindi Meaning - उपाय, क्रिया, कदम
English Meaning - action, step, procedure.

3.enable (verb)

Hindi Meaning - सक्षम बनाना, सुविधा देना, संभव बनाना
English Meaning - facilitate, make possible, permit, allow (something to be done).

4.expedite (verb)

Hindi Meaning - शीघ्रता करना, तेज़ करना
English Meaning - speed up, accelerate, step up, quicken.

5.free trade (noun)

Hindi Meaning - मुक्त व्यापार
English Meaning - a policy to eliminate barriers/limits/regulations against imports and exports.

6.merchandise (noun)

Hindi Meaning - व्यापार, माल, उत्पाद
English Meaning - goods, commodities, produce, product.

7.fiscal year (noun)

Hindi Meaning - वित्तीय वर्ष
English Meaning - financial year.

8.surpass (verb)

Hindi Meaning - के परे होना, से बड़ा होना, अधिक होना
English Meaning - be greater than, exceed.

9.mark (noun)

Hindi Meaning - निशान, बिंदु, स्तर
English Meaning - point, level, stage.

10.much-needed (adjective)

Hindi Meaning - बेहद जरूरी, काफी हद तक
English Meaning - needed to a large extent/degree/level.

11.cheer (noun)

Hindi Meaning - प्रोत्साहन, जय-जयकार, आशावाद
English Meaning - cheerfulness, optimism, confidence, buoyancy, hopefulness.

12.impact (noun)

Hindi Meaning - प्रभाव, स्पष्ट रूप से ध्यान देने योग्य प्रभाव
English Meaning - a clearly noticeable effect, influence.

13.pandemic (noun)

Hindi Meaning - वैश्विक महामारी
English Meaning - the worldwide spread of a new disease; The illness spreads around the world and typically affects a large number of people across a wide area.

14.rebound (verb)

Hindi Meaning - पलटाव, प्रतिक्षेप, प्रतिघात
English Meaning - recovery, rallying, picking up; an increase in value of something after decline.

15.pandemic-induced (adjective)

Hindi Meaning - महामारी से प्रेरित
English Meaning - caused/produced by the pandemic.

16.stopgap (noun as modifier)

English Meaning - temporary, provisional, interim, short-term, makeshift (solution).

17.heartening (adjective)

English Meaning - encouraging, promising, hopeful, reassuring.

18.rupee-rouble system (noun)

English Meaning - Indian and Russian industries are making transactions and payment in trade relations via Rupee-Rouble (exchange) method instead of using dollars for transactions. (Rouble is the currency of the Russian Federation).

19.free trade agreement (FTA) (noun)

English Meaning - an agreement between two or more countries designed to reduce or eliminate certain barriers to trade and investment, and to facilitate stronger trade and commercial ties between participating countries.

20.bruising (adjective)

English Meaning - stressful, demanding/taxing, painful.

21.slump (noun)

English Meaning - decline, tumble, downturn, steep fall, decrease.

22.on the back of (phrase)

English Meaning - due to, as a result of, because of.

23.value-added sector (noun)

English Meaning - Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources.

24.engineering goods (noun)

English Meaning - Engineering goods include metal products, industrial machinery and equipment, auto and its components, and transport equipment.

25.apparel (noun)

English Meaning - clothes, clothing, garments, dress, attire.

26.in particular (phrase)

English Meaning - particularly, specifically.

27.year-on-year (adjective)

English Meaning - year over year (for comparison).

28.log (verb)

English Meaning - register, record; achieve.

29.provisional (adjective)

English Meaning - temporary, short-term, interim, transitional.

30.in terms of (phrase)

English Meaning - with regard to, regarding/concerning, in connection with.

31.sheer (adjective)

English Meaning - complete, absolute, total, thorough, consummate.

32.persistent (adjective)

English Meaning - continuous, constant, unending, unrelenting, unceasing.

33.logistical (adjective)

English Meaning - relating to organization and planning of something.

34.congestion (noun)

English Meaning - overcrowding.

35.push up (phrasal verb)

English Meaning - increase, raise.

36.freight (noun as modifier)

English Meaning - transportation, transport, carrying, delivery; goods, cargo, load, consignment.

37.laudable (adjective)

English Meaning - praiseworthy, commendable, admirable.

38.reflect (verb)

English Meaning - indicate, show, display, demonstrate.

39.concerted (adjective)

English Meaning - involving a lot of people coming together & doing something with great effort; strenuous, vigorous, energetic, determined, active, intense; coordinated, collaborative, collective, combined, joint.

40.mission (noun)

English Meaning - delegation, commission, task force, representation.

41.interestingly (adverb)

English Meaning - enthusiastically, eagerly, keenly.

42.pointed (adjective)

English Meaning - sharp; relevant, relative, germane, applicable.

43.play a role (phrase)

English Meaning - contribute to, be instrumental in, be a factor in.

44.embassy (noun)

English Meaning - An embassy is larger and more important than a consulate and is described as a permanent diplomatic mission, which is generally located in a country’s capital city. An embassy is responsible for representing the home country, for handling major diplomatic issues (such as negotiations), and for preserving the rights of its citizens abroad.

45.envoy (noun)

English Meaning - representative, delegate, deputy; diplomat, consul, ambassador.

46.explore (verb)

English Meaning - look into, consider, check out (an option/possibility).

47.momentum (noun)

English Meaning - energy, strength, impetus.

48.sustain (verb)

English Meaning - continue, carry on, keep up, keep going, maintain, prolong.

49.diplomatic (adjective)

English Meaning - tactful, sensitive, subtle, delicate; consular, foreign-policy.

50.corps (noun)

English Meaning - unit, division, section.

51.front (noun)

English Meaning - a particular situation; a particular sphere of operation.

52.outpace (verb)

English Meaning - surpass, exceed, do better than.

53.double (verb)

English Meaning - increase twofold.

54.trust deficit (noun)

English Meaning - lack of trust (on authorities-from societal point of view). Situations with low levels of trust are not supportive and often counterproductive. People feel vulnerable and look at each other with suspicion. As a result, they are less open, since they fear that they will not be fairly treated by the other side.

55.pre-pandemic (noun)

English Meaning - before the pandemic.

56.point to (phrasal verb)

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

57.pressing (adjective)

English Meaning - urgent, critical, crucial, important.

58.step up (phrasal verb)

English Meaning - increase, intensify; quicken, speed up, accelerate.

59.pace (noun)

English Meaning - speed, rate.

60.deficit (noun)

English Meaning - shortfall, deficiency, shortage.

61.shrunk past participle of shrink (verb)

English Meaning - lessen, reduce, decrease.

62.inflation (noun)

English Meaning - simply meaning “cost of living”; increase of price level of goods & services and vice versa decrease of currency value.

63.contribute to (verb)

English Meaning - play a part in, be instrumental in, be a factor in.

64.contract (verb)

English Meaning - decline, decrease, diminish, reduce.

65.cause for disquiet (phrase)

English Meaning - a reason to worry.

66.lack of (noun)

English Meaning - absence, deficiency, scarcity, dearth.

67.capital goods (noun)

English Meaning - capital goods are man-made, durable items that businesses use to produce goods and services. They include tools, buildings, vehicles, machinery, and equipment. Capital goods are also called durable goods, real capital, and economic capital.

68.indicator (noun)

English Meaning - measure, sign, signal.

69.pose (verb)

English Meaning - constitute, present, create, cause (a problem or danger or risk).

70.seek (verb)

English Meaning - try, aim, attempt.

71.as well (phrase)

English Meaning - additionally, in addition, apart from, besides.

72.ongoing (adjective)

English Meaning - continuing, happening, occurring, current.

73.so as to something (phrase)

English Meaning - in order to do something.