Hindi English Translation || Editorial || Mixed signals: On the pandemic and protectionism

Mixed signals: On the pandemic and protectionism

Pandemic (वैश्विक महामारी) imperatives require diversification (विविधता, परिवर्तन) of supplies but protectionism (संरक्षणवाद) is no answer

At a time that India is looking to impress upon the world that it is strongly positioned as well as willing and able to become a more reliable (विश्वसनीय, स्वीकार्य, भरोसेमंद) supply chain (आपूर्ति श्रृंखला) partner for them than China has been proven in recent times, External Affairs Minister S. Jaishankar’s remarks on Tuesday about globalisation (भूमंडलीकरण, सार्वभौमिकता) are worth taking note of. The pandemic experience creates a case for ‘shorter’ supply chains with more ‘national’ capacities, he said, before chiding globalisation ‘Gurus’ for advocating (वकालत करना, समर्थक करना) open markets without acknowledging (स्वीकार करना) geopolitical (भूराजनीतिक) motivations (प्रेरणा, कारण, तर्क, आधार). That he cited (refer to, adduce, make reference to, invoke) the example of India’s health-care supply chain vulnerabilities (अतिसंवेदनशीलता, कमजोरी, रक्षाहीनता) being exposed (प्रकट करना, उजागर करना) after the onset (start, beginning, arrival) of COVID-19 makes it clear (स्पष्ट करना, निखारना) his broader message was aimed at China on whom India relied too much for critical pharma (a pharmaceutical company) and health-care imports, and continues to run up large trade deficits (व्यापार घाटा) with. Tapping the receding (diminishing, lessening, decreasing, dwindling, fading/waning) global sentiment (thought, view, opinion, feeling (a general one)) for China, and the dangers about depending on limited, even if hugely efficient, supply chains, is a sensible (practical, realistic, responsible, reasonable, rational, logical, circumspect, pragmatic) ploy gaining resonance (reverberation, continuing effect, repercussion, ramification). Earlier this month, Australia’s Special Envoy (diplomat, consul, ambassador) to India Tony Abbott accused China of ‘weaponising trade’, losing its credibility (trustworthiness, reliability, dependability) and blocking trade flows. That Mr. Abbott, a former Australian Prime Minister, who had himself signed a free trade pact (agreement, treaty, deal, compact) with China, is now pushing hard for a trade deal with India as an ‘obvious trustworthy (reliable, dependable, honest, truthful) substitute’ for global supply chains, is an admirable (commendable, praiseworthy, laudable, exceptional, notable) endorsement (support, backing, approval) of official tact (understanding, thoughtfulness, consideration, diplomacy).

However, Mr. Jaishankar also went on to term the idea that ‘other people can ... operate in your economy on terms which are advantageous to them’ as ‘ridiculous (absurd, pointless, unreasonable, irrational, illogical)’ and argued that there was no need to be defensive (defending, safeguarding, protecting, protective) about ‘protectionism’. Perhaps, he was addressing (talk to, speak to, give a discourse to) the reiterated (repeated, said again, restated) discontent (dissatisfaction, disaffection, disgruntlement, grievances, unhappiness, displeasure) about some of India’s broader market access reluctance (unwillingness, disinclination, hesitation), based on recent supply chain shocks (disturbance causing volatility/uncertainty in an economy) in sectors ranging from semiconductors to commodities. But this broad-brush (lacking in detail, incomplete, general, nonspecific, vague, inadequate, sketchy, superficial, perfunctory) messaging against globalisation is troublesome (disruptive, uncooperative, unmanageable, troublemaking, difficult), particularly when other Cabinet members are taking pains to convey to investors and potential (possible, likely, prospective, probable) FTA partners that the Atmanirbhar Bharat campaign (an organized effort which seeks to influence the decision making progress within a specific group; abhiyan) is not a protectionist platform. Such mixed signalling (a type of economic system that is controlled by the market forces of supply and demand, as opposed to government controls that involve price-cutting monopolies. It is different from a regulated market or command economy. In the latter, a central government agency decides the supply and demand, which means the market does not operate freely. In a free/open market, a majority of companies and properties are owned by individuals or entities in the private sector instead of the state) may also unnerve negotiating (discuss terms, hold talks, discuss a settlement, talk, try to reach a compromise) counterparts and stakeholders (a person with an interest in something) for similar deals with the UAE, Canada, the EU and those involved in the revived (reintroduced, re-established, restored, relaunched) India-U.S. Trade dialogue (discussion, conversation, talk, exchange of views, discourse). There is no denying that (used to say something is clearly true) the world is yet to get a fair global trade order through the WTO, or the immediate pandemic imperatives (अनिवार्यता, आवश्यक शर्त, पूर्व) require diversification of supplies and scaling up (step up, boost, escalate; increase, expand) of domestic capacities to build some resilience (the ability to bounce back quickly from difficulties; strength of character, strength, toughness.). But protectionism is not the answer as India itself will argue with countries where it seeks (try, aim, attempt (to obtain)) market access (In international trade, market access is a company’s ability to enter a foreign market by selling its goods and services in another country); and globalisation per se cannot be pooh-poohed (dismiss, reject, brush aside, play down) even as India continues to gain from it through rising exports. Just because of the pandemic, the world will not become less interdependent (dependent on each other; supportive) as it is simply not possible for everyone to make everything. As former Chinese Premier Wen Jiabao said, citing China and Singapore’s examples: ‘... a nation that shuts its door to the world is bound to (certain, sure, very likely, guaranteed) fall behind (fail to keep up with others; lag, fall back).’ India would be well-served (well connected; abundantly provided with something; well operated) if the focus is on grabbing the opportunities the world is throwing up (produce something), while holding back (stop, discontinue, withhold; restrict, restrain, block) lamentations (complaint, grieving, crying, moaning, mourning, sorrowing) for private conversations.

Courtesy: The Hindu

Important Word List With Meaning

1.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.

2.protectionism (noun)

Hindi Meaning - संरक्षणवाद
English Meaning - the use of tariff and non-tariff restrictions on imports to protect domestic producers from foreign competition.

3.imperative (noun)

Hindi Meaning - अनिवार्यता, आवश्यक शर्त, पूर्व
English Meaning - necessary condition, precondition, essential requirement.

4.diversification (noun)

Hindi Meaning - विविधता, परिवर्तन
English Meaning - the process of diversifying/varying something.

5.reliable (adjective)

Hindi Meaning - विश्वसनीय, स्वीकार्य, भरोसेमंद
English Meaning - acceptable, trustworthy, dependable.

6.supply chain (noun)

Hindi Meaning - आपूर्ति श्रृंखला
English Meaning - a dynamic network when a company purchases or uses goods or services from others. It involves people, information, processes, and resources involved in the production, handling, and distribution of materials and finished products or providing a service to the customer.

7.globalisation (noun)

Hindi Meaning - भूमंडलीकरण, सार्वभौमिकता
English Meaning - the process of making the trade of goods and services equivalent in all nations.

8.advocate (verb)

Hindi Meaning - वकालत करना, समर्थक करना
English Meaning - recommend, advise, support, uphold, subscribe to, champion.

9.acknowledge (verb)

Hindi Meaning - स्वीकार करना
English Meaning - accept, recognize, realize.

10.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.

11.motivation (noun)

Hindi Meaning - प्रेरणा, कारण, तर्क, आधार
English Meaning - motive, reason, rationale, ground.

12.vulnerability (noun)

Hindi Meaning - अतिसंवेदनशीलता, कमजोरी, रक्षाहीनता
English Meaning - weakness, defencelessness, unprotectedness, susceptibility.

13.expose (verb)

Hindi Meaning - प्रकट करना, उजागर करना
English Meaning - reveal, uncover, lay bare.

14.make clear (phrase)

Hindi Meaning - स्पष्ट करना, निखारना
English Meaning - explain, clarify, elucidate.

15.trade deficit (noun)

Hindi Meaning - व्यापार घाटा
English Meaning - a trade deficit (a deficit in the balance of trade)occurs when the value of a country’s imports exceeds that of its exports. It is also called a trade gap.

16.take note (phrase)

English Meaning - pay attention, observe, watch, follow.

17.chiding (adjective)

English Meaning - criticizing, complaining, admonishing, rebuking, reprimanding, reproaching, reproving.

18.guru (noun)

English Meaning - expert, master, pundit.

19.mixed signals (noun)

English Meaning - contradicting signals/indications.

20.free/open market (noun)

English Meaning - a type of economic system that is controlled by the market forces of supply and demand, as opposed to government controls that involve price-cutting monopolies. It is different from a regulated market or command economy. In the latter, a central government agency decides the supply and demand, which means the market does not operate freely. In a free/open market, a majority of companies and properties are owned by individuals or entities in the private sector instead of the state.

21.cite (verb)

English Meaning - refer to, adduce, make reference to, invoke.

22.onset (noun)

English Meaning - start, beginning, arrival.

23.pharma (noun as modifier)

English Meaning - a pharmaceutical company.

24.run up (phrasal verb)

English Meaning - accumulate, accrue, amass, collect, gather.

25.deficit (noun)

English Meaning - shortfall, deficiency, shortage, lack.

26.tap (verb)

English Meaning - make use of, put to use, use, utilize, deploy.

27.receding (adjective)

English Meaning - diminishing, lessening, decreasing, dwindling, fading/waning.

28.sentiment (noun)

English Meaning - thought, view, opinion, feeling (a general one).

29.sensible (noun)

English Meaning - practical, realistic, responsible, reasonable, rational, logical, circumspect, pragmatic.

30.ploy (noun)

English Meaning - plan, scheme, tactic, move, course of action.

31.resonance (noun)

English Meaning - reverberation, continuing effect, repercussion, ramification.

32.envoy (noun)

English Meaning - diplomat, consul, ambassador.

33.weaponise (verb)

English Meaning - use as a weapon.

34.credibility (noun)

English Meaning - trustworthiness, reliability, dependability.

35.free trade (noun)

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

36.pact (noun)

English Meaning - agreement, treaty, deal, compact.

37.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.

38.trustworthy (adjective)

English Meaning - reliable, dependable, honest, truthful.

39.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).

40.admirable (adjective)

English Meaning - commendable, praiseworthy, laudable, exceptional, notable.

41.endorsement (noun)

English Meaning - support, backing, approval.

42.tact (noun)

English Meaning - understanding, thoughtfulness, consideration, diplomacy.

43.go on (to) (phrasal verb)

English Meaning - continue, carry on, proceed.

44.ridiculous (adjective)

English Meaning - absurd, pointless, unreasonable, irrational, illogical.

45.defensive (adjective)

English Meaning - defending, safeguarding, protecting, protective.

46.perhaps (adverb)

English Meaning - maybe, possibly.

47.address (verb)

English Meaning - talk to, speak to, give a discourse to.

48.reiterated (adjective)

English Meaning - repeated, said again, restated.

49.discontent (noun)

English Meaning - dissatisfaction, disaffection, disgruntlement, grievances, unhappiness, displeasure.

50.reluctance (noun)

English Meaning - unwillingness, disinclination, hesitation.

51.shock (noun)

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

52.semiconductor (noun)

English Meaning - a substance that has specific electrical properties that enable it to serve as a foundation for computers and other electronic devices. Semiconductors are materials (silicon or germanium) which have a conductivity between conductors (generally metals like copper) and nonconductors or insulators (such as most ceramics/plastics).

53.broad-brush (adjective)

English Meaning - lacking in detail, incomplete, general, nonspecific, vague, inadequate, sketchy, superficial, perfunctory.

54.troublesome (adjective)

English Meaning - disruptive, uncooperative, unmanageable, troublemaking, difficult.

55.take pains to do something (phrase)

English Meaning - to try very hard to do something.

56.potential (adjective)

English Meaning - possible, likely, prospective, probable.

57.Atmanirbhar Bharat (noun)

English Meaning - self-reliant India.

58.campaign (noun)

English Meaning - an organized effort which seeks to influence the decision making progress within a specific group; abhiyan.

59.protectionist (adjective)

English Meaning - relating to the use of tariff and non-tariff restrictions on imports to protect domestic producers from foreign competition.

60.mixed (adjective)

English Meaning - varied, different, differing, diverse.

61.signalling (noun)

English Meaning - indication, sign, pointer.

62.unnerve (verb)

English Meaning - demoralize, discourage, dishearten, deject, frighten, distress, upset.

63.negotiate (verb)

English Meaning - discuss terms, hold talks, discuss a settlement, talk, try to reach a compromise.

64.counterpart (noun)

English Meaning - someone or something that has the same job or purpose as another; equivalent, equal, fellow.

65.stakeholder (noun)

English Meaning - a person with an interest in something.

66.revived (adjective)

English Meaning - reintroduced, re-established, restored, relaunched.

67.dialogue (noun)

English Meaning - discussion, conversation, talk, exchange of views, discourse.

68.there is no denying that (phrase)

English Meaning - used to say something is clearly true.

69.fair (adjective)

English Meaning - just, equitable, fair-minded, open-minded, honest.

70.world/international/global order (noun)

English Meaning - the arrangement of power and authority that provides the system for the conduct of diplomacy and world politics in relation to the entire world.

71.World Trade Organization (WTO) (noun)

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

72.scale up (phrasal verb)

English Meaning - step up, boost, escalate; increase, expand.

73.resilience (noun)

English Meaning - the ability to bounce back quickly from difficulties; strength of character, strength, toughness.

74.seek (verb)

English Meaning - try, aim, attempt (to obtain).

75.market access (noun)

English Meaning - In international trade, market access is a company’s ability to enter a foreign market by selling its goods and services in another country.

76.per se (adverb)

English Meaning - in itself, of itself, by itself, as such, intrinsically.

77.pooh-pooh (verb)

English Meaning - dismiss, reject, brush aside, play down.

78.interdependent (adjective)

English Meaning - dependent on each other; supportive.

79.slam/shut the door on (phrase)

English Meaning - to refuse to consider/accept something (an idea, plan, solution, etc.); deny, reject, decline, spurn, dismiss (an idea/plan/solution).

80.bound to (adjective)

English Meaning - certain, sure, very likely, guaranteed.

81.fall behind (phrasal verb)

English Meaning - fail to keep up with others; lag, fall back.

82.well-served (adjective)

English Meaning - well connected; abundantly provided with something; well operated.

83.grab (verb)

English Meaning - obtain, get, gain (something) quickly.

84.throw up (phrasal verb)

English Meaning - produce something.

85.hold back (phrasal verb)

English Meaning - stop, discontinue, withhold; restrict, restrain, block.