Hindi English Translation || Editorial || Testing times: On India and fast-shifting dynamics in key markets

Testing times: On India and fast-shifting dynamics in key markets

February’s sharp foreign trade drop requires nuanced (सूक्ष्म) policy attention (ध्यान, अवलोकन)

India’s goods exports fell for the third time in five months during February. The $33.8 billion of shipments marked (निशान लगाना, इंगित करना) an 8.8% drop from a year ago. In recent times of generally exuberant (buoyant, cheerful, excited, enthusiastic, energetic, vigorous) export growth, the only steeper decline was recorded in October 2022. A sharp 29% collapse (गिरावट) in oil exports, a 12% fall (slide, slip, drop, decrease, slump) in chemical shipments and a 10% contraction (decline, decrease, reduction) in engineering goods outflows (बहिर्वाह) — accounting for (constitute, make up, comprise, form, compose, represent) almost half of India’s merchandise exports — propelled (prompt, push, drive, force) February’s decline. But the effects of faltering (delaying, uncertain, unsteady/weak, precarious, irresolute, hesitant) global demand went beyond, dragging down 13 more of India’s top 30 export items. February’s exports are still 7.3% above October’s number, but the immediate outlook (expectations, prospects, expectancy, future, lookout) is reverting to the gloom (depression, woe, despair, hopelessness, unhappiness) that prevailed (प्रचलित होना) in the last quarter of 2022 — about large parts of the world slipping into recession (मन्दी, आर्थिक गिरावट). Resilient (strong, buoyant, adaptable, durable) economic data from major markets over the past couple of months had infused (instil, inject, impart, inculcate, introduce, implant, add) a belief that the world economy may just end up (finish up, turn up, come/appear, find oneself (to a particular course of action in the end)) avoiding the worst that was feared in 2023. But the Ides of (the 15th day of the March, May, July, and October, and the 13th day of the other months) March dispelled (को दूर) those hopes — for now (for the time being), at least.

Retail sales in the U.S., India’s largest export destination, soared (increase or rise rapidly; shoot up, escalate, skyrocket) 3% in January as a positive surprise, but slumped (fall steeply, drop, slide, plunge, plummet, decline, decrease, nosedive) in February. The failures at two U.S. banks and the disclosure (खुलासा) of vulnerabilities by European banker Credit Suisse (a leading financial services company, advising clients in all aspects of finance, across the globe and around the clock. A global investment bank and financial services firm founded and based in Switzerland) amid (के बीच) the U.S. Federal Reserve’s (the central banking system of the United States (The Reserve Bank of India (RBI) is India’s central banking institution)) scramble to rein in (to control, restrain, restrict, limit someone/something) inflation (मुद्रा स्फ़ीति), suggest (सुझाव देना) this momentum (गति, जोर) may not turn around (reverse, change, return; be sucessful) anytime soon (in the near future). On Wednesday, Brent crude (a classification of crude oil produced from the oil platform in the North Sea) prices dropped almost 5% — recession risks have clearly resurfaced after the unexpectedly benign (mild, favourable, agreeable, advantageous, beneficial, helpful) start to the year. With manufacturing already shrinking (lessen, reduce, decrease) for two quarters, a sustained (continuous, constant, non-stop, steady, relentless) spell (period, time, season, session, stretch) of slipping shipments could mean factory job losses and dent (reduce, lessen, diminish, shrink, weaken, undermine) consumption. As it is (in the existing situation), the 8.2% drop in February’s imports — the sharpest in a three-month contractionary (relating to the contraction (decline) of a country’s economy) streak and the lowest import bill in almost a year ($51.3 billion) — does not reflect (indicate, display, show, demonstrate) well on domestic demand that is hoped (expect, anticipate, look for, wish for) to insulate (protect, safeguard, shield) the economy from global shocks. Some of this may be due to prices rather than (instead of; in place of) volume factors (oil and edible oil prices had zoomed (increase, rise sharply) after the Ukraine war). The government is looking to curb inessential (unnecessary, unwanted, needless, unimportant) imports to keep the deficit (shortfall, deficiency, shortage, undersupply, slippage) in check amid weaker exports. But this is tricky territory (area of activity; sphere, field) where factors such as quality, pricing and supply chain linkages matter (be important) too, and missteps (mistake, blunder, false step) could curb consumer (and investor) choice. With the deficit already constricted sharply over January and February from the record $29.2 billion level hit (reach, arrive at, attain (a particular level)) last September, policy bandwidth (clarity) may be better used to support exporters to tap new markets and react more nimbly (actively, briskly, smartly) to fast-shifting (fast-changing) dynamics (basic/fundamental cause or force that triggers change within a system) in key (essential, critical, important, high-priority) markets. The long-dithered (indecisive, unsure, undecided (for a long time)) rejig of the 2015-20 foreign trade policy (विदेश व्यापार नीति) must not be delayed any further, at any cost (no matter how much effort or money needed).

Courtesy: The Hindu

Important Word List With Meaning

1.testing (adjective)

Hindi Meaning - परिक्षण
English Meaning - challenging, tough, difficult.

2.nuanced (adjective)

Hindi Meaning - सूक्ष्म
English Meaning - delicate, subtle.

3.Foreign Trade Policy (noun)

Hindi Meaning - विदेश व्यापार नीति
English Meaning - Foreign Trade Policy is a set of guidelines and instructions established by the Directorate General of Foreign Trade (DGFT) in matters related to the import and export of goods in India. The Government of India, Ministry of Commerce and Industry announces Export Import Policy every five years.

4.attention (noun)

Hindi Meaning - ध्यान, अवलोकन
English Meaning - observation, attentiveness, mindfulness, consciousness, awareness.

5.mark (verb)

Hindi Meaning - निशान लगाना, इंगित करना
English Meaning - indicate, signify, represent, denote.

6.collapse (noun)

Hindi Meaning - गिरावट
English Meaning - failure, crash, close-down, foundering/failing (of a business).

7.outflow (noun)

Hindi Meaning - बहिर्वाह
English Meaning - the movement of something (capital, assets, goods and etc.) out of a country.

8.prevail (verb)

Hindi Meaning - प्रचलित होना
English Meaning - exist, be in existence, be present, be prevalent.

9.recession (noun)

Hindi Meaning - मन्दी, आर्थिक गिरावट
English Meaning - economic decline, slowdown, downturn, depression, slump.

10.dispel (verb)

Hindi Meaning - को दूर
English Meaning - banish, eliminate, dismiss, make disappear, ease, relieve.

11.disclosure (noun)

Hindi Meaning - खुलासा
English Meaning - revelation, announcement, admission, surprising fact, report/news.

12.amid (preposition)

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

13.inflation (noun)

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

14.suggest (verb)

Hindi Meaning - सुझाव देना
English Meaning - indicate, point to, mean, show, imply, demonstrate.

15.momentum (noun)

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

16.fall (verb)

English Meaning - slide, slip, drop, decrease, slump.

17.exuberant (adjective)

English Meaning - buoyant, cheerful, excited, enthusiastic, energetic, vigorous.

18.steeper comparative adjective of steep (adjective)

English Meaning - sudden, sharp, rapid.

19.contraction (noun)

English Meaning - decline, decrease, reduction.

20.fast-shifting (adjective)

English Meaning - fast-changing.

21.dynamics (noun)

English Meaning - basic/fundamental cause or force that triggers change within a system.

22.key (adjective)

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

23.account for (phrasal verb)

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

24.merchandise (noun)

English Meaning - goods, commodities, produce, product.

25.propel (verb)

English Meaning - prompt, push, drive, force.

26.faltering (adjective)

English Meaning - delaying, uncertain, unsteady/weak, precarious, irresolute, hesitant.

27.go beyond (phrasal verb)

English Meaning - to be more than something; to be better than something; to do more than something.

28.drag down (phrasal verb)

English Meaning - to bring something to a lower level (in quality/amount); diminish, decrease.

29.outlook (noun)

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

30.gloom (noun)

English Meaning - depression, woe, despair, hopelessness, unhappiness.

31.quarter (noun)

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

32.resilient (adjective)

English Meaning - strong, buoyant, adaptable, durable.

33.infuse (verb)

English Meaning - instil, inject, impart, inculcate, introduce, implant, add.

34.end up (phrasal verb)

English Meaning - finish up, turn up, come/appear, find oneself (to a particular course of action in the end).

35.Ides of (noun)

English Meaning - the 15th day of the March, May, July, and October, and the 13th day of the other months.

36.for now (phrase)

English Meaning - for the time being.

37.soar (verb)

English Meaning - increase or rise rapidly; shoot up, escalate, skyrocket.

38.slump (verb)

English Meaning - fall steeply, drop, slide, plunge, plummet, decline, decrease, nosedive.

39.vulnerability (noun)

English Meaning - susceptibility, weakness, defencelessness, helplessness, proneness, exposure.

40.Credit Suisse (noun)

English Meaning - a leading financial services company, advising clients in all aspects of finance, across the globe and around the clock. A global investment bank and financial services firm founded and based in Switzerland.

41.Federal Reserve (US) (noun)

English Meaning - the central banking system of the United States (The Reserve Bank of India (RBI) is India’s central banking institution).

42.scramble (noun)

English Meaning - (a keen/unrestrained) struggle, rush, hurry, race (to do something in order to achieve a goal/result); (hurried & uncontrolled) attempt, effort, free-for-all, competition, contest, contention, scuffle, tussle.

43.rein in (phrasal verb)

English Meaning - to control, restrain, restrict, limit someone/something.

44.turn around (phrasal verb)

English Meaning - reverse, change, return; be sucessful.

45.anytime soon (phrase)

English Meaning - in the near future.

46.Brent crude (noun)

English Meaning - a classification of crude oil produced from the oil platform in the North Sea.

47.resurface (verb)

English Meaning - come out of, reappear, reemerge, return.

48.benign (adjective)

English Meaning - mild, favourable, agreeable, advantageous, beneficial, helpful.

49.shrink (verb)

English Meaning - lessen, reduce, decrease.

50.sustained (adjective)

English Meaning - continuous, constant, non-stop, steady, relentless.

51.spell (noun)

English Meaning - period, time, season, session, stretch.

52.slipping (adjective)

English Meaning - falling, sinking, sliding, declining, decreasing.

53.dent (verb)

English Meaning - reduce, lessen, diminish, shrink, weaken, undermine.

54.as it is (verb)

English Meaning - in the existing situation.

55.contractionary (adjective)

English Meaning - relating to the contraction (decline) of a country’s economy.

56.streak (noun)

English Meaning - period, time, spell, session, season, stretch.

57.reflect (verb)

English Meaning - indicate, display, show, demonstrate.

58.hope (verb)

English Meaning - expect, anticipate, look for, wish for.

59.insulate (verb)

English Meaning - protect, safeguard, shield.

60.shock (noun)

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

61.rather than (phrase)

English Meaning - instead of; in place of.

62.edible oil (noun)

English Meaning - cooking oil; fat of plant, animal or microbial origin, which is liquid at room temperature and is suitable for food use.

63.zoom (verb)

English Meaning - increase, rise sharply.

64.curb (verb)

English Meaning - control, contain, restrict, limit.

65.inessential (adjective)

English Meaning - unnecessary, unwanted, needless, unimportant.

66.keep something in check (phrase)

English Meaning - control, curb, restrain, hold back, keep under control.

67.deficit (noun)

English Meaning - shortfall, deficiency, shortage, undersupply, slippage.

68.territory (noun)

English Meaning - area of activity; sphere, field.

69.supply chain (noun)

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.

70.matter (verb)

English Meaning - be important.

71.misstep (noun)

English Meaning - mistake, blunder, false step.

72.constrict (verb)

English Meaning - restrict, inhibit, obstruct, limit.

73.hit (verb)

English Meaning - reach, arrive at, attain (a particular level).

74.bandwidth (noun)

English Meaning - clarity.

75.tap (verb)

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