Hindi English Translation || Editorial || Time for action: On the G20 summit and the global political economy

Time for action: On the G20 summit and the global political economy

The G20 meeting has come at a critical moment for the global political economy

At their first in-person (स्वयं, भूमिका में, वैयक्तिक रूप से) meeting in two years, leaders of the G20 did not shy away from (संकोच करना, बचना, पीछे हटना) re-engaging with the biggest issues facing the global community today, including the COVID-19 pandemic (वैश्विक महामारी), climate change (जलवायु परिवर्तन), a major tax agreement, and steps to address (tackle, deal with, attend to, try to sort out) concerns regarding global economic growth and stability. On coordinated efforts to mitigate (कम करना, धीमा करना, हलका करना) the pandemic, the focus was on vaccine (टीका) production and distribution, with assurances of support to WHO’s target of inoculating (to inject/introduce a vaccine into the body of someone to produce immunity to a particular disease; immunize, vaccinate) 40% or more of the global population against COVID-19 by 2021, and at least 70% by mid-2022. The implicit (अंतर्निहित, निहित, अप्रत्यक्ष, समझा) assumption (कल्पना, विचार, विश्वास, धारणा) in this commitment by G20 leaders is that initiatives to boost the supply of vaccines in developing countries will succeed, and cooperation will help the world overcome supply and financing constraints (प्रतिबंध, मर्यादा). On climate change, the Group leaders recommitted their nations to providing $100 billion a year toward adaptation (अनुकूलन, रूपांतरण), mitigation (शांति, कमी), and green technologies (it is also known as clean technology/sustainable technology; it is the application of one or more environmental technologies to monitor, model and conserve the natural environment and resources, and to curb the negative impacts of human involvement), focusing on the needs of developing countries. However, in this sphere (an area of activity; a field of activity; domain, realm), a divergence (विचलन, भिन्नता, विषमता) of views still exists across developing and developed nations: ahead of this summit (शिखर सम्मेलन, बैठक, ऊंचाई) and the 2021 climate conference in Glasgow, India had rejected the call (बुलावा, आवश्यकता, मांग) to announce a target of zero emissions. Prime Minister Narendra Modi appears to have scored (be successful. (score a victory means that you are successful in what you are doing)) a victory in this regard (इस संबंध में) as the post-summit communiqué (official communication, press release, bulletin) commits the G20 to limiting global warming (it is the unusually rapid increase in Earth’s average surface temperature over the past century primarily due to the greenhouse gases released as people burn fossil fuels) to 1.5° C and identified sustainable and responsible consumption and production as “critical enablers (supporter, facilitator)”.

The world community is on shakier footing (position, state, condition) regarding the fragile (weak, delicate, shaky, infirm, feeble) post-COVID economic recovery underway (in progress, happening, occurring, taking place) after paralysing (cripple, disable, stop, bring to a (grinding) halt, put out of action, immobilize/inactivate) lockdowns. Unsurprisingly (as expected), given the rising inflation (simply meaning “cost of living”; an increase of price level of goods & services and vice versa decrease of currency value), spiking (a sharp rise/increase of something) energy prices, and alarming (worrying, disturbing, shocking/distressing) supply chain (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) bottlenecks, G20 leaders were quick to affirm (state, declare, pronounce (clearly & forcefully)) that national stimulus (impetus, boost, incentive, fillip) policies would not be removed prematurely. Even so (nevertheless, nonetheless, anyway, anyhow, in spite of that), it would remain a challenge to walk the tightrope between preserving (sustain, conserve, protect, maintain) financial stability (financial stability is a condition where the financial system is able to withstand internal or external economic shocks and also able to smoothly conduct its core tasks) and fiscal (financial (year)) sustainability (stability, reliability, longevity, constancy). Perhaps in a bid (attempt, effort, endeavour/try) to avoid potentially debilitating (weakening, disabling, exhausting, undermining, impairing, paralyzing, immobilizing) wobbles (unsteady movement; a moment of instability) in global finance, the G20 leadership agreed to slap (impose, levy, put on, add) multinationals (a business organization whose activities are located in more than two countries) with a minimum 15% tax to create “a more stable and fairer international tax system”. This would impact the tech titans ((figuratively) an extremely important, powerful & strong person/thing/firm. (In Greek mythology, the Titans were the pre-Olympian gods)) of Silicon Valley (Silicon Valley is the home of the largest technology corporations in the U.S. It is located in Northern California, within the southern region of San Francisco. Silicon chips were an integral component of the semiconductor industry. Silicon Valley was first given its name because of the many silicon chip creators and manufacturers there), as this initiative would make it harder for such companies to benefit from locating themselves in relatively (comparatively, proportionately, somewhat, to a certain extent/degree) lower-tax jurisdictions. This OECD-led reform enjoys the support of 136 countries, which account for (constitute, make up, comprise, form, compose, be responsible for, represent.) more than 90% of global GDP, and is likely (probably, in all probability, presumably, doubtlessly) to enter into force in 2023 or after. Nations such as the U.S. are divided on whether to approve this proposal domestically, and unless there is unanimity (agreement, accord, harmony, concord, unity) amongst (between, with one another, together) the discussants (a person who takes part in a discussion; panelist), the initiative risks facing implementation delays. The G20 meeting has come at a critical moment for the global political economy. If it results in (cause, bring on, bring about) timely (prompt, appropriate, opportune, well timed, at the right time), effective, coordinated action across major nations, hope for recovery will remain afloat (out of burden, out of difficulty).

Courtesy: The Hindu

Important Word List With Meaning

1.in-person (adjective)

Hindi Meaning - स्वयं, भूमिका में, वैयक्तिक रूप से
English Meaning - relating to an event where people physically present together.

2.summit (noun)

Hindi Meaning - शिखर सम्मेलन, बैठक, ऊंचाई
English Meaning - meeting, conference, conclave.

3.shy away from (phrasal verb)

Hindi Meaning - संकोच करना, बचना, पीछे हटना
English Meaning - avoid, recoil, withdraw nervously (due to fear/surprise/pain/dislike).

4.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.

5.climate change (noun)

Hindi Meaning - जलवायु परिवर्तन
English Meaning - a long-term change in the Earth’s climate, or of a region on Earth (Courtesy: NASA).

6.mitigate (verb)

Hindi Meaning - कम करना, धीमा करना, हलका करना
English Meaning - alleviate, reduce, diminish, lessen.

7.vaccine (noun)

Hindi Meaning - टीका
English Meaning - a biological preparation that improves immunity to a particular disease.

8.implicit (adjective)

Hindi Meaning - अंतर्निहित, निहित, अप्रत्यक्ष, समझा
English Meaning - implied, indirect, understood, tacit, unexpressed, unvoiced.

9.assumption (noun)

Hindi Meaning - कल्पना, विचार, विश्वास, धारणा
English Meaning - thought, belief, notion, conclusion, impression; acceptance, agreement.

10.constraint (noun)

Hindi Meaning - प्रतिबंध, मर्यादा
English Meaning - restriction, limitation, restraint.

11.adaptation (noun)

Hindi Meaning - अनुकूलन, रूपांतरण
English Meaning - alteration, modification, adjustment. (adjustments in ecological, social, or economic systems in response to actual or expected climatic stimuli and their effects or impacts. It refers to changes in processes, practices, and structures to moderate potential damages or to benefit from opportunities associated with climate change).

12.mitigation (noun)

Hindi Meaning - शांति, कमी
English Meaning - alleviation, reduction; lessening.

13.divergence (noun)

Hindi Meaning - विचलन, भिन्नता, विषमता
English Meaning - difference, dissimilarity, disparity, variance, contrast.

14.call (noun)

Hindi Meaning - बुलावा, आवश्यकता, मांग
English Meaning - requirement, demand, necessity.

15.in this regard (phrase)

Hindi Meaning - इस संबंध में
English Meaning - in connection with the aspect/consideration/point referred to earlier.

16.green (adjective)

English Meaning - environmentally friendly, ecologically sound, energy-efficient.

17.green technology (noun)

English Meaning - it is also known as clean technology/sustainable technology; it is the application of one or more environmental technologies to monitor, model and conserve the natural environment and resources, and to curb the negative impacts of human involvement.

18.sphere (noun)

English Meaning - an area of activity; a field of activity; domain, realm.

19.tacit/implicit assumption (noun)

English Meaning - an assumption that underlies a logical argument, course of action, decision, or judgment that is not explicitly (directly) voiced nor necessarily understood by the decision maker or judge.

20.inoculate (verb)

English Meaning - to inject/introduce a vaccine into the body of someone to produce immunity to a particular disease; immunize, vaccinate.

21.address (verb)

English Meaning - tackle, deal with, attend to, try to sort out.

22.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.

23.net zero emissions/carbon neutrality (noun)

English Meaning - it means annual zero net CO2 emissions; Carbon neutrality means every ton of anthropogenic (human-caused or influenced) CO2 emitted is compensated with an equivalent amount of CO2 removed (e.g. via carbon sink or carbon sequestration).

24.score (verb)

English Meaning - be successful. (score a victory means that you are successful in what you are doing).

25.communique (noun)

English Meaning - official communication, press release, bulletin.

26.global warming (noun)

English Meaning - it is the unusually rapid increase in Earth’s average surface temperature over the past century primarily due to the greenhouse gases released as people burn fossil fuels.

27.sustainable (adjective)

English Meaning - reasonable, sensible, well-founded (without disturbing the balance of nature and then without exhausting all of the natural resources).

28.enabler (noun)

English Meaning - supporter, facilitator.

29.shakier comparative adjective of shaky (adjective)

English Meaning - unsteady, unstable, precarious, weak, unreliable, dubious, doubtful.

30.footing (noun)

English Meaning - position, state, condition.

31.fragile (adjective)

English Meaning - weak, delicate, shaky, infirm, feeble.

32.underway (phrase)

English Meaning - in progress, happening, occurring, taking place.

33.paralyse (verb)

English Meaning - cripple, disable, stop, bring to a (grinding) halt, put out of action, immobilize/inactivate.

34.lockdown (noun)

English Meaning - an emergency protocol implemented by the authorities that prevents people from leaving from a place; An extended state of confinement/encirclement/isolation of a person by the authority.

35.unsurprisingly (adverb)

English Meaning - as expected.

36.given (preposition)

English Meaning - considering, taking into account, bearing in mind.

37.inflation (noun)

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

38.spike (noun)

English Meaning - a sharp rise/increase of something.

39.alarming (adjective)

English Meaning - worrying, disturbing, shocking/distressing.

40.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.

41.bottleneck (noun)

English Meaning - a condition which appears as not solvable and so delays the process; setback, problem, issue, snag, difficulty.

42.affirm (verb)

English Meaning - state, declare, pronounce (clearly & forcefully).

43.stimulus (noun)

English Meaning - impetus, boost, incentive, fillip.

44.prematurely (adverb)

English Meaning - too soon, too early, before the usual time.

45.even so (phrase)

English Meaning - nevertheless, nonetheless, anyway, anyhow, in spite of that.

46.walk/balance on a tightrope (phrase)

English Meaning - to deal with a difficult situation in which a very small error could have very bad outcomes.

47.preserve (verb)

English Meaning - sustain, conserve, protect, maintain.

48.financial stability (noun)

English Meaning - financial stability is a condition where the financial system is able to withstand internal or external economic shocks and also able to smoothly conduct its core tasks.

49.fiscal (year) (noun)

English Meaning - financial (year).

50.sustainability (noun)

English Meaning - stability, reliability, longevity, constancy.

51.perhaps (adverb)

English Meaning - maybe, possibly.

52.bid (noun)

English Meaning - attempt, effort, endeavour/try.

53.potentially (adverb)

English Meaning - likely, possibly, probably.

54.debilitating (adjective)

English Meaning - weakening, disabling, exhausting, undermining, impairing, paralyzing, immobilizing.

55.wobble (noun)

English Meaning - unsteady movement; a moment of instability.

56.slap (verb)

English Meaning - impose, levy, put on, add.

57.multinational (noun)

English Meaning - a business organization whose activities are located in more than two countries.

58.titan (proper noun)

English Meaning - (figuratively) an extremely important, powerful & strong person/thing/firm. (In Greek mythology, the Titans were the pre-Olympian gods).

59.Silicon Valley (noun)

English Meaning - Silicon Valley is the home of the largest technology corporations in the U.S. It is located in Northern California, within the southern region of San Francisco. Silicon chips were an integral component of the semiconductor industry. Silicon Valley was first given its name because of the many silicon chip creators and manufacturers there.

60.relatively (adverb)

English Meaning - comparatively, proportionately, somewhat, to a certain extent/degree.

61.jurisdiction (noun)

English Meaning - territory, region, province, district, area.

62.Organisation for Economic Co-operation and Development (OECD) (noun)

English Meaning - Headquartered in Paris, France, the OECD was formed in 1961. It is an international organization where the governments of 36 member states with market economies work with each other, as well as with more than 70 non-member economies to promote economic growth, prosperity, and sustainable development.

63.account for (phrasal verb)

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

64.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 services.

65.likely (adverb)

English Meaning - probably, in all probability, presumably, doubtlessly.

66.unanimity (noun)

English Meaning - agreement, accord, harmony, concord, unity.

67.amongst (preposition)

English Meaning - between, with one another, together.

68.discussant (noun)

English Meaning - a person who takes part in a discussion; panelist.