Hindi English Translation || Editorial || Big on hopes, short on ideas: On Union Budget 2022-23

Big on hopes, short on ideas: On Union Budget 2022-23

The Budget aims to focus on infrastructure (आधारभूत संरचना) and connectivity, but lacks (कम होना, बिना होना, वंचित होना) growth-invigorating (स्फूर्तिदायक, पुनर्जीवित करना) proposals (प्रस्ताव, योजना, कार्यक्रम)

Finance Minister Nirmala Sitharaman’s fourth successive (लगातार, क्रमिक, अनुक्रमिक) budget, while commonsensical (सामान्य ज्ञान, समझदार) in its approach, is not exactly bubbling with new ideas. With the economy still in search of (खोज करना, ढूँढ़ना) durable (टिकाऊ, स्थायी, लंबे समय तक चलने वाला) momentum (गति, शक्ति, प्रोत्साहन) that could help entrench (establish something firmly; anchor, settle, embed) the recovery from the last fiscal (राजकोषीय, वित्तीय वर्ष) year’s record contraction (In economics, it refers to a decline in national output as measured by gross domestic product), Ms. Sitharaman has missed an opportunity to address the flagging (declining) consumer spending in the wake of (के परिणामस्वरूप, का अनुसरण करते हुए) erosion (undermining, weakening, deterioration, disintegration) in real incomes and savings through a combination of tax breaks (tax concession, and tax relief; reduction, deduction, decrease (in tax payers’ tax liability)) for the middle class and cash handouts (वितरण करना, सहायता, वित्तीय सहायता) for the poor. And even as the Minister acknowledges (स्वीकार करना, पहचानना) the role public (जनता का, सरकारी) capital expenditure could play in crowding-in (a phenomenon that occurs when higher government spending leads to an increase in private sector investment) private investment at a time when “private investments seem to require that support” and help to ‘pump-prime’ demand in the economy, the Budget outlay of ₹7.50 lakh-crore for the capital account marks just a 24.4% increase from the revised estimate of ₹6.03 lakh-crore for the current fiscal. To be sure, Ms. Sitharaman’s speech highlights the PM GatiShakti, a “transformative approach for economic growth and sustainable development” that is to be powered by the ‘seven engines’ of roads, railways, airports, ports, mass transport, waterways, and logistics (the process of planning & executing a complex work (e.g. transporting goods)) infrastructure. While the broad sweep (scope, range of something) of the public infrastructure envisioned (visualize, imagine, envisage) by the programme could potentially (likely, possibly, probably) be truly transformative if it were to be executed as imagined, the Budget is largely (mostly, mainly) short on details where it concerns (be about, deal with, have to do with; involve, be relevant to, apply to, pertain to) the specifics (details, particulars) and pencils in (arrange, organize, forecast, note down something temporarily/tentatively) some figures only for the roads and railways components. The Budget lists a ‘Master Plan for Expressways (a highway (especially designed for high-speed traffic))’ that will be formulated (create, think up, come up with, develop) in 2022-23 under the scheme and projects (intend, plan, propose) the addition of 25,000 kilometres of roads to the National Highways network. The talk of enabling (equip, prepare, facilitate) seamless (smooth and continuous) multimodal movement of goods and people and providing multimodal connectivity between mass urban transit systems and railway stations, however, all sound a familiar refrain from past speeches.

Spending outlays on several other key sectors including health care, rural development and the vital jobs and income providing national rural employment guarantee scheme have all shrunk as a percentage of overall expenditure in the Budget estimates for fiscal 2023 from the revised estimates for the current year, even if in some cases only marginally (slightly, somewhat, moderately). That these sectors have been forced to bear (withstand, stand up to, put up with, take, cope with, handle, sustain, accept) the impact of the Government’s keenness (eagerness, willingness, readiness, desire/wish) to broadly (generally, usually, commonly) stick to (abide by, comply with, stand by, conform to) a fiscal consolidation (it is a reduction in the underlying (basic) fiscal deficit and public debt) road map (plan/strategy to do something successfully) — with the Budget projecting (predict, estimate, calculate; intend, plan, propose) a narrowing (reduction, decrease, lessening) of the fiscal deficit (the difference between total expenditure and total income of the government) to 6.4% of GDP in 2022-23, from a revised estimate for 6.9% — reflects on its priorities. Government spending on health care ought to have instead been significantly increased, with the lessons from the ongoing pandemic’s first two waves serving (act as, function as) to illuminate (clarify, explain, elucidate, reveal, make clear) the need (requirement, necessity) for a sizeable (substantial, considerable, significant, large) enlargement of the public health (the branch of medicine handling public health; public health is also the science of protecting and improving the health of people and their communities through education, policy making and research for disease and injury prevention) infrastructure. A source of some solace, though, is the announcement of a ‘National Tele Mental Health Programme’ to address mental health problems that have been exacerbated by the claustrophobic (relating to the feeling of discomfort & fear in an enclosed spaces) lockdowns and plethora (a lot, too many, a host of; excess, abundance, surplus) of anxieties (concern, worry, disquiet) triggered (cause, produce, bring about, prompt) by the pandemic.

In a nod (indication, signal, sign (of approval)) to the ruling party’s nationalist moorings and in line with the Government’s push to increase self reliance or AtmaNirbharta, the Finance Minister has proposed a series of tariff (a tax imposed by one country on the goods and services imported from another country) and policy steps that could help bolster (strengthen, support, reinforce/buttress) domestic manufacturing in the long run (over a long period of time; eventually, in the end, ultimately). A key policy element is a commitment to reduce import dependence in procurement (the action of procuring/purchasing/buying something) for the country’s defence forces. To that (for that reason) end the Minister has proposed earmarking (set aside, set apart, reserve, designate (for a particular purpose)) 68% of the armed forces’ capital procurement budget to domestic industry in 2022-23, a not insignificant increase from the current fiscal’s 58% target. The tariff rationalisations (systematisation, formalisation), which cover a broad swathe of items ranging from electronics, gems and jewellery, chemicals, inputs used by MSME units and project and capital goods, could, however, have varying short-term impacts. Specifically, the move to phase out the concessional rates in capital goods and project imports gradually and apply a moderate tariff of 7.5% could in the short term hurt infrastructure projects and the setting up of new manufacturing capacity, some proposed exemptions for advanced machinery (equipment, apparatus, hardware, plant, instruments, tools, technology) notwithstanding (although, in spite of the fact that, despite the fact that, even though). The Minister has tried to address the raging (strong, severe, extreme, excessive, very great, inordinate) debate over how to deal with virtual currencies (virtual money; a type of unregulated digital currency) by adopting a twin-track approach. On the one hand Ms. Sitharaman proposes to introduce in the coming fiscal year a Central Bank Digital Currency that she posits will impart (give, provide, bestow, confer, grant, lend) a big boost to the digital economy and “lead to (result in, cause, bring on) a more efficient and cheaper currency management system”. The RBI-issued Digital Rupee would leverage blockchain (Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved) and other related technologies. In parallel (happening at the same time and having some relation), she intends to tax income from the transfer of any virtual (performing a task with the use of computer, especially over a network) digital asset at the rate of 30%, with deduction allowed only for the cost of acquisition. It remains to be seen if the Government’s efforts at bringing the mushrooming trade and investment in a multiplicity of virtual digital assets (any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme; and can be transferred, stored or traded electronically) including cryptocurrencies (a type of digital currency) under the tax net would have a salutary (good, helpful/useful, beneficial, practical, valuable) impact besides adding a revenue stream (a continuous flow of something) to the exchequer. The Minister’s latest budget also skirts mention of the asset monetisation plan mentioned in the last Budget and shows a sharp decline in capital receipts from disinvestment. With just ₹65,000 crore budgeted from asset sale for fiscal 2023, as opposed to ₹78,000 crore as per the revised estimates for the current fiscal, the Minister has had to increase gross borrowings to ₹14.95 lakh-crore, a 24% increase from the current fiscal’s budget estimate but a far sharper 43% jump from the revised estimate of ₹10.46 lakh-crore. The resource crunch (an acute shortage (or “drying up”) of resources) manifest (display, show, present, exhibit, demonstrate, reveal) in the proposed higher debt (financial obligation, outstanding payment, amount due, money owing, dues, arrears, debits, charges) issuance is ultimately bound to (certain, sure, very likely, guaranteed) get more acute (severe, intense, serious) in the days ahead, given (considering, taking into account, bearing in mind) the Budget’s lack of (absence, unavailability, non-existence) growth-invigorating proposals.

Courtesy: The Hindu

Important Word List With Meaning

1.infrastructure (noun)

Hindi Meaning - आधारभूत संरचना
English Meaning - the basic physical or organisational structure or framework that a country or organization needs in order to function properly. For a whole nation, it includes all the physical systems such as buildings, roads & railways networks, utilities, etc.

2.lack (verb)

Hindi Meaning - कम होना, बिना होना, वंचित होना
English Meaning - be without, be deprived of, not have enough of.

3.invigorating (adjective)

Hindi Meaning - स्फूर्तिदायक, पुनर्जीवित करना
English Meaning - revitalizing, refreshing, reviving, rejuvenating, encouraging.

4.proposal (noun)

Hindi Meaning - प्रस्ताव, योजना, कार्यक्रम
English Meaning - plan, scheme, programme.

5.successive (adjective)

Hindi Meaning - लगातार, क्रमिक, अनुक्रमिक
English Meaning - continuous, consecutive.

6.commonsensical (adjective)

Hindi Meaning - सामान्य ज्ञान, समझदार
English Meaning - commonsensible, reasonable, sensible, rational, well-founded.

7.in search of (phrase)

Hindi Meaning - खोज करना, ढूँढ़ना
English Meaning - searching for, seeking, looking for, in quest of, in pursuit of, on the track of.

8.durable (adjective)

Hindi Meaning - टिकाऊ, स्थायी, लंबे समय तक चलने वाला
English Meaning - long-lasting, long-term, strong, substantial.

9.momentum (noun)

Hindi Meaning - गति, शक्ति, प्रोत्साहन
English Meaning - strength, impetus.

10.fiscal (year) (noun)

Hindi Meaning - राजकोषीय, वित्तीय वर्ष
English Meaning - financial year.

11.consumer expenditure/spending (noun)

Hindi Meaning - उपभोक्ता खर्च
English Meaning - the acquisition (buying/procuring) of goods and services by individuals or families.

12.in the wake of (phrase)

Hindi Meaning - के परिणामस्वरूप, का अनुसरण करते हुए
English Meaning - as a result of, in the aftermath of, as a consequence of.

13.handout (noun)

Hindi Meaning - वितरण करना, सहायता, वित्तीय सहायता
English Meaning - aid, financial support.

14.acknowledge (verb)

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

15.public (adjective)

Hindi Meaning - जनता का, सरकारी
English Meaning - government.

16.bubble (verb)

English Meaning - be filled, overflow.

17.entrench (verb)

English Meaning - establish something firmly; anchor, settle, embed.

18.contraction (noun)

English Meaning - In economics, it refers to a decline in national output as measured by gross domestic product.

19.address (verb)

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

20.flagging (adjective)

English Meaning - declining.

21.erosion (noun)

English Meaning - undermining, weakening, deterioration, disintegration.

22.tax break (noun)

English Meaning - tax concession, and tax relief; reduction, deduction, decrease (in tax payers’ tax liability).

23.capital spending/expenditure (CAPEX) (noun)

English Meaning - the money spent on the acquisition of assets like land, buildings, machinery, equipment, as well as investment in shares.

24.public/government capital expenditure (noun)

English Meaning - it refers to the outlay of government funds in the form of investments or development spending towards creation of assets for the long term. An example of capital expenditure could be the money spent on, say, Railways or building national highways and roads.

25.crowding-in (noun/adjective)

English Meaning - a phenomenon that occurs when higher government spending leads to an increase in private sector investment.

26.logistics (noun)

English Meaning - the process of planning & executing a complex work (e.g. transporting goods).

27.sweep (noun)

English Meaning - scope, range of something.

28.envision (verb)

English Meaning - visualize, imagine, envisage.

29.potentially (adverb)

English Meaning - likely, possibly, probably.

30.largely (adverb)

English Meaning - mostly, mainly.

31.concerns (verb)

English Meaning - be about, deal with, have to do with; involve, be relevant to, apply to, pertain to.

32.specifics (noun)

English Meaning - details, particulars.

33.pencil in (phrasal verb)

English Meaning - arrange, organize, forecast, note down something temporarily/tentatively.

34.expressway (noun)

English Meaning - a highway (especially designed for high-speed traffic).

35.formulate (verb)

English Meaning - create, think up, come up with, develop.

36.project (verb)

English Meaning - intend, plan, propose.

37.enable (verb)

English Meaning - equip, prepare, facilitate.

30.seamless (adjective)

English Meaning - smooth and continuous.

39.Mahatma Gandhi National Rural Employment Guarantee Act/Scheme (MGNREGA) , 2005 (noun)

English Meaning - an Indian labour law and social security measure that aims to guarantee the ‘right to work’. It aims to enhance livelihood security in rural areas by providing at least 100 days of wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work.

40.shrunk past participle of shrink (verb)

English Meaning - lessen, reduce, decrease.

41.marginally (adverb)

English Meaning - slightly, somewhat, moderately

42.bear (verb)

English Meaning - withstand, stand up to, put up with, take, cope with, handle, sustain, accept.

43.keenness (noun)

English Meaning - eagerness, willingness, readiness, desire/wish.

44.broadly (adverb)

English Meaning - generally, usually, commonly.

45.stick to (phrasal verb)

English Meaning - abide by, comply with, stand by, conform to.

46.fiscal consolidation (noun)

English Meaning - it is a reduction in the underlying (basic) fiscal deficit and public debt.

47.road map (noun)

English Meaning - plan/strategy to do something successfully.

48.project (verb)

English Meaning - predict, estimate, calculate; intend, plan, propose.

49.a narrowing (noun)

English Meaning - reduction, decrease, lessening.

50.fiscal deficit (noun)

English Meaning - the difference between total expenditure and total income of the government.

51.pandemic (noun)

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.

52.serve (verb)

English Meaning - act as, function as.

53.illuminate (verb)

English Meaning - clarify, explain, elucidate, reveal, make clear.

54.need (noun)

English Meaning - requirement, necessity.

55.sizeable (adjective)

English Meaning - substantial, considerable, significant, large.

56.public health (noun)

English Meaning - the branch of medicine handling public health; public health is also the science of protecting and improving the health of people and their communities through education, policy making and research for disease and injury prevention.

57.claustrophobic (adjective)

English Meaning - relating to the feeling of discomfort & fear in an enclosed spaces.

58.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.

59.plethora (noun)

English Meaning - a lot, too many, a host of; excess, abundance, surplus.

60.anxiety (noun)

English Meaning - concern, worry, disquiet.

61.trigger (verb)

English Meaning - cause, produce, bring about, prompt.

62.nod (noun)

English Meaning - indication, signal, sign (of approval).

63.tariff (noun)

English Meaning - a tax imposed by one country on the goods and services imported from another country.

64.bolster (verb)

English Meaning - strengthen, support, reinforce/buttress.

65.in the long run (phrase)

English Meaning - over a long period of time; eventually, in the end, ultimately.

66.procurement (noun)

English Meaning - the action of procuring/purchasing/buying something.

67.to that/this end (phrase)

English Meaning - for that reason.

68.earmark (verb)

English Meaning - set aside, set apart, reserve, designate (for a particular purpose).

69.armed forces (noun)

English Meaning - military forces.

70.rationalisation (noun)

English Meaning - systematisation, formalisation.

71.exemption (noun)

English Meaning - special treatment, privilege, favouritism; immunity, exclusion, exception, indemnity, freedom.

72.machinery (noun)

English Meaning - equipment, apparatus, hardware, plant, instruments, tools, technology.

73.notwithstanding (conjunction)

English Meaning - although, in spite of the fact that, despite the fact that, even though.

74.raging (adjective)

English Meaning - strong, severe, extreme, excessive, very great, inordinate.

75.virtual currency (noun)

English Meaning - virtual money; a type of unregulated digital currency.

76.virtual (adjective)

English Meaning - performing a task with the use of computer, especially over a network.

77.impart (verb)

English Meaning - give, provide, bestow, confer, grant, lend.

78.lead to (verb)

English Meaning - result in, cause, bring on.

79.leverage (verb)

English Meaning - use or utilize something to maximum advantage.

80.blockchain (noun)

English Meaning - Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.

81.in parallel (phrase)

English Meaning - happening at the same time and having some relation.

82.virtual digital asset (noun)

English Meaning - any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme; and can be transferred, stored or traded electronically.

83.cryptocurrency (noun)

English Meaning - a type of digital currency.

84.salutary (adjective)

English Meaning - good, helpful/useful, beneficial, practical, valuable.

85.besides (adverb)

English Meaning - in addition, furthermore, moreover, further.

86.stream (noun)

English Meaning - a continuous flow of something.

 
87.resource crunch (noun)

English Meaning - an acute shortage (or “drying up”) of resources.

88.crunch (noun)

English Meaning - severe shortage.

89.manifest (verb)

English Meaning - display, show, present, exhibit, demonstrate, reveal.

90.debt (noun)

English Meaning - financial obligation, outstanding payment, amount due, money owing, dues, arrears, debits, charges.

91.debt issuance (noun)

English Meaning - an approach used by both the government and public companies to raise funds by selling bonds to external investors. In return, the investors earn periodic interest on the amount invested.

92.bound to (adjective)

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

93.acute (adjective)

English Meaning - severe, intense, serious.

94.given (preposition)

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

95.lack of (noun)

English Meaning - absence, unavailability, non-existence.