Hindi English Translation || Editorial || ​Growing pains: On economic performance, Viksit Bharat

​Growing pains: On economic performance, Viksit Bharat

India needs to grow faster to transition (परिवर्तन होना, संक्रमण) as a developed economy

The data on India’s economic performance in 2024-25, released on Friday, have something for everybody. Those with an optimistic (आशावादी) outlook (दृष्टिकोण) can rejoice (आनन्दित होना) at the seemingly robust (मजबूत, सशक्त) growth in the fourth quarter (तिमाही). Pessimists (निराशावादी) can despair over the four-year low annual growth figure (आंकड़ा, संख्या). The realist’s (यथार्थवादी) assessment (आकलन, मूल्यांकन), however, is that there is cause (कारण, वजह) for some restrained (संयमित, नियंत्रित) celebration, and more than a healthy dose (मात्रा, खुराक) of disappointment. The Q4 growth of 7.4% was considerably (काफी हद तक) higher than what was expected for the quarter, and the fastest seen in an otherwise dismal (निराशाजनक) financial year. The main drivers (a factor that causes a specific thing to happen) were the construction sector returning to double-digit growth, and the agriculture sector posting a strong showing (performance, achievement, track record, results, success). These are also two major employment drivers. Services, too, continued their steady and strong growth. The manufacturing sector, on the other hand (on the contrary, In contrast, on the flip side, in opposition, conversely, contradictorily alternatively), grew at just 4.8%, down from 11.3% in Q4 of the previous year. There is a reality check (something which helps us to see a situation with the real facts than ideas, concepts, hopes & etc) hiding in the aggregate (total, complete, combined, gross, overall, comprehensive) numbers, as well. The GDP (a measure of economic activity in a country. It is the total value of a country’s annual output of goods and service) growth rate of 7.4% was achieved in large part due to (because of, owing to, on account of, as a result of, in view of) a 12.7% growth in net taxes. This bump (an increase/rise) in tax collections provided a statistical boost without which growth in actual economic activity would have come in at (to be at a particular level/amount) around 6.8%. The much-hyped (much-advertised, much-publicized, much-promoted) ‘Maha Kumbh effect’ on consumption expenditure also does not seem (appear, look, sound) to have materialised (happen, occur, take place). Growth in Private Final Consumption Expenditure in Q4 — the Kumbh quarter — came in at 6%, the slowest in five quarters. Capital formation (it is defined as that part of country’s current output and imports which is not consumed or exported during the accounting period, but is set aside as an addition to its stock of capital goods), however, grew a robust 9.4% as the government finally sped up its sluggish (slow, slow-moving, inactive, lethargic, unresponsive, dull) capital investments.

Government officials (authorities, officialdom, mandarins, functionaries, the police, the people in charge, the bureaucracy) and Union Ministers have expressed (say, state, convey, communicate, voice) their satisfaction at the 6.5% growth in 2024-25, the slowest since the pandemic (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), saying it is still the fastest among major economies, and not bad in the context (conditions, situation, setting, background, backdrop) of a “growth-scarce (insufficient or deficient in growth)” global environment. All of this is true. Yet, ‘not bad’ is not nearly good enough for India. The race (competition, contest) is not with the rest of the world, but is an effort to keep pace with (make progress at the same speed as someone/something else; be comparable to/with, be a match for, bear comparison with, keep up with) the country’s growing requirements. The Modi government, with its sights set on a ‘Viksit Bharat’ by 2047, must be held to a higher standard in line with (in alignment with; in accordance with) its aspirations (aim, ambition, objective, goal, target). If, as the Economic Survey (Economic Survey, being presented in the Parliament/Legislative Assembly ahead of the Union/state government Budget, is the Ministry of Finance’s flagship document. The Economic Survey details information about the Indian/state government economy over the past year. The Economic Survey also offers glimpses into the current state of the economy, and occasional insights into the economic outlook. Although the Constitution does not bind (impose a legal obligation on) the government to present the Economic Survey, over the years, it has become common practice for every government to present the Economic Survey before the Union/state government Budget) points out, Viksit Bharat by 2047 requires “sustained (continuous, continual, constant, steady) economic growth of close to 8% every year for at least a decade (a period of ten years)”, then India is decidedly (noticeably, distinctly, certainly, clearly, undeniably) moving very slowly, even if in the right direction. In his press conference, Chief Economic Adviser V. Anantha Nageswaran said India was entering a phase of low inflation (simply meaning “cost of living”; increase of price level of goods & services and vice versa decrease of currency value) and stable growth. Stability (steadiness, firmness, solidity, secureness, strength) can be good, since it implies lower chances of growth slowing. Yet, it also implies growth is unlikely (not likely, doubtful, improbable, questionable, debatable) to accelerate significantly either. The government needs to consider whether this is truly a satisfactory situation for a transitioning (developing, progressing, changing, transforming) economy.

Courtesy: The Hindu

Important Word List With Meaning

1.transition (verb)

Hindi Meaning - परिवर्तन होना, संक्रमण
English Meaning - to undergo a period of transition/change.

2.optimistic (adjective)

Hindi Meaning - आशावादी
English Meaning - reassuring, favourable, encouraging, promising, positive, confident, hopeful.

3.outlook (noun)

Hindi Meaning - दृष्टिकोण
English Meaning - prospects, chances, possibilities, expectations, future.

4.rejoice (verb)

Hindi Meaning - आनन्दित होना
English Meaning - be joyful, be glad, be elated, enjoy, delight in, take pleasure in, relish, revel in, savour.

5.robust (adjective)

Hindi Meaning - मजबूत, सशक्त
English Meaning - strong, powerful.

6.quarter (noun)

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

7.pessimist (noun)

Hindi Meaning - निराशावादी
English Meaning - cynic, sceptic, doubter, alarmist, doomsayer.

8.figure (noun)

Hindi Meaning - आंकड़ा, संख्या
English Meaning - number, amount, value.

9.realist (noun)

Hindi Meaning - यथार्थवादी
English Meaning - a person who recognizes and accepts the true nature of a situation and tries to deal with it in a practical way; practical person.

10.assessment (noun)

Hindi Meaning - आकलन, मूल्यांकन
English Meaning - evaluation, analysis, calculation, appraisal.

11.cause (noun)

Hindi Meaning - कारण, वजह
English Meaning - reason, grounds, basis, pretext, purpose.

12.restrained (adjective)

Hindi Meaning - संयमित, नियंत्रित
English Meaning - controlled, moderate, unassuming, quiet, unemotional.

13.dose (noun)

Hindi Meaning - मात्रा, खुराक
English Meaning - amount, quantity.

14.considerably (adverb)

Hindi Meaning - काफी हद तक
English Meaning - significantly, substantially, appreciably.

15.dismal (adjective)

Hindi Meaning - निराशाजनक
English Meaning - bad, poor, terrible, awful, pathetic, unsatisfactory.

16.showing (noun)

English Meaning - performance, achievement, track record, results, success.

17.Viksit Bharat@2047 (noun)

English Meaning - it represents the government of India’s ambitious vision to transform the nation into a developed entity by the centenary of its independence in 2047. Encompassing diverse facets of development such as economic prosperity, social advancement, environmental sustainability, and effective governance.

18.seemingly (adverb)

English Meaning - supposedly, reportedly, apparently, allegedly, professedly, ostensibly, purportedly. ​

19.despair (verb)

English Meaning - lose, give up (hope/heart), be hopeless, be gloomy, be pessimistic.

20.healthy (adjective)

English Meaning - strong.

21.driver (noun)

English Meaning - a factor that causes a specific thing to happen.

22.on the other hand (phrase)

English Meaning - on the contrary, In contrast, on the flip side, in opposition, conversely, contradictorily alternatively.

23.reality check (noun)

English Meaning - something which helps us to see a situation with the real facts than ideas, concepts, hopes & etc.

24.aggregate (adjective)

English Meaning - total, complete, combined, gross, overall, comprehensive

25.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 service.

26.due to (phrase)

English Meaning - because of, owing to, on account of, as a result of, in view of.

27.bump (noun)

English Meaning - an increase/rise/

28.come in at (phrasal verb)

English Meaning - to be at a particular level/amount.

29.much-hyped (adjective)

English Meaning - much-advertised, much-publicized, much-promoted.

30.Kumbh Mela (noun)

English Meaning - The Kumbh Mela, often referred to as the world’s largest religious gathering, is a festival of immense spiritual and cultural significance. It is celebrated in rotation across four cities in India: Prayagraj, Haridwar, Ujjain, and Nashik-Trimbakeshwar. Each site corresponds to a point where, according to mythology, drops of amrita (the nectar of immortality) fell during a celestial battle between the Devas (gods) and Asuras (demons). It is celebrated approximately every 6 years (Ardh Kumbh), 12 years (Poorna Kumbh), and 144 years (Maha Kumbh). The main ritual of Kumbh or Maha Kumbh is snan (ritual bathing), which signifies cleansing or purification.

31.private consumption or consumption expenditure (noun)

English Meaning - the spending by households (consumers) on goods and services, excluding new housing.

32.seem (verb)

English Meaning - appear, look, sound.

33.materialise (verb)

English Meaning - happen, occur, take place.

34.Private Final Consumption Expenditure (PFCE) (noun)

English Meaning - The Private Final Consumption Expenditure (PFCE) is defined as the expenditure incurred on final consumption of goods and services by the resident households and non-profit institutions serving households (NPISH).

35.Capital formation (noun)

English Meaning - it is defined as that part of country’s current output and imports which is not consumed or exported during the accounting period, but is set aside as an addition to its stock of capital goods.

36.gross fixed capital formation (GFCF) (noun)

English Meaning - (formerly gross domestic investment) Gross fixed capital formation is essentially a net investment. It is a component of the Expenditure method of calculating GDP. To be more precise Gross fixed capital formation measures the net increase in fixed capital.

37.speed up (phrasal verb)

English Meaning - expedite, accelerate, step up, quicken, promote, boost.

38.sluggish (adjective)

English Meaning - slow, slow-moving, inactive, lethargic, unresponsive, dull.

39.officials (noun)

English Meaning - authorities, officialdom, mandarins, functionaries, the police, the people in charge, the bureaucracy.

40.express (verb)

English Meaning - say, state, convey, communicate, voice.

41.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.

42.context (noun)

English Meaning - conditions, situation, setting, background, backdrop.

43.growth-scarce (adjective)

English Meaning - insufficient or deficient in growth.

44.race (noun)

English Meaning - competition, contest.

45.keep pace with (phrase)

English Meaning - make progress at the same speed as someone/something else; be comparable to/with, be a match for, bear comparison with, keep up with.

46.set one’s sights on (phrase)

English Meaning - to have something as a goal/aim to achieve; aspire to, aim at, strive for, hope for, work towards.

47.held to past tense of hold to (phrasal verb)

English Meaning - to give steady support to; stand by, adhere to, cling to, accept, stick to.

48.in line with (phrase)

English Meaning - in alignment with; in accordance with.

49.aspiration (noun)

English Meaning - aim, ambition, objective, goal, target.

50.Economic Survey (noun)

English Meaning - Economic Survey, being presented in the Parliament/Legislative Assembly ahead of the Union/state government Budget, is the Ministry of Finance’s flagship document. The Economic Survey details information about the Indian/state government economy over the past year. The Economic Survey also offers glimpses into the current state of the economy, and occasional insights into the economic outlook. Although the Constitution does not bind (impose a legal obligation on) the government to present the Economic Survey, over the years, it has become common practice for every government to present the Economic Survey before the Union/state government Budget.

51.point out (phrasal verb)

English Meaning - indicate, specify, detail, show,

52.sustained (adjective)

English Meaning - continuous, continual, constant, steady.

53.decade (noun)

English Meaning - a period of ten years.

54.decidedly (adverb)

English Meaning - noticeably, distinctly, certainly, clearly, undeniably.

55.Chief Economic Adviser (CEA) (noun)

English Meaning - The Chief Economic Adviser to the Government of India (CEA) is responsible for providing fresh ideas to bolster growth, investments and limiting fiscal deficit. In his/her role, he/she would be required to share views on key policy matters with the finance minister as well as being the lead author of the Economic Survey, which is the annual report card of the economy that gets tabled in Parliament ahead of the budget.

56.inflation (noun)

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

57.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.

58.stability (noun)

English Meaning - steadiness, firmness, solidity, secureness, strength.

59.imply (verb)

English Meaning - suggest, indicate, point to, signify.

60.unlikely (adjective)

English Meaning - not likely, doubtful, improbable, questionable, debatable.

61.transitioning (adjective)

English Meaning - developing, progressing, changing, transforming.