Hindi English Translation || Editorial || ​Growth matrix: On the economy’s performance

​Growth matrix: On the economy’s performance

Economic outlook (दृष्टिकोण, संभावना) is evenly poised (तैयार रहना, संतुलित करना) but reforms need acceleration (गति में वृद्धि, त्वरण)

The first official gauge (पैमाना, मापक) of the economy’s performance so far (अब तक, वर्तमान तक) in 2024-25 pegs real GDP (सकल घरेलू उत्पाद) growth at 6.7% between April and June, a five-quarter low and below the central bank’s (केंद्रीय बैंक) projection (पूर्वानुमान). The Reserve Bank of India (RBI), which expects a 7.2% GDP growth through 2024-25 following last year’s 8.2% surge (उछाल, वृद्धि), had revised its estimate for Q1 from 7.2% to 7.1%, earlier this month. The actual numbers are underwhelming (निराशाजनक) and mark (चिह्नित करना) a clear cooling in the economic momentum (गति), although some base effects (आधार प्रभाव) are in play. Growth in the Gross Value Added (GVA) (सकल मूल्य वर्धन) in the economy came in higher at 6.8%, after a year of widening divergences (difference, dissimilarity, variance, deviation, mismatch) with the GDP print (mark, level; registry/record). At the onset (start, beginning, arrival) of this fiscal (financial year) year, major hopes hinged on (depend on, be based, be dependent) a normal monsoon boosting farm sector output and easing inflation, which could lift the weak rural demand and private consumption witnessed last year. Higher demand would bolster (strengthen, support, make stronger, reinforce, buttress) private firms’ propensity (tendency, inclination, predisposition, readiness, disposition) to invest in new capacities, and ease (decrease, lessen, diminish, reduce, lower) the pressure on public spending to prop up (to give support to someone or something otherwise that person/thing would fail/collapse; support, help, aid, assist, bolster (up), shore up, hold up, buttress, undergird, underpin, reinforce, strengthen) growth. That the government would still ramp up (increase (in amount or number)) capital expenditure by 17% to ₹11.11 lakh crore this year, while it waited for this narrative (a representation of a particular situation; portrayal, account, description, statement) to unfold (develop, evolve, happen, occur, transpire, emerge), was the other pillar (mainstay, strength, tower of strength, bastion; backbone, support) underpinning this year’s growth aspirations (aim, ambition, objective, goal, target).

As things stand (in line with the present circumstances), this script is yet to fully play out (happen, occur, take place, transpire, come about). The stretched (lengthy, longish, extended, protracted, prolonged, elongated) general election has sharply scuppered (ruin, destroy, devastate, wreak havoc on, damage, spoil, mess up, shatter) public capex (government capital expenditure), and the government will need to redouble (make something more intense/ stronger; to increase, strengthen, intensify something considerably) efforts to meet its spending goals. The good news is that private consumption spends bounced (recover, rebound, pick up, rally) to a six-quarter peak of 7.4%, partly thanks to (as a result of, owing to, due to, because of) easing headline inflation (simply meaning “cost of living”; increase of price level of goods & services and vice versa decrease of currency value). But food prices remain elevated (increased, raised). The monsoon has been better than last year but a tad (a very small amount; a little bit; to small degree extent; slightly, somewhat) erratic (unpredictable, varying, uncertain, irregular, fluctuant, unreliable) and uneven, temporally as well as spatially (used (in a way) to describe things relating to areas). Farm GVA growth has moved up to a four-quarter high of 2% but the next few weeks will determine whether the sector rebounds (recover, revive, rally, pick up, come back (in value of something after decline)) in earnest (and food inflation cools). Projections of above normal downpours (very heavy rainfall; torrential rain) in September may well affect standing kharif crops (monsoon crops; seeds sowing in the beginning (Jun) of the monsoon and harvesting at the end of the season (Oct) in the South Asia). This is a key monitorable for the RBI, whose independent (impartial, unbiased, unprejudiced, neutral, dispassionate, even-handed, fair-minded, non-partisan) monetary policy (monetary policy refers to the use of monetary instruments under the control of the central bank to regulate magnitudes such as interest rates, money supply, and availability of credit with a view to achieving the ultimate objective of economic policy mentioned in the Reserve Bank of India Act, 1934) panel members have flagged (indicate, point out, identify; draw attention to something) a 1% GDP growth loss this year and next, if interest rate cuts (a decision by a central bank (like RBI in India) to reduce its main interest rate to the banks (like SBI, ICICI & etc in India) when these commercial banks get money from the central bank. Once this rate goes down, the banks are in a position to give loans at lower interest rates to individuals and the industry) are delayed. India may still grow 6.5% to 7% this year, but most expect growth to slip (decrease, drop, decline, slump, tumble, plunge, plummet) to 6.5% in 2025-26, with the medium-term potential (possible, probable, likely, prospective) hovering around that number. This is too slow for comfort. As top IMF (an international organization of 189 countries, headquartered in Washington, D.C., working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world) official Gita Gopinath pointed out recently, policymakers need to urgently pursue (engage in, conduct, take part in (an activity)) meaningful reforms across all aspects of the economy, and improve the efficiency of its institutions and the judiciary (a branch of government in which judicial power is vested; judges collectively). This is critical to lift its growth potential and fulfil hopes of creating gainful employment for its young, fast enough for India’s demographics (population; the statistical data of a population, (particularly groups within it defined by criteria such as education, nationality, religion, ethnicity etc.)) to yield (give, provide, produce) a dividend (benefit, advantage, reward, gain, return, profit).

Courtesy: The Hindu

Important Word List With Meaning

1.outlook (noun)

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

2.poise (verb)

Hindi Meaning - तैयार रहना, संतुलित करना
English Meaning - get into position, be ready/prepared to do something.

3.acceleration (noun)

Hindi Meaning - गति में वृद्धि, त्वरण
English Meaning - expedition, increase in speed, gain in momentum, quickening, speeding up.

4.gauge (noun)

Hindi Meaning - पैमाना, मापक
English Meaning - measure, indicator, index, barometer.

5.so far (phrase)

Hindi Meaning - अब तक, वर्तमान तक
English Meaning - until now, up to the present, up to this point.

6.Gross domestic product (GDP) (noun)

Hindi Meaning - सकल घरेलू उत्पाद
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.

7.quarter (noun)

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

8.central bank (noun)

Hindi Meaning - केंद्रीय बैंक
English Meaning - the banking regulator of a county’s banking system. (e.g. The Reserve Bank of India (RBI) is the central bank of India).

9.projection (noun)

Hindi Meaning - पूर्वानुमान
English Meaning - prediction, indication, forecast, prognosis, speculation, calculation (of future events or trends).

10.surge (noun)

Hindi Meaning - उछाल, वृद्धि
English Meaning - sudden increase or rise of something.

11.underwhelming (adjective)

Hindi Meaning - निराशाजनक
English Meaning - unsatisfactory, not exciting, disappointing.

12.mark (verb)

Hindi Meaning - चिह्नित करना
English Meaning - show, indicate, represent, denote.

13.momentum (noun)

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

14.base effect (noun)

Hindi Meaning - आधार प्रभाव
English Meaning - it relates to inflation in the corresponding period of the previous year, if the inflation rate was too low in the corresponding period of the previous year, even a smaller rise in the Price Index will arithmetically give a high rate of inflation now.

15.gross value added (GVA) (noun)

Hindi Meaning - सकल मूल्य वर्धन
English Meaning - it is a measure of total output and income in the economy. It provides the rupee value for the amount of goods and services produced in an economy after deducting the cost of inputs and raw materials that have gone into the production of those goods and services. It also gives a sector-specific picture like what is the growth in an area, industry, or sector of an economy. On the other hand, GDP or gross domestic product is a measure of economic activity in a country. It is the total value of a country’s annual output of goods and services.

16.matrix (noun)

English Meaning - systems and structures (by using that something grows or develops).

17.peg at (verb)

English Meaning - fix, set, hold, limit (a price, rate, or amount) at a particular level.

18.cooling (noun)

English Meaning - reduction, lessening, decrease, decline.

19.divergence (noun)

English Meaning - difference, dissimilarity, variance, deviation, mismatch.

20.print (noun)

English Meaning - mark, level; registry/record.

21.onset (noun)

English Meaning - start, beginning, arrival.

22.fiscal (year) (noun)

English Meaning - financial year.

23.hinge on (verb)

English Meaning - depend on, be based, be dependent.

24.ease (verb)

English Meaning - decrease, lessen, diminish, reduce, lower.

25.inflation (noun)

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

26.private consumption or consumption expenditure (noun)

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

27.bolster (verb)

English Meaning - strengthen, support, make stronger, reinforce, buttress.

28.propensity (noun)

English Meaning - tendency, inclination, predisposition, readiness, disposition.

29.government spending or public spending (noun)

English Meaning - money spent by the government.

30.prop up (phrasal verb)

English Meaning - to give support to someone or something otherwise that person/thing would fail/collapse; support, help, aid, assist, bolster (up), shore up, hold up, buttress, undergird, underpin, reinforce, strengthen.

31.ramp up (phrasal verb)

English Meaning - increase (in amount or number).

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

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

33.narrative (noun)

English Meaning - a representation of a particular situation; portrayal, account, description, statement.

34.unfold (verb)

English Meaning - develop, evolve, happen, occur, transpire, emerge.

35.pillar (noun)

English Meaning - mainstay, strength, tower of strength, bastion; backbone, support.

36.underpin (verb)

English Meaning - strengthen, fortify, support, bolster, reinforce, prop up, shore up.

37.aspiration (noun)

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

38.as things stand (phrase)

English Meaning - in line with the present circumstances.

39.play out (phrasal verb)

English Meaning - happen, occur, take place, transpire, come about.

40.stretched (adjective)

English Meaning - lengthy, longish, extended, protracted, prolonged, elongated.

41.scupper (verb)

English Meaning - ruin, destroy, devastate, wreak havoc on, damage, spoil, mess up, shatter.

42.public capex (noun)

English Meaning - government capital expenditure.

43.capex (noun)

English Meaning - capital expenditure.

44.redouble (verb)

English Meaning - make something more intense/ stronger; to increase, strengthen, intensify something considerably.

45.bounce (verb)

English Meaning - recover, rebound, pick up, rally.

46.thanks to (phrase)

English Meaning - as a result of, owing to, due to, because of.

47.core inflation (noun)

English Meaning - it is a measure of the total inflation within an economy, excluding commodities such as food and energy prices (which change frequently).

48.headline inflation (noun)

English Meaning - it is a measure of the total inflation within an economy, including commodities such as food and energy prices.

49.elevated (adjective)

English Meaning - increased, raised.

50.tad (noun)

English Meaning - a very small amount; a little bit; to small degree extent; slightly, somewhat.

51.erratic (adjective)

English Meaning - unpredictable, varying, uncertain, irregular, fluctuant, unreliable.

52.spatially (adverb)

English Meaning - used (in a way) to describe things relating to areas.

53.rebound (verb)

English Meaning - recover, revive, rally, pick up, come back (in value of something after decline).

54.in earnest (phrase)

English Meaning - zealously, purposefully, determinedly, resolutely, with enthusiasm, with dedication, with commitment.

55.food price inflation (noun)

English Meaning - the rise in the prices of most goods and services of food & related things.

56.cool (verb)

English Meaning - reduce, lessen, diminish, decrease.

57.downpour (noun)

English Meaning - very heavy rainfall; torrential rain.

58.rabi crops (noun)

English Meaning - winter crops; seeds sowing in the beginning (Nov) of the winter and harvesting at the end of the season (Apr) in the South Asia.

59.kharif crops (noun)

English Meaning - monsoon crops; seeds sowing in the beginning (Jun) of the monsoon and harvesting at the end of the season (Oct) in the South Asia.

60.independent (adjective)

English Meaning - impartial, unbiased, unprejudiced, neutral, dispassionate, even-handed, fair-minded, non-partisan.

61.monetary policy (noun)

English Meaning - monetary policy refers to the use of monetary instruments under the control of the central bank to regulate magnitudes such as interest rates, money supply, and availability of credit with a view to achieving the ultimate objective of economic policy mentioned in the Reserve Bank of India Act, 1934.

62.The monetary policy committee (MPC) (noun)

English Meaning - it is a six-member panel that is expected to bring “value and transparency” to rate-setting decisions. It will feature three members from the RBI — the Governor, a Deputy Governor and another official — and three independent members to be selected by the Government. The MPC will meet four times a year to decide on monetary policy by a majority vote.

63.panel (noun)

English Meaning - committee, council, advisory body.

64.flag (verb)

English Meaning - indicate, point out, identify; draw attention to something.

65.rate cut (noun)

English Meaning - a decision by a central bank (like RBI in India) to reduce its main interest rate to the banks (like SBI, ICICI & etc in India) when these commercial banks get money from the central bank. Once this rate goes down, the banks are in a position to give loans at lower interest rates to individuals and the industry.

66.slip (verb)

English Meaning - decrease, drop, decline, slump, tumble, plunge, plummet.

67.potential (adjective)

English Meaning - possible, probable, likely, prospective.

68.hover around (verb)

English Meaning - remain at a level.

69.International Monetary Fund (IMF) (noun)

English Meaning - an international organization of 189 countries, headquartered in Washington, D.C., working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

70.official (noun)

English Meaning - officer, functionary, office-bearer, office-holder.

71.point out (phrasal verb)

English Meaning - indicate, identify, mention, specify, refer to, detail.

72.pursue (verb)

English Meaning - engage in, conduct, take part in (an activity).

73.judiciary (noun)

English Meaning - a branch of government in which judicial power is vested; judges collectively.

74.demographics (noun)

English Meaning - population; the statistical data of a population, (particularly groups within it defined by criteria such as education, nationality, religion, ethnicity etc.).

75.yield (noun)

English Meaning - give, provide, produce.

76.dividend (noun)

English Meaning - benefit, advantage, reward, gain, return, profit.