Hindi English Translation || Editorial || Interrupted growth: On economic activity, climate-related events

Interrupted growth: On economic activity, climate-related events

Industrial growth is still tied (जोड़ना, बाँधना) to government spends on infrastructure (आधारभूत संरचना)

The Index of Industrial Production (IIP) (औद्योगिक उत्पादन सूचकांक), the nation’s monthly barometer (मापक, सूचक) of goods output, revealed a 10-month low growth rate in June, at 1.5%, largely (मुख्य रूप से, ज़्यादातर) due to (के कारण, की वजह से) the sharp contraction (In economics, it refers to a decline in national output as measured by gross domestic product) in mining activity, by –8.7% (10.3% in June 2024), and electricity output, by –2.6% (8.6% in June 2024). The early onset (शुरुआत, प्रारंभ) of the southwest monsoon, with its erratic (अनिश्चित, अनियमित) and uneven (inconsistent, varying, changeable, fluctuating, irregular, patchy) distribution, led to water logging in large parts of the mining belts (क्षेत्र, पट्टी) in Odisha, Jharkhand and West Bengal, hampering (बाधा डालना, बाधित करना) a key (मुख्य, महत्वपूर्ण) economic activity. Ranchi’s regional meteorological (मौसम संबंधी) office has said that Jharkhand recorded 504.8 mm (against a normal of 307 mm) between June 1 and July 12 — but five districts were categorised (श्रेणीबद्ध करना, वर्गीकृत करना) as rain deficient (अपर्याप्त, कमी वाला). The resultant (परिणामस्वरूप) damage to the power distribution infrastructure and disruptions (disturbance, obstruction) to supply chains (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) may have contributed to the sluggish (slow, slow-moving, inactive, lethargic, unresponsive, dull) growth in industrial output at 3.9% in June, up from (an increase or rise from a previous point or level) 3.5% a year ago. This in turn (in succession; successively), is likely (probably, presumably, doubtlessly) to have led to subdued (diminished, lessened, reduced, decreased, controlled, contained, moderated; low-key, restrained, toned down, muted) power demand. While mining and power production collectively make up for (constitute, account for, comprise, form) almost a quarter (a period of three months (considered as one-fourth of a year)) (22.3%) of the IIP’s weightage, the rest is apportioned (distribute, allocate, allot, share out, divide up, split) for manufacturing activities. The robust (strong, powerful) growth in capital (3.5%), intermediate (5.5%) and infrastructure (7.2%) goods output, indicates that much of industrial growth continues to hinge on (to depend on; to be based or reliant upon) the government’s infrastructure spends.

There has been a general reluctance (unwillingness, disinclination, hesitation), both institutionally and in public economic discourse (discussion, conversation, communication, expression) in India, to explicitly (absolutely, directly, clearly, unambiguously, conclusively, unconditionally, unequivocally, unqualifiedly, categorically, outright) correlate (compare, relate, connect, associate) disruptions in economic activity with climate-related events, especially in official narratives (a representation of a particular situation; portrayal, account, description, statement) such as the IIP or GDP data releases. The Ministry of Statistics and Programme Implementation and the Reserve Bank of India (RBI) tend to (be inclined, be disposed, be likely) frame industrial and economic under-performance in terms of ‘high base effects (an effect in a current data figure/point caused by exceptionally high or low levels of data figure/point in the previous reference period); supply chain bottlenecks; (a condition which appears as not solvable and so delays the process; setback, problem, issue, snag, difficulty) input cost (the total expenses a business incurs to acquire resources and materials necessary to produce a good or deliver a service. the cost of raw materials, labour, electricity, fuel, or any other resource used in the production of goods or services) fluctuations; (continuous change, changeability, variability, inconstancy, instability, unsteadiness, unpredictability, irregularity, unreliability, fickleness, oscillation) global demand softening; and domestic consumption (the use of goods and services by the people within a country, not for export) contraction’. Climate-related disruptions, such as in mining belts, are rarely mentioned in IIP or national accounts (sometimes called macroeconomic accounts; a system of accounts that provides detailed information on a country’s economic activities, including production, income, and expenditure, used to measure GDP and overall economic performance) commentary (comments, opinions, remarks, reports, analysis). Economic data agencies in India have been slow to integrate climate risk frameworks (structure, system) into routine macroeconomic (relating to the branch of economics concerned with large-scale factors (interest rates/national productivity)) reporting, unlike institutions such as the European Central Bank (the banking regulator of a county’s banking system. (e.g. The Reserve Bank of India (RBI) is the central bank of India)) or the Bank of England which have begun mapping (survey, delineate, record in detail) climate risk to output and 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). True, climate attribution (a scientific process for establishing the principal causes or physical explanation for observed climate conditions and phenomena) is complex: linking a specific event such as waterlogging (it means the soil is flooded or clogged with water, either temporarily or permanently) in a coal mine to broader climate change (a long-term change in the Earth’s climate, or of a region on Earth) involves scientific rigour (strictness, severity, sternness, harshness, rigidity, inflexibility) and probabilistic modelling (a method of analysis that uses probability and statistics to represent uncertain events or outcomes in a system or process; used to estimate risks, forecast results, and make informed decisions under uncertainty). Policymakers often avoid this due to fear of politicising (to make something into a political issue) economic data. Indeed (actually, really, in truth, truly, surely, certainly, as expected), the RBI’s Financial Stability Reports (it reflects the collective assessment on risks to financial stability, and the resilience (strength) of the financial system in the context of contemporaneous (existing/occurring during the same time) issues relating to development and regulation of the financial sector) now include climate-related risks. But this has not yet filtered into production-side metrics (standard, benchmark, criterion, measure, yardstick, barometer) such as the IIP. The time has come for India to make a systemic shift (fundamental change; the full overhaul of a system; it refers to thorough, widespread transformation within the framework of an organization) to integrate climate attribution to economic activity.

Courtesy: The Hindu

Important Word List With Meaning

1.tie (verb)

Hindi Meaning - जोड़ना, बाँधना
English Meaning - relate, connect, link.

2.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.

3.Index of Industrial Production (IIP) (noun)

Hindi Meaning - औद्योगिक उत्पादन सूचकांक
English Meaning - a composite (combined/complex) indicator that measures the changes in the volume of production of a basket of industrial products during a given period with respect to the volume of production in a chosen base period.

4.barometer (noun)

Hindi Meaning - मापक, सूचक
English Meaning - measure, index, indicator, criterion, gauge.

5.largely (adverb)

Hindi Meaning - मुख्य रूप से, ज़्यादातर
English Meaning - mainly, mostly, completely, entirely, wholly.

6.due to (phrase)

Hindi Meaning - के कारण, की वजह से
English Meaning - because of, owing to, on account of, as a result of.

7.resultant (adjective)

Hindi Meaning - परिणामस्वरूप
English Meaning - following, ensuing, eventual, subsequent.

8.onset (noun)

Hindi Meaning - शुरुआत, प्रारंभ
English Meaning - start, beginning, arrival.

9.erratic (adjective)

Hindi Meaning - अनिश्चित, अनियमित
English Meaning - unpredictable, turbulent, changeable, inconstant, inconsistent, volatile, uncertain.

10.belt (noun)

Hindi Meaning - क्षेत्र, पट्टी
English Meaning - area, region, stretch, tract, swathe.

11.hamper (verb)

Hindi Meaning - बाधा डालना, बाधित करना
English Meaning - obstruct, impede, hold up, slow down, thwart, inhibit, restrict.

12.key (adjective)

Hindi Meaning - मुख्य, महत्वपूर्ण
English Meaning - vital, main, major, important, crucial, essential, central.

13.meteorological (adjective)

Hindi Meaning - मौसम संबंधी
English Meaning - relating to the branch of science that deals with phenomena (events) of the atmosphere or weather.

14.categorise (verb)

Hindi Meaning - श्रेणीबद्ध करना, वर्गीकृत करना
English Meaning - classify, group, designate, list.

15.deficient (adjective)

Hindi Meaning - अपर्याप्त, कमी वाला
English Meaning - insufficient, inadequate, meagre, poor.

16.contraction (noun)

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

17.uneven (adjective)

English Meaning - inconsistent, varying, changeable, fluctuating, irregular, patchy.

18.led past participle of lead to (verb)

English Meaning - result in, cause, bring on, bring about, give rise to.

19.waterlogging (noun)

English Meaning - a form of natural flooding when underground water rises to surface level as the result of over-irrigation. Waterlogging can displace the spoil, affect the natural processes in the soil, and result in a build-up of toxic substances in the soil, which can impede plant growth in the immediate area.

20.disruption (noun)

English Meaning - disturbance, obstruction.

21.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.

22.sluggish (adjective)

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

23.up from (phrase)

English Meaning - an increase or rise from a previous point or level.

24.in turn (phrase)

English Meaning - in succession; successively.

25.likely (adverb)

English Meaning - probably, presumably, doubtlessly.

26.subdued (adjective)

English Meaning - diminished, lessened, reduced, decreased, controlled, contained, moderated; low-key, restrained, toned down, muted.

27.make up for (phrasal verb)

English Meaning - constitute, account for, comprise, form.

28.quarter (noun)

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

29.weight/weightage (noun)

English Meaning - importance, significance, value (of something when compared with another thing).

30.apportion (verb)

English Meaning - distribute, allocate, allot, share out, divide up, split.

31.robust (adjective)

English Meaning - strong, powerful.

32.hinge on (phrasal verb)

English Meaning - to depend on; to be based or reliant upon.

33.reluctance (noun)

English Meaning - unwillingness, disinclination, hesitation.

34.discourse (noun)

English Meaning - discussion, conversation, communication, expression.

35.explicitly (adverb)

English Meaning - absolutely, directly, clearly, unambiguously, conclusively, unconditionally, unequivocally, unqualifiedly, categorically, outright.

36.correlate (verb)

English Meaning - compare, relate, connect, associate.

37.narrative (noun)

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

38.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.

39.tend to (verb)

English Meaning - be inclined, be disposed, be likely.

40.frame (verb)

English Meaning - formulate, draw up, plan, work out.

41.in terms of (phrase)

English Meaning - concerning, regarding, with regard to, in respect of, with reference to, relating to.

42.base effect (noun)

English Meaning - an effect in a current data figure/point caused by exceptionally high or low levels of data figure/point in the previous reference period.

43.bottleneck (noun)

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

44.input cost (noun)

English Meaning - the total expenses a business incurs to acquire resources and materials necessary to produce a good or deliver a service. the cost of raw materials, labour, electricity, fuel, or any other resource used in the production of goods or services.

45.fluctuation (noun)

English Meaning - continuous change, changeability, variability, inconstancy, instability, unsteadiness, unpredictability, irregularity, unreliability, fickleness, oscillation.

46.softening (noun)

English Meaning - decrease, reduction, lessening, moderation.

47.domestic consumption (noun)

English Meaning - the use of goods and services by the people within a country, not for export.

48.national accounts (NA) (noun)

English Meaning - sometimes called macroeconomic accounts; a system of accounts that provides detailed information on a country’s economic activities, including production, income, and expenditure, used to measure GDP and overall economic performance.

49.commentary (noun)

English Meaning - comments, opinions, remarks, reports, analysis.

50.framework (noun)

English Meaning - structure, system.

51.macroeconomic (adjective)

English Meaning - relating to the branch of economics concerned with large-scale factors (interest rates/national productivity).

52.central bank (noun)

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).

53.European Central Bank (ECB) (noun)

English Meaning - the central bank responsible for managing the euro, setting key interest rates, and framing and implementing monetary policy for the Eurozone countries (those using the euro as their currency). It aims to maintain price stability and support economic growth across the Euro area.

54.map (verb)

English Meaning - survey, delineate, record in detail.

55.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.

56.climate attribution (noun)

English Meaning - a scientific process for establishing the principal causes or physical explanation for observed climate conditions and phenomena.

57.waterlogging (noun)

English Meaning - it means the soil is flooded or clogged with water, either temporarily or permanently

58.broader comparative adjective of broad (adjective)

English Meaning - comprehensive, extensive, wide, wide-ranging, or broad-ranging.

59.climate change (noun)

English Meaning - a long-term change in the Earth’s climate, or of a region on Earth.

60.rigour (noun)

English Meaning - strictness, severity, sternness, harshness, rigidity, inflexibility.

61.probabilistic (adjective)

English Meaning - based on a theory of probability (chance, probable event, possibility).

62.modelling (noun)

English Meaning - the activity or process of creating a representation or simulation of a system, process, or structure. In policy, science, or economics, it refers to using data and assumptions to predict outcomes or analyze trends.

63.probabilistic modelling (noun)

English Meaning - a method of analysis that uses probability and statistics to represent uncertain events or outcomes in a system or process; used to estimate risks, forecast results, and make informed decisions under uncertainty.

64.politicise (verb)

English Meaning - to make something into a political issue.

65.indeed (phrase)

English Meaning - actually, really, in truth, truly, surely, certainly, as expected.

66.RBI’s Financial Stability Report (FSR) (noun)

English Meaning - it reflects the collective assessment on risks to financial stability, and the resilience (strength) of the financial system in the context of contemporaneous (existing/occurring during the same time) issues relating to development and regulation of the financial sector.

67.filter into (phrasal verb)

English Meaning - to gradually enter/appear/happen.

68.metric (noun)

English Meaning - standard, benchmark, criterion, measure, yardstick, barometer.

69.systemic shift (noun)

English Meaning - fundamental change; the full overhaul of a system; it refers to thorough, widespread transformation within the framework of an organization.