Hindi English Translation || Editorial || ​New reality: On new series of national accounts data

​New reality: On new series of national accounts data

Fiscal (राजकोषीय, सरकारी वित्त संबंधी) targets will now be realigned (पुनः समायोजित करना, पुनः व्यवस्थित करना) based on more accurate data

The release of the new series of national accounts data is a heartening (उत्साहवर्धक) improvement to India’s key (महत्वपूर्ण, प्रमुख) economic statistics, but the data highlights (emphasize, draw attention to, underline, accentuate) some aspects that merit (deserve, warrant, justify, earn) policy attention. The new series updates the base year (आधार वर्ष) of India’s Gross Domestic Product (सकल घरेलू उत्पाद) and Gross Value Added (सकल मूल्य वर्धन) data to 2022-23 from the earlier 2011-12. This was a long-overdue (having been needed or expected for a long time; delayed, belated, overdue, tardy) update, since the earlier data was becoming more outdated (obsolete, outmoded, antiquated, old-fashioned) and unrepresentative (अप्रतिनिधिक) with each passing year. Apart from the updated base year, the new series has several methodological improvements and new data sources for greater robustness (मजबूती). For example, the adoption (अंगीकरण, स्वीकार करना) of the double-deflator (an economic statistical method used to compute real value added by deflating the value of gross output and the value of intermediate inputs separately) approach, which accounts for the effect of inflation (मुद्रास्फीति) separately for intermediate goods and the final product, is a marked (स्पष्ट, उल्लेखनीय) improvement in terms of (के संदर्भ में, के आधार पर) ascertaining (determine, find out, establish, discover) the real value added of India’s production. Similarly, the new series allocates multi-sector company output proportionately (आनुपातिक रूप से), improving sectoral (relating to the various economic sectors of a society or to a particular sector; divisional, segmental, departmental, zonal) data accuracy (शुद्धता, सटीकता). The data on households (a house and its occupants regarded as a unit; family, family unit, occupants, house) will now be obtained from the Annual Survey of Unincorporated Sector Enterprises (ASUSE) (a survey conducted to collect comprehensive data on the unorganized non-agricultural sector in India) and Periodic Labour Force Survey (PLFS) (a survey launched to estimate key employment and unemployment indicators in India) on an annual basis instead of relying on extrapolations (the action of estimating or concluding something by assuming that existing trends will continue; estimation, projection, prediction, calculation) as was done in the 2011-12 series. Notably (particularly, significantly, remarkably, especially), the Goods and Services Tax data, a goldmine (a source of wealth, valuable information, or resources; rich source, treasure trove, repository, wealth) of consumer data, will be used in the new series. The new series will also include new sources and methods of estimation for sectors that have historically been difficult to quantify (measure, calculate, compute, determine) such as the agricultural sector and the vast (of very great extent or quantity; immense, huge, massive, extensive) informal sector (the part of any economy that is neither taxed nor monitored by any form of government; unorganized sector, undocumented economy, shadow economy, grey economy). All of these should yield (produce, provide, generate, supply) a more accurate picture (a situation or state of affairs; situation, scenario, context, circumstances) of India’s economic size and growth.

The new series predicts (forecast, foresee, foretell, project) India’s GDP to grow 7.6% in the current (present, ongoing, present-day) financial year 2025-26, which is faster than the 7.4% predicted for the year in the old series. While the rate might bring cheer (a feeling or expression of optimism, joy, or encouragement; optimism, joy, happiness, gladness), the new absolute size (the exact scale, magnitude, or extent of something without comparison to other factors; exact scale, true magnitude, total proportion, definitive extent) of the economy is somewhat sobering (making one feel serious and thoughtful; serious, solemn, thought-provoking). The new series pegs India’s economy at ₹345.47 lakh crore in 2025-26, which is about 3.3% smaller than what was predicted based on the old series. The size of the economy in both 2023-24 and 2024-25 was also revised downward by 3.8% each. Along with the depreciation (a reduction in the value of an asset over time, due in particular to wear and tear; devaluation, reduction in value, cheapening, drop in price) of the rupee, this has meant that India is currently a $3.8 trillion economy, with the $5 trillion target moving further away. A smaller economic size also means the Centre’s various commitments (responsibility, obligation, pledge, duty) to lower (reduce, decrease, diminish, cut) the fiscal deficit (a shortfall in a government’s income compared with its spending; financial shortage, budgetary shortfall, economic deficit, revenue shortfall) and debt (a sum of money that is owed or due; liability, financial obligation, arrears, dues) — ratios that are pegged to nominal (relating to the value of an economic variable unadjusted for inflation; unadjusted, stated, expressed, absolute) GDP — also become that much tougher to achieve. That said (even so or despite what has just been said; nevertheless, however, nonetheless, yet), it is better to realign targets based on more accurate data than to blithely (casually, indifferently, unconcernedly, carelessly) forge (advance, proceed, build, construct) ahead with decade-old (having existed or been in place for (ten) years; ten-year-old, long-standing, aged) metrics.

Courtesy: The Hindu

Important Word List With Meaning

1.fiscal (adjective)

Hindi Meaning - राजकोषीय, सरकारी वित्त संबंधी
English Meaning - relating to government revenue, especially taxes; financial, economic, monetary, budgetary.

2.realign (verb)

Hindi Meaning - पुनः समायोजित करना, पुनः व्यवस्थित करना
English Meaning - reorganize, adjust, alter, modify.

3.heartening (adjective)

Hindi Meaning - उत्साहवर्धक
English Meaning - hopeful, optimistic, encouraging, promising, reassuring, uplifting.

4.key (adjective)

Hindi Meaning - महत्वपूर्ण, प्रमुख
English Meaning - crucial, vital, essential, pivotal.

5.accuracy (noun)

Hindi Meaning - शुद्धता, सटीकता
English Meaning - precision, correctness, exactness, fidelity.

6.proportionately (adverb)

Hindi Meaning - आनुपातिक रूप से
English Meaning - relatively, correspondingly, proportionally, commensurately.

7.base year (noun)

Hindi Meaning - आधार वर्ष
English Meaning - the first of a series of years in an economic or financial index, serving as a reference point for comparison; reference year, starting point, benchmark year, standard year.

8.Gross Domestic Product (GDP) (noun)

Hindi Meaning - सकल घरेलू उत्पाद
English Meaning - the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period; overall economic output, national income.

9.Gross Value Added (GVA) (noun)

Hindi Meaning - सकल मूल्य वर्धन
English Meaning - an economic productivity metric that measures the contribution of a corporate sector or municipality to an economy; total value output, sector contribution.

10.unrepresentative (adjective)

Hindi Meaning - अप्रतिनिधिक
English Meaning - atypical, anomalous, disproportionate, untypical.

11.robustness (noun)

Hindi Meaning - मजबूती
English Meaning - the quality or condition of being strong and in good condition; strength, sturdiness, toughness, resilience.

12.adoption (noun)

Hindi Meaning - अंगीकरण, स्वीकार करना
English Meaning - implementation, application, acceptance, utilization.

13.inflation (noun)

Hindi Meaning - मुद्रास्फीति
English Meaning - a general increase in prices and fall in the purchasing value of money; price rise, rising prices, price escalation, economic devaluation.

14.marked (adjective)

Hindi Meaning - स्पष्ट, उल्लेखनीय
English Meaning - clearly noticeable or evident; distinct, pronounced, noticeable, obvious.

15.in terms of (phrase)

Hindi Meaning - के संदर्भ में, के आधार पर
English Meaning - with regard to; regarding, concerning, with respect to, as regards.

16.highlight (verb)

English Meaning - emphasize, draw attention to, underline, accentuate.

17.merit (verb)

English Meaning - deserve, warrant, justify, earn.

18.sectoral (adjective)

English Meaning - relating to the various economic sectors of a society or to a particular sector; divisional, segmental, departmental, zonal.

19.new reality (noun)

English Meaning - a recently emerged state of affairs or set of circumstances that must now be accepted and dealt with; current paradigm, updated situation, changed environment, new normal.

20.national accounts data (noun)

English Meaning - comprehensive statistical records that represent the economic activity and financial health of a nation; macroeconomic statistics, national financial records, economic metrics, national economic indicators.

21.policy attention (noun)

English Meaning - focus or consideration given by government or organizational decision-makers to a specific issue; governmental consideration.

22.long-overdue (adjective)

English Meaning - having been needed or expected for a long time; delayed, belated, overdue, tardy.

23.outdated (adjective)

English Meaning - obsolete, outmoded, antiquated, old-fashioned.

24.double-deflator (noun)

English Meaning - an economic statistical method used to compute real value added by deflating the value of gross output and the value of intermediate inputs separately.

25.account for (phrasal verb)

English Meaning - constitute, comprise, make up, form.

26.ascertain (verb)

English Meaning - determine, find out, establish, discover.

27.household (noun)

English Meaning - a house and its occupants regarded as a unit; family, family unit, occupants, house.

28.Annual Survey of Unincorporated Sector Enterprises (ASUSE) (noun)

English Meaning - a survey conducted to collect comprehensive data on the unorganized non-agricultural sector in India.

29.Periodic Labour Force Survey (PLFS) (noun)

English Meaning - a survey launched to estimate key employment and unemployment indicators in India.

30.rely on (phrasal verb)

English Meaning - depend on, bank on, count on, lean on.

31.extrapolation (noun)

English Meaning - the action of estimating or concluding something by assuming that existing trends will continue; estimation, projection, prediction, calculation.

32.notably (adverb)

English Meaning - particularly, significantly, remarkably, especially.

33.goldmine (noun)

English Meaning - a source of wealth, valuable information, or resources; rich source, treasure trove, repository, wealth.

34.quantify (verb)

English Meaning - measure, calculate, compute, determine.

35.vast (adjective)

English Meaning - of very great extent or quantity; immense, huge, massive, extensive.

36.informal sector (noun)

English Meaning - the part of any economy that is neither taxed nor monitored by any form of government; unorganized sector, undocumented economy, shadow economy, grey economy.

37.yield (verb)

English Meaning - produce, provide, generate, supply.

38.picture (noun)

English Meaning - a situation or state of affairs; situation, scenario, context, circumstances.

39.new series (of national accounts data) (phrase)

English Meaning - the recently revised methodology and base year for calculating a country’s macroeconomic indicators; updated statistics, revised economic data, fresh accounts, modernized metrics.

40.old series (of national accounts data) (phrase)

English Meaning - the previous methodology and base year used for calculating macroeconomic indicators; outdated statistics, previous economic data, prior accounts, obsolete metrics.

41.predict (verb)

English Meaning - forecast, foresee, foretell, project.

42.current (adjective)

English Meaning - present, ongoing, present-day.

43.cheer (noun)

English Meaning - a feeling or expression of optimism, joy, or encouragement; optimism, joy, happiness, gladness.

44.absolute size (noun)

English Meaning - the exact scale, magnitude, or extent of something without comparison to other factors; exact scale, true magnitude, total proportion, definitive extent.

45.absolute (adjective)

English Meaning - total, complete, utter, definite.

46.sobering (adjective)

English Meaning - making one feel serious and thoughtful; serious, solemn, thought-provoking.

47.peg at (phrasal verb)

English Meaning - fix, set, hold, establish.

48.depreciation (noun)

English Meaning - a reduction in the value of an asset over time, due in particular to wear and tear; devaluation, reduction in value, cheapening, drop in price.

49.commitment (noun)

English Meaning - responsibility, obligation, pledge, duty.

50.lower (verb)

English Meaning - reduce, decrease, diminish, cut.

51.fiscal deficit (noun)

English Meaning - a shortfall in a government’s income compared with its spending; financial shortage, budgetary shortfall, economic deficit, revenue shortfall.

52.debt (noun)

English Meaning - a sum of money that is owed or due; liability, financial obligation, arrears, dues.

53.peg to (phrasal verb)

English Meaning - link to, attach to, bind to, tie to.

54.nominal (adjective)

English Meaning - relating to the value of an economic variable unadjusted for inflation; unadjusted, stated, expressed, absolute.

55.that said (phrase)

English Meaning - even so or despite what has just been said; nevertheless, however, nonetheless, yet.

56.blithely (adverb)

English Meaning - casually, indifferently, unconcernedly, carelessly.

57.forge (verb)

English Meaning - advance, proceed, build, construct.

58.decade-old (adjective)

English Meaning - having existed or been in place for (ten) years; ten-year-old, long-standing, aged.

59.metric (noun)

English Meaning - a standard of measurement used for evaluation; measure, standard, benchmark, yardstick.