Endurance test: On the Indian economy’s resilience

The quarters ahead (आगे, आने वाले समय में) will test the stamina (सहनशक्ति, दमखम) of India’s economic resilience (आर्थिक लचीलापन)

India’s economic growth during the first quarter (तिमाही) of this financial year (वित्तीय वर्ष, आर्थिक वर्ष) has surprised (चौंकाना, आश्चर्यचकित करना) most people. Against (in contrast to; contrary to, in opposition to, counter to, at variance with) a perception (धारणा, दृष्टिकोण) among (के बीच में) economists that growth would slow (धीमा करना, गति कम करना) to about 6%-7% on account of (के कारण, की वजह से) the impact (प्रभाव, असर) of the West Asia crisis (पश्चिम एशिया संकट), real growth in the April-June 2026 quarter came in at a robust 7.8%. This was not a statistical anomaly (सांख्यिकीय असामान्यता), either (additionally, in addition, moreover, furthermore; likewise, also, as well, besides), as growth was underpinned (support, bolster, sustain, reinforce, prop up, strengthen, brace) by strong performances (the extent to which an economy, sector, or investment is profitable or successful; output, result, execution, functioning) in both manufacturing and services. In fact (वास्तव में, असल में), the manufacturing sector grew at a three-quarter-high of 9.2%. The sector has likely (probably or expected to happen; probably, presumably, in all probability, no doubt) benefited from the Goods and Services Tax (a comprehensive, multi-stage, destination-based indirect tax enacted in 2017 that is levied on every value addition in India) rate cut (a reduction in the interest rate or tax rate by an authority) implemented (put a decision, plan, or agreement into effect; execute, apply, enact, carry out) last September, and further (to a greater extent or degree; additionally, furthermore, moreover, also) from the Reserve Bank of India’s (RBI) 125-basis point cumulative (increasing or growing by successive additions; collective, aggregate, amassed, combined) interest rate cuts (a reduction in the borrowing rate set by a central bank, designed to stimulate economic activity) through 2025. A part of it is also that companies likely front-loaded (to distribute or allocate costs or effort unevenly, with the greater proportion at the beginning of an enterprise or process; pre-allocate, pre-assign, advance, load early) their output in the expectation (anticipation, belief, prospect, prediction) of further uncertainty (unpredictability, unreliability, precariousness, doubt) on inflation (a general increase in prices and fall in the purchasing value of money; price rise, rising prices, cost-push), potential (possible, likely, prospective, probable) future rate hikes (an increase in the standard interest rates by a central banking authority; rate increase, interest rise, monetary tightening, policy tightening), and other possible (conceivable, plausible, imaginable, credible) headwinds (a wind blowing from directly in front, used figuratively to mean factors or events that slow down growth or progress; a condition or factor that causes resistance or slows down economic progress; hindrance, obstacle, impediment, barrier). The other piece of good news is that capital creation (the process of building up the capital stock of a country through investment in productive assets; capital formation, wealth creation, asset building, investment generation) seems (appear, look, sound, give the impression of) to have picked up (improve, recover, bounce back, rally). While it is not yet clear (remaining uncertain, ambiguous, or unresolved at the present time; ambiguous, uncertain, obscure, undetermined) what the share is between the government and the private sector, capital creation overall has a welcome (pleasing, agreeable, gratifying, pleasant) multiplier effect (a phenomenon whereby a given change in a particular input causes a larger change in an output, such as economic activity; ripple effect, cascading effect, domino effect, snowball effect) on the economy. The services sector, too, has continued to see robust (strong and healthy or vigorous in terms of economic growth; strong, vigorous, resilient, sturdy) growth, adding strength to the economy. Yet, the economy is not out of the woods (out of danger or difficulty; safe, secure, out of danger, in the clear), and this robust performance will be more difficult to replicate (reproduce, duplicate, copy, recreate) in the quarters ahead (in the upcoming three-month financial periods of the year; in the coming months, in the future quarters, looking forward, hereafter). As Chief Economic Adviser (a senior government official who advises the Government of India on economic matters, traditionally heading the Economic Division of the Department of Economic Affairs, Ministry of Finance) V. Anantha Nageswaran has cautioned (to say something as a warning; warn, advise, urge, alert), Hormuz (refers to the Strait of Hormuz, a strategically vital maritime choke point between the Persian Gulf and the Gulf of Oman, crucial for global oil shipments) uncertainty is likely to keep oil prices above $80 a barrel (a unit of volume for crude oil, equivalent to 42 US gallons. A standard unit of volume used for crude oil, equivalent to approximately 159 litres. (1 U.S. liquid gallon equals about 3.785 liters)), too high for a country that imports 85%-90% of its oil requirement.

This is perhaps (maybe, possibly, conceivably, probably) why Prime Minister Narendra Modi on Tuesday reiterated (to say something again or a number of times, typically for emphasis or clarity; repeat, restate, retell, iterate) his appeal (an urgent or serious request; plea, request, entreaty, call) to Indians to buy local, avoid non-essential (dispensable, unnecessary, unneeded, redundant) foreign travel and weddings abroad (in or to a foreign country or countries; overseas, internationally, out of the country, cross-border), and stop unnecessary (unneeded, inessential, expendable, gratuitous) purchases of gold. The pressure (stress, strain, burden, demand) of maintaining (keep up, preserve, sustain, conserve) a reasonable (moderate, fair, acceptable, sensible) trade deficit (the amount by which the cost of a country’s imports exceeds the value of its exports; trade gap, negative balance of trade, trade imbalance, commercial deficit) has so far (up to this time; until now, up to now, to date, thus far) rested on (to depend on or be based on; rely on, depend on, hinge on, bank on) India’s services exports. This has served (to fulfill a purpose or role; benefit, assist, help, aid) India reasonably (to a moderate or acceptable degree; fairly, moderately, adequately, satisfactorily) well (satisfactorily, nicely, adequately, favorably) so far, but the global economy is stuttering (to progress in an irregular or faltering way; falter, hesitate, stumble, struggle). This, combined with (joined or added together; coupled with, paired with, linked to, along with) the growth of Artificial Intelligence (the simulation of human intelligence processes by machines, especially computer systems; machine learning, AI) services elsewhere (in, at, or to some other place or other places; in other places, in another place, somewhere else, abroad), could hurt (cause tangible economic damage or decline to a sector or economy; damage, impair, negatively affect) demand (need, requirement, consumption, want, market) for Indian services exports going ahead (in the future; in the future, moving forward, hereafter, henceforth). The economy is also yet to (still to, bound to, expected to, due to) face (to confront and deal with or accept; confront, encounter, experience, tackle) the full brunt (full force, impact, shock, burden) of a deficient (inadequate, lacking, insufficient, scanty) monsoon and the impact this will have on rural demand (the desire and purchasing power for goods and services originating from non-urban or countryside areas; agrarian demand, countryside demand, village demand, agricultural sector demand). The consumption-related (associated with the use of goods and services by households; spending-related, expenditure-related, consumer-related) data for July in the Index of Industrial Production (an economic indicator that tracks manufacturing activity and industrial growth in various sectors of the economy, compiled monthly by the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation) already points to sluggish (slow-moving or inactive; slow, lethargic, stagnant, inactive) rural demand. While inflation remains well within (securely inside or comfortably below a specific limit; comfortably inside, safely within, firmly inside, securely within) the RBI’s comfort zone (safe zone, secure area, sphere of security, manageable range), it has been increasing. The RBI expects it to hit (to reach a particular level, point, or figure; reach, touch, attain, achieve) 5.9% in October-December 2026, which would further hit demand. The front-loading (the practice of distributing or allocating unevenly, with the greater proportion at the beginning; advance loading, early allocation, initial concentration, pre-funding) of manufacturing will also, by definition (by its very nature or fundamentally; fundamentally, intrinsically, inherently, necessarily), peter out (to gradually stop or disappear; fade away, die out, dwindle, fizzle out) over the next few quarters. The strength of the Indian economy’s resilience was tested in Q1 and it passed admirably (excellently, wonderfully, commendably, splendidly). However (nevertheless, nonetheless, yet, on the other hand), the much tougher (harder, more difficult, more demanding, more exacting) stamina test (a situation or event that demands sustained physical or mental effort; endurance test, trial of strength, resilience challenge, staying power test) remains.

Courtesy: The Hindu

Important Word List With Meaning

1.resilience (noun)

Hindi Meaning - लचीलापन
English Meaning - the ability to recover quickly from difficulties; toughness, flexibility, adaptability, buoyancy.

2.quarter (noun)

Hindi Meaning - तिमाही
English Meaning - a period of three months, considered as a quarter of a year, especially for financial reporting; three-month period, term, trimester, financial period.

3.ahead (adverb)

Hindi Meaning - आगे, आने वाले समय में
English Meaning - in the future; forwards, onwards, approaching, coming.

4.stamina (noun)

Hindi Meaning - सहनशक्ति, दमखम
English Meaning - the ability to sustain prolonged (physical or mental) effort; endurance, staying power, resilience, vigour.

5.economic resilience (noun)

Hindi Meaning - आर्थिक लचीलापन
English Meaning - the ability of an economy to withstand or recover from shocks and continue functioning efficiently; financial stability, economic toughness, market strength, fiscal durability.

6.financial year (noun)

Hindi Meaning - वित्तीय वर्ष, आर्थिक वर्ष
English Meaning - fiscal year, tax year, accounting year, budget year.

7.surprise (verb)

Hindi Meaning - चौंकाना, आश्चर्यचकित करना
English Meaning - astonish, amaze, startle, astound.

8.perception (noun)

Hindi Meaning - धारणा, दृष्टिकोण
English Meaning - a belief, opinion, or way of understanding a situation; viewpoint, understanding, impression, notion.

9.among (preposition)

Hindi Meaning - के बीच में
English Meaning -situated within or surrounded by a group; amidst, in the midst of, between, with.

10.slow (verb)

Hindi Meaning - धीमा करना, गति कम करना
English Meaning - decelerate, lose momentum, ease off, moderate.

11.on account of (phrase)

Hindi Meaning - के कारण, की वजह से
English Meaning - because of; due to, owing to, by reason of, as a result of.

12.impact (noun)

Hindi Meaning - प्रभाव, असर
English Meaning - a marked effect or influence; effect, consequence, repercussion, result.

13.West Asia crisis (noun)

Hindi Meaning - पश्चिम एशिया संकट
English Meaning - a period of serious political, military, and humanitarian instability involving conflicts and tensions among countries and groups in the West Asian region.

14.statistical anomaly (noun)

Hindi Meaning - सांख्यिकीय असामान्यता
English Meaning - a data point or result that deviates significantly from the expected pattern or average; irregularity, abnormality, outlier, deviation.

15.in fact (phrase)

Hindi Meaning - वास्तव में, असल में
English Meaning - actually, in reality, as a matter of fact, really.

16.performance (noun)

English Meaning - the extent to which an economy, sector, or investment is profitable or successful; output, result, execution, functioning.

17.against (preposition)

English Meaning - in contrast to; contrary to, in opposition to, counter to, at variance with.

18.endurance test (noun)

English Meaning - a measure or trial of someone’s or something’s ability to withstand prolonged stress, difficulty, or hardship; trial, challenge, tribulation, hardship.

19.endurance (noun)

English Meaning - the capacity or power to withstand prolonged hardship, stress, or difficult conditions; stamina, resilience, fortitude, tolerance.

20.anomaly (noun)

English Meaning - abnormality, irregularity, inconsistency, deviation.

21.either (adverb)

English Meaning - additionally, in addition, moreover, furthermore; likewise, also, as well, besides.

22.underpin (verb)

English Meaning - support, bolster, sustain, reinforce, prop up, strengthen, brace.

23.likely (adverb)

English Meaning - probably or expected to happen; probably, presumably, in all probability, no doubt.

24.Goods and Services Tax (noun)

English Meaning - a comprehensive, multi-stage, destination-based indirect tax enacted in 2017 that is levied on every value addition in India.

25.rate cut (noun)

English Meaning - a reduction in the interest rate or tax rate by an authority.

26.implement (verb)

English Meaning - put a decision, plan, or agreement into effect; execute, apply, enact, carry out.

27.further (adverb)

English Meaning - to a greater extent or degree; additionally, furthermore, moreover, also.

28.basis point (BPS) (noun)

English Meaning - a unit of measure used in finance to describe the percentage change in the value or rate of a financial instrument. One basis point is equivalent to 0.01% (1/100th of a percent). Used for measuring change in interest rate/yield.

29.cumulative (adjective)

English Meaning - increasing or growing by successive additions; collective, aggregate, amassed, combined.

30.interest rate cut (noun)

English Meaning - a reduction in the borrowing rate set by a central bank, designed to stimulate economic activity.

31.front-load (verb)

English Meaning - to distribute or allocate costs or effort unevenly, with the greater proportion at the beginning of an enterprise or process; pre-allocate, pre-assign, advance, load early.

32.expectation (noun)

English Meaning - anticipation, belief, prospect, prediction.

33.uncertainty (noun)

English Meaning - unpredictability, unreliability, precariousness, doubt.

34.inflation (noun)

English Meaning - a general increase in prices and fall in the purchasing value of money; price rise, rising prices, cost-push

35.potential (adjective)

English Meaning - possible, likely, prospective, probable.

36.rate hike (noun)

English Meaning - an increase in the standard interest rates by a central banking authority; rate increase, interest rise, monetary tightening, policy tightening.

37.possible (adjective)

English Meaning - conceivable, plausible, imaginable, credible.

38.headwind (noun)

English Meaning - a wind blowing from directly in front, used figuratively to mean factors or events that slow down growth or progress; a condition or factor that causes resistance or slows down economic progress; hindrance, obstacle, impediment, barrier.

39.capital creation (noun)

English Meaning - the process of building up the capital stock of a country through investment in productive assets; capital formation, wealth creation, asset building, investment generation.

40.seem (verb)

English Meaning - appear, look, sound, give the impression of.

41.pick up (phrasal verb)

English Meaning - improve, recover, bounce back, rally.

42.not yet clear (phrase)

English Meaning - remaining uncertain, ambiguous, or unresolved at the present time; ambiguous, uncertain, obscure, undetermined.

43.welcome (adjective)

English Meaning - pleasing, agreeable, gratifying, pleasant.

44.multiplier effect (noun)

English Meaning - a phenomenon whereby a given change in a particular input causes a larger change in an output, such as economic activity; ripple effect, cascading effect, domino effect, snowball effect.

45.robust (adjective)

English Meaning - strong and healthy or vigorous in terms of economic growth; strong, vigorous, resilient, sturdy.

46.out of the woods (phrase)

English Meaning - out of danger or difficulty; safe, secure, out of danger, in the clear.

47.replicate (verb)

English Meaning - reproduce, duplicate, copy, recreate.

48.in the quarters ahead (phrase)

English Meaning - in the upcoming three-month financial periods of the year; in the coming months, in the future quarters, looking forward, hereafter.

49.Chief Economic Adviser (noun)

English Meaning - a senior government official who advises the Government of India on economic matters, traditionally heading the Economic Division of the Department of Economic Affairs, Ministry of Finance.

50.caution (verb)

English Meaning - to say something as a warning; warn, advise, urge, alert.

51.Hormuz (noun)

English Meaning - refers to the Strait of Hormuz, a strategically vital maritime choke point between the Persian Gulf and the Gulf of Oman, crucial for global oil shipments.

52.barrel (noun)

English Meaning - a unit of volume for crude oil, equivalent to 42 US gallons. A standard unit of volume used for crude oil, equivalent to approximately 159 litres. (1 U.S. liquid gallon equals about 3.785 liters).

53.perhaps (adverb)

English Meaning - maybe, possibly, conceivably, probably.

54.reiterate (verb)

English Meaning - to say something again or a number of times, typically for emphasis or clarity; repeat, restate, retell, iterate.

55.appeal (noun)

English Meaning - an urgent or serious request; plea, request, entreaty, call.

56.non-essential (adjective)

English Meaning - dispensable, unnecessary, unneeded, redundant.

57.abroad (adverb)

English Meaning - in or to a foreign country or countries; overseas, internationally, out of the country, cross-border.

58.unnecessary (adjective)

English Meaning - unneeded, inessential, expendable, gratuitous.

59.pressure (noun)

English Meaning - stress, strain, burden, demand.

60.maintain (verb)

English Meaning - keep up, preserve, sustain, conserve.

61.reasonable (adjective)

English Meaning - moderate, fair, acceptable, sensible.

62.trade deficit (noun)

English Meaning - the amount by which the cost of a country’s imports exceeds the value of its exports; trade gap, negative balance of trade, trade imbalance, commercial deficit.

63.so far (phrase)

English Meaning - up to this time; until now, up to now, to date, thus far.

64.rest on (phrasal verb)

English Meaning - to depend on or be based on; rely on, depend on, hinge on, bank on.

65.serve (verb)

English Meaning - to fulfill a purpose or role; benefit, assist, help, aid.

66.reasonably (adverb)

English Meaning - to a moderate or acceptable degree; fairly, moderately, adequately, satisfactorily.

67.well (adverb)

English Meaning - satisfactorily, nicely, adequately, favorably.

68.stutter (verb)

English Meaning - to progress in an irregular or faltering way; falter, hesitate, stumble, struggle.

69.combined with (phrase)

English Meaning - joined or added together; coupled with, paired with, linked to, along with.

70.Artificial Intelligence (noun)

English Meaning - the simulation of human intelligence processes by machines, especially computer systems; machine learning, AI.

71.elsewhere (adverb)

English Meaning - in, at, or to some other place or other places; in other places, in another place, somewhere else, abroad.

72.hurt (verb)

English Meaning - cause tangible economic damage or decline to a sector or economy; damage, impair, negatively affect.

73.demand (noun)

English Meaning - need, requirement, consumption, want, market.

74.going ahead (phrase)

English Meaning - in the future; in the future, moving forward, hereafter, henceforth.

75.yet to (phrase)

English Meaning - still to, bound to, expected to, due to.

76.face (verb)

English Meaning - to confront and deal with or accept; confront, encounter, experience, tackle.

77.brunt (noun)

English Meaning - full force, impact, shock, burden.

78.full brunt (noun)

English Meaning - worst impact, main force, full force, heavy blow.

79.deficient (adjective)

English Meaning - inadequate, lacking, insufficient, scanty.

80.rural demand (noun)

English Meaning - the desire and purchasing power for goods and services originating from non-urban or countryside areas; agrarian demand, countryside demand, village demand, agricultural sector demand.

81.consumption-related (adjective)

English Meaning - associated with the use of goods and services by households; spending-related, expenditure-related, consumer-related.

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

English Meaning - an economic indicator that tracks manufacturing activity and industrial growth in various sectors of the economy, compiled monthly by the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation.

83.point to (phrasal verb)

English Meaning - to indicate or suggest something; indicate, suggest, denote, signal.

84.sluggish (adjective)

English Meaning - slow-moving or inactive; slow, lethargic, stagnant, inactive.

85.well within (phrase)

English Meaning - securely inside or comfortably below a specific limit; comfortably inside, safely within, firmly inside, securely within.

86.comfort zone (noun)

English Meaning - safe zone, secure area, sphere of security, manageable range.

87.hit (verb)

English Meaning - to reach a particular level, point, or figure; reach, touch, attain, achieve.

88.front-loading (noun)

English Meaning - the practice of distributing or allocating unevenly, with the greater proportion at the beginning; advance loading, early allocation, initial concentration, pre-funding.

89.by definition (phrase)

English Meaning - by its very nature or fundamentally; fundamentally, intrinsically, inherently, necessarily.

90.peter out (phrasal verb)

English Meaning - to gradually stop or disappear; fade away, die out, dwindle, fizzle out.

91.admirably (adverb)

English Meaning - excellently, wonderfully, commendably, splendidly.

92.however (adverb)

English Meaning - nevertheless, nonetheless, yet, on the other hand.

93.tougher (adjective)

English Meaning - harder, more difficult, more demanding, more exacting.

94.stamina test (noun)

English Meaning - a situation or event that demands sustained physical or mental effort; endurance test, trial of strength, resilience challenge, staying power test.