#EVERYDAYQUIZ #THEHINDU #INDIANeXPRESS #BUSINESS sTANDARD #Guradian
THE
HINDU: Dealing with the slowdown
The
International Monetary Fund has added to the prevailing economic gloom by
cutting the global growth forecast. It now expects the world economy to expand by 3.4 per
cent in 2016.
This is 0.2
percentage points below its forecast of October last year. The revision has
come just as Beijing released numbers that showed China posting the slowest
growth yet in 25 years. Though it reported a growth of 6.9 per cent in 2015, the year
saw turbulence in the Chinese economy, with heavy capital outflows and stock
market volatility. The IMF has kept its growth forecast for China unchanged at
6.3 per cent in 2016, and the fear is that China’s economic slowdown could have
a trigger effect on others. Reading the China factor in tandem with weak
commodity prices, the Fund has chosen to pare its global growth forecast. The
latest IMF growth numbers no doubt reflect the unfavourable ground conditions
around the globe. Yet, they also underscore a sense of urgency in putting in
place an action plan that would catalyse and hasten the economic recovery
process. Not surprisingly, the IMF has emphasised the need for supportive
measures in the near term to assist a recovery.
While
ringing the slowdown alarm, the IMF, however, finds India better-placed vis-à-vis other large economies. It has kept its
growth forecast for India in
2016-17 unchanged at 7.5 per cent. Coming as it does at a time when global
political and business leaders make a beeline for Davos, the IMF’s prediction
could be seen to be a shot in the arm for Indian leaders to hard sell the
country at the World Economic Forum. At best, it could give India a
psychological edge over others. But that alone may not be sufficient to pull
India to a higher growth orbit. In an inter-connected environment, global
headwinds cannot be wished away. Oftentimes, there have been comparisons
between India and China in the global investing community. Managing the ‘China
factor’ is very crucial for India to stay its course on the growth path.
Containing the spillover effects of volatility in Beijing could, however, prove
a big challenge for monetary and fiscal planners in India in the coming days.
Given that Indian exports have been contracting month after month, the
developments on the Chinese currency front are bound to pose fresh worries for
the economy. Though India is relatively better-placed, the economic slowdown is
as much a concern for the country as it is for others. Even as the IMF forecast
provides India a comparative edge in wooing the global investor community, it
is essential for the government to coherently address the growing anxiety among
domestic consumers and stem, if not fully reverse, the demand slump. The budget
will provide the NDA government an opportunity to announce a plan to mitigate
economic distress, especially in the farm sector, and show the political will
to push job-creation as a central objective. It’s a task the government must
not dodge.
slow·down
An act of slowing down.
pre·vail·ing
Existing at a particular time;
current
gloom
Partial or total darkness.
tur·bu·lence
Violent or unsteady movement of
air or water, or of some other fluid.
trig·ger
A small device that releases a
spring or catch and so sets off a mechanism, especially in order to fire a gun
tan·dem
A bicycle with seats and pedals
for two riders, one behind the other.
cat·a·lyze
Cause or accelerate (a reaction)
by acting as a catalyst.
has·ten
Be quick to do something.
bee·line
A straight line between two
places.
davos
Steel Serpent is a fictional
character, a supervillain in the Marvel Universe and an enemy of Iron Fist.
or·bit
The curved path of a celestial
object or spacecraft around a star, planet, or moon, especially a periodic
elliptical revolution.
spill·o·ver
An instance of overflowing or
spreading into another area
volatility
The property of changing readily
from a solid or liquid to a vapor
con·tract
Decrease in size, number, or
range.
woo
Try to gain the love of (someone,
typically a woman), especially with a view to marriage.
coherently
In a coherent manner; "she
could not talk coherently after the accident"
slump
Sit, lean, or fall heavily and
limply, especially with a bent back
mit·i·gate
Make less severe, serious, or
painful.
dodge
Avoid (someone or something) by a
sudden quick movement.
THE HINDU: Polarisation in Malda
On
the face of it, the violence
unleashed in Malda on January
3 would appear to point to a dangerous escalation of a communal protest by an
obscure group called the Anjuman Ahle Sunnatul Jamaat. The group had organised
a rally to protest against remarks against Islam made by a Hindu right-wing
leader in Uttar Pradesh nearly a month earlier — a mob burnt a Border Security
Force (BSF) vehicle, then attacked and ransacked a police station and burnt
vehicles in Kaliachak. However, a deeper inquiry suggests that the violence was
the result of a law and order breakdown in the largely backward and
under-developed district, which has been convulsed by agrarian distress,
poverty and a political system thriving on patronage and crime. The mob had
specifically targeted the police and the BSF after a crackdown on poppy
cultivation and the circulation of fake currency notes, an illicit economic
activity that is rampant in the area. It is clear from ground reports that the
protest rally was used as a ruse to unleash violence against the police in the
Kaliachak area, with crime records and poppy storage facilities being the
primary targets for the looters and arsonists among the mob.
Malda
has for long been a pocket borough of the Congress party. The family of the
late A.B.A. Ghani Khan Chowdhury continues to wield influence and power through
a client-patronage system. The Trinamool Congress had hitherto been unable to
breach the Congress stronghold despite establishing hegemony in most other
districts. The State government’s business-as-usual reaction to the breakdown
in law and order in Malda is possibly on account of the Trinamool Congress’s
expectations of deriving some electoral advantage from religious polarisation.
Meanwhile, the BJP, which blatantly took recourse to dog-whistle politics in
the Lok Sabha elections of 2014, managing a decent showing in West Bengal, has
been unable to consolidate its position in the subsequent local body elections.
With the increasing prospect of a Congress alliance with the Left Front — both
the Congress and the CPI(M) leaderships in the State have signalled a
preference for an electoral understanding for the coming Assembly elections —
it is amply clear that tensions are being deliberately ramped up in order to
polarise voters in Malda. This process is being helped by the Trinamool
government’s lack of a will to curb criminality and increasing threats to law
and order in West Bengal. Communal riots and deterioration of civic relations
are products of cynical electoral strategies of communal and narrow-minded
political outfits. It is to be hoped that the progressive social forces in
Malda will work to resist the political machinations that are under way to
create a communal conflagration. That they are the last hope is a searing
indictment of the administration in West Bengal.
polarisation
Polarization: the condition of
having or giving polarity
es·ca·la·tion
A rapid increase; a rise.
ob·scure
Not discovered or known about;
uncertain.
mob
A large crowd of people, especially
one that is disorderly and intent on causing trouble or violence.
ran·sack
Go hurriedly through (a place)
stealing things and causing damage.
con·vulse
(of a person) suffer violent
involuntary contraction of the muscles, producing contortion of the body or
limbs.
a·grar·i·an
Of or relating to cultivated land
or the cultivation of land.
dis·tress
Extreme anxiety, sorrow, or pain.
thrive
(of a child, animal, or plant)
grow or develop well or vigorously.
pa·tron·age
The support given by a patron.
pop·py
A herbaceous plant with showy
flowers, milky sap, and rounded seed capsules. Many poppies contain alkaloids
and are a source of drugs such as morphine and codeine.
il·lic·it
Forbidden by law, rules, or
custom.
ruse
An action intended to deceive
someone; a trick.
ar·son·ist
A person who commits arson.
ar·son
The criminal act of deliberately
setting fire to property.
bor·ough
A town or district that is an
administrative unit, in particular
wield
Hold and use (a weapon or tool).
hith·er·to
Until now or until the point in
time under discussion.
he·gem·o·ny
Leadership or dominance,
especially by one country or social group over others.
de·rive
Obtain something from (a
specified source)
bla·tant·ly
In an unsubtle and unashamed
manner.
amply
To an ample degree or in an ample
manner; "these voices were amply represented"; "we benefited
richly"
po·lar·ize
Restrict the vibrations of (a
transverse wave, especially light) wholly or partially to one direction.
de·te·ri·o·ra·tion
The process of becoming
progressively worse.
cyn·i·cal
Believing that people are
motivated by self-interest; distrustful of human sincerity or integrity.
con·fla·gra·tion
An extensive fire that destroys a
great deal of land or property.
sear·ing
Extremely hot or intense.
in·dict·ment
A formal charge or accusation of
a serious crime.
BUSINESS STANDARD: Govt should defend real growth figures
It
has befuddled many that the government, particularly its leading policy
economists, are acting as if the stable and moderately high seven per cent-plus
real growth in gross domestic product or GDP is obvious to all. However many,
if not most, small and large businesses are complaining of a growth slowdown
that has impacted the way they have been doing business in the last few months.
By not directly addressing this data-perception anomaly, the government and its
chief data czars are doing themselves - and India - a disservice.
Indian data have always been somewhat flawed, but they have also been within the realm of the believable. The new series for GDP may also be flawed, but it is not fudged for short-term ends. Yet, silence from the government on questions about the statistics helps create that impression. It is not that the new GDP series is totally off; simple examination of the nominal GDP growth figures would suggest an economy slowing down consistently. Nominal annualised growth of six per cent in the second quarter of 2015-16 was the lowest since 2011, when the new series started. In fact, nominal growth in the last four quarters is almost half of what it was before this government took office. Moreover, the latest figures show a nominal growth rate lower than the real growth rate, due to a negative GDP deflator; this has not occurred for a long time. In other words, the business perception is also reflected in government data.
It is only when the GDP figures are corrected for inflation that real GDP growth appears to be healthy and stable. This is not a data problem - simply that business perceptions are formed on the basis of their revenue and earnings reported in nominal rupee values, whereas it is inflation-adjusted figures that are favoured by policymakers. Perhaps more disturbing is the consistent fall in imports for several months, a sure sign of slowing internal demand growth in normal times - and apparently inconsistent with an economy growing at seven per cent or more. The government needs to hammer out a threefold message. First, that there may be other things that may be wrong with the new GDP series, but these will be identified and corrected. Second, that India is moving closer and closer to global best practices on national accounting. And third, that the new GDP series does reflect what is happening in the Indian economy. In the absence of such messaging, questions will arise - when government data do not seem in sync with experience, doubt is natural. Silence will only lead to distrust and appear as if the government is either unsure of, or sugar-coating, its own figures.
Unfortunately, the committee supposed to examine the growth figures is many months behind in making its report public. Sporadic attempts to defend the numbers and trumpeting India as "the fastest-growing large economy is no replacement for transparency, for honesty in accepting weaknesses, for taking responsibility over their correction, and for being proactive and coordinating a single set of messages. Huge investments are impacted by growth figures, not to mention the fiscal and monetary policies. Silence and inaction are only making things appear worse.
Indian data have always been somewhat flawed, but they have also been within the realm of the believable. The new series for GDP may also be flawed, but it is not fudged for short-term ends. Yet, silence from the government on questions about the statistics helps create that impression. It is not that the new GDP series is totally off; simple examination of the nominal GDP growth figures would suggest an economy slowing down consistently. Nominal annualised growth of six per cent in the second quarter of 2015-16 was the lowest since 2011, when the new series started. In fact, nominal growth in the last four quarters is almost half of what it was before this government took office. Moreover, the latest figures show a nominal growth rate lower than the real growth rate, due to a negative GDP deflator; this has not occurred for a long time. In other words, the business perception is also reflected in government data.
It is only when the GDP figures are corrected for inflation that real GDP growth appears to be healthy and stable. This is not a data problem - simply that business perceptions are formed on the basis of their revenue and earnings reported in nominal rupee values, whereas it is inflation-adjusted figures that are favoured by policymakers. Perhaps more disturbing is the consistent fall in imports for several months, a sure sign of slowing internal demand growth in normal times - and apparently inconsistent with an economy growing at seven per cent or more. The government needs to hammer out a threefold message. First, that there may be other things that may be wrong with the new GDP series, but these will be identified and corrected. Second, that India is moving closer and closer to global best practices on national accounting. And third, that the new GDP series does reflect what is happening in the Indian economy. In the absence of such messaging, questions will arise - when government data do not seem in sync with experience, doubt is natural. Silence will only lead to distrust and appear as if the government is either unsure of, or sugar-coating, its own figures.
Unfortunately, the committee supposed to examine the growth figures is many months behind in making its report public. Sporadic attempts to defend the numbers and trumpeting India as "the fastest-growing large economy is no replacement for transparency, for honesty in accepting weaknesses, for taking responsibility over their correction, and for being proactive and coordinating a single set of messages. Huge investments are impacted by growth figures, not to mention the fiscal and monetary policies. Silence and inaction are only making things appear worse.
be·fud·dle
Make (someone) unable to think
clearly.
im·pact·ed
Pressed firmly together, in
particular
a·nom·a·ly
Something that deviates from what
is standard, normal, or expected.
flawed
Blemished, damaged, or imperfect
in some way.
in·con·sist·ent
Not staying the same throughout.
ap·par·ent·ly
As far as one knows or can see.
ham·mer
A tool with a heavy metal head
mounted at right angles at the end of a handle, used for jobs such as breaking
things and driving in nails.
spo·rad·ic
Occurring at irregular intervals
or only in a few places; scattered or isolated.
trum·pet
Play a trumpet.
INDIAN
EXPRESS: The new quota
The Bihar government’s move to reserve
35 per cent of all jobs in the state sector for women is an attempt to increase
their presence in the workforce. However, with not many jobs being created in
the public sector, the policy offers more symbolic value than radical content:
Its potential in transforming the social and economic stature of women is
limited, even when compared to the Nitish Kumar government’s women-centric
initiatives in the past, especially in the field of education. Measures like
providing free schooling, textbooks and bicycles for girls were truly
empowering in the sense that they endowed the beneficiaries with skills to
participate in the job market, including in the private sector, where much of
employment creation happens today.
The limitations of the latest
initiative notwithstanding, the gesture is welcome in a state where the labour
force participation rate among women of working age, at 9 per cent, is one of
the lowest in India, and far below the all-India average of 33 per cent. The
scale of gender disparity in Bihar is also evident in the large presence of
women in casual employment — nearly 50 per cent as against the all-India
average of 31 per cent. Better representation in the formal workforce, which
offers assured incomes and wages, would help improve the status of women and
make society sensitive towards gender equality in social and economic spaces.
Moreover, public institutions that have a representative workforce are likely
to provide better services. Bihar has seen remarkable improvement in women’s
participation in education and politics in recent years. In the decade between
2001 and 2011, female literacy rose by over 20 percentage points, although, at
53 per cent, it is still far behind the national average of 65.5 per cent.
Election data points to more women exercising their voting rights compared to
men — a clear indication of the former becoming aware of the political process
and their role in it. The 2006 government decision to reserve 50 per cent seats
in panchayati raj institutions for women has led to the creation of a new set
of leaders and role models, offsetting many social stereotypes and deepening
democracy.
Election data points to more women
exercising their voting rights compared to men — a clear indication of the
former becoming aware of the political process and their role in it. The 2006
government decision to reserve 50 per cent seats in panchayati raj institutions
for women has led to the creation of a new set of leaders and role models,
offsetting many social stereotypes and deepening democracy.
The recognition of the economic rights
of women and state intervention to address gender disparity in employment was
inevitable considering the trajectory Bihar has embarked on under Nitish. In a
polity where caste has been the primary marker of social identity and political
loyalty, Nitish identified a potential constituency in women and crafted a poll
agenda that appealed to them. Some of his promises, like prohibition, may be
deemed populist but much in his women-centric agenda has the potential to
transform Bihar’s society and economy for the better.
rad·i·cal
(especially of change or action)
relating to or affecting the fundamental nature of something; far-reaching or
thorough.
stat·ure
A person's natural height.
em·pow·er
Give (someone) the authority or
power to do something.
en·dow
Give or bequeath an income or
property to (a person or institution).
not·with·stand·ing
In spite of
dis·par·i·ty
A great difference.
off·set
Counteract (something) by having
an opposing force or effect
ster·e·o·type
A widely held but fixed and
oversimplified image or idea of a particular type of person or thing.
deep·en
Make or become deep or deeper.
in·ter·ven·tion
The action or process of intervening.
in·ev·i·ta·ble
Certain to happen; unavoidable
tra·jec·to·ry
The path followed by a projectile
flying or an object moving under the action of given forces.
em·bark
Go on board a ship, aircraft, or
other vehicle.
The Guardian(United Kingdom)
View on EU refugee controls: sharing is
the only solution
More than a million refugees entered the European Union last year.
Their arrival overwhelmed border controls designed for a more settled era.
Member state passed the parcel to member state, exposing the limits of Europe’s
ability to cooperate in the face of the most significant movement of migration
of the 21st century. Every national government in the EU, as well as the union
itself, is still struggling with the consequences.
It
is therefore neither unexpected nor unreasonable that the European commission
will shortly make proposals to fix Europe’s bust system. Reports this week
suggest that the commission wishes to scrap the so-called Dublin regulation, dating from the
1990s, under which refugees were required to lodge their asylum claims in the
first country of the EU that they enter, enabling them to be returned there
from elsewhere in the EU. In practice this regulation placed unbearable
administrative and political burdens on Greece and Italy, where most of the
refugees arrived, passing across Europe’s open internal borders, to the richer
countries of the north. The system broke down in 2015 when the scale of
migration prompted Angela Merkel to waive Germany’s right to send
thousands of migrants back to southern Europe.
The
question facing the EU is therefore about what to put in the broken system’s
place. The issues that must be fixed include the policing of the EU’s external
borders, which stretch in an arc of thousands of miles from the Arctic to the
Mediterranean. They also include the need to share the responsibility more
proportionately. This means that states on the periphery must not be left with
waves of incomers whom they are unable to process, that rich states with
liberal values are not expected to shoulder the entire burden of integration,
and that states with fragile traditions of tolerance are not put under
unreasonable strains that fuel nationalism, discrimination and the building up
of the very barriers that the EU exists to lower. The new system must be fair
to the refugees, and fair between the EU nations.
The
stakes in this reform are
enormously high for the refugees themselves and for the cohesion of the EU, not
least because the flow of refugees shows little sign of stopping. A state or
union of states that cannot protect its borders will not long retain the
confidence of its citizens. So it is vital both that Europe’s external borders
are properly managed and that the task of absorbing the refugees is
proportionately shared, maybe by quota, hard though it is. This will imply a
level of direct EU control, not just national controls, that will be
contentious and expensive. Yet without this, other contentious and expensive
pressures will mount for the return of national border controls, and may
destroy the Schengen system itself, which has already buckled in some places.
And what would happen to the refugees then?
The
answer to Europe’s refugee problems is to share them. Most people can grasp
this – and can see the advantages, including the economic ones of which the IMF spoke on Wednesday. Governments,
including unwilling ones in Britain and eastern Europe, must accept this
reality and argue for it. In Britain’s case, there is clearly potential for
mischief-making in the EU
referendum context. But it is not just morally and politically right to do our
bit. All the alternatives would be worse.
o·ver·whelm
Bury or drown beneath a huge mass
scrap
A small piece or amount of
something, especially one that is left over after the greater part has been
used.
lodge
A small house at the gates of a
park or in the grounds of a large house, typically occupied by a gatekeeper,
gardener, or other employee.
a·sy·lum
The protection granted by a
nation to someone who has left their native country as a political refugee.
prompt
(of an event or fact) cause or
bring about (an action or feeling)
pe·riph·er·y
The outer limits or edge of an
area or object.
frag·ile
(of an object) easily broken or
damaged.
e·nor·mous·ly
To a very great degree or extent;
considerably.
co·he·sion
The action or fact of forming a
united whole.
buck·le
Fasten or decorate with a buckle.
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Provide also hindi vocab in the hindu editorial plz plz
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