Newspaper Editorials with hindi vocab 6/1/2016

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TIMES OF INDIA: Keep It Steady

Good economic steering परिचालन  can counter प्रतिकार करना the volatility  अस्थिरता flowing from China and West Asia

At the very beginning of 2016, the world got a reminder that China's economic problems will spill over  प्लवन प्रभाव, thereby making for an uncertain global economic environment. On Monday , China's stock market plunged  प्रवेश following the release of disappointing economic data. The turmoil बखेड़ा in the world's second largest economy rippled लहरदार across borders and in India both equity and currency markets were adversely  प्रतिकूल रूप से affected. Monday's events should serve as a wake-up call in India. The year ahead is likely to be marked by volatility on account of China's economic challenges and geopolitical tensions elsewhere. In this situation, sound domestic economic indicators are the best line of defence against external shocks.

China is in the midst बीच of a far-reaching  व्यापक economic transformation  परिवर्तन  which aims to boost domestic consumption and enhance the role of markets in allocating resources. A fallout  उतार of the transformation has been enhanced  बढ़ा हुआ volatility in global financial markets.

India over the last couple of years has worked towards insulating  रोधक its economy from this volatility by embarking किसी काम में लगना on a fiscal consolidation  एकीकरण  exercise. This domestic initiative received a boost thro ugh a collapse  विनाश in oil price. Consequently , India's macroeconomic indicators have recorded a marked improvement and it is perhaps the most impressive among major emerging markets.

Still, it will be premature समय पूर्व to feel secure. Problems are not limited to just China's economic turbulence  अशांति . Escalating तीव्र geopolitical tensions in West Asia, particularly after the recent round of frictionटकराव between Saudi Arabia and Iran, are worrisome. Saudi Arabia's decision to execute Sheikh Nimr al-Nimr, a Saudi Shiite cleric, has exacerbated बिगड़ी हुई को और बिगाड़ना its long standing problems with Iran. For India, events in West Asia have significant economic consequences. Most of our oil is imported from there and remittances  भेजा हुआ रुपया of Indian workers in West Asia help keep the current account deficit under control. String together these disparate  असमान elements, the inevitable  जो टल न सके  conclusion is that the Indian economy this year will have to cope with a volatile external environment.

While it is important that India conveys  प्रकट करना an impression of a stable policy environment on the fiscal consolidation front, sea change would be welcome on the political gridlock that is holding up a host of economic reforms ­ the foremost of which is of course GST.India's economy is today tightly integrated with the rest of the world through channels of trade and capital flows. Given this situation, it would be unwise to fritter away समय नष्ट करना  hard won gains.

THE ECONOMIC TIMES: To Plan or Not to Plan is Not the Question





We need planning, if not a five-year framework

Five-year plans are not possible in a market economy , said Niti Aayog vice chairperson Arvind Panagariya. If India will still have a 13th Five-year Plan, depends on the PM. Should India abandon  त्याग देना planning altogether? The reality is that the planning process has evolved  विकसित over time.In any case, India never had Soviet-type planning, in which all investment decisions were centrally determined. As the ability of the private sector to raise capital and formulate large projects evolved, planning changed itself to give it more room, with the economic reforms of 1991 putting its formal stamp of approval on the process.But dispensing  प्रदान करना with five-year plans is not the same thing as dispensing with planning.

As the modern economy becomes ever more complex  पेचीदा  and intertwined  एक साथ मिलना with an ever expanding number of local and external factors, planning becomes inevitable. Urbanisation, for example, works only when it is planned.Otherwise, you get dysfunctional दुष्क्रियाशील  towns without infrastructure, gleaming  चमक towers of steel and glass jutting  बाहर निकला हुआ होना out of a morass  दलदल  of garbage, gridlocked traffic, fraying  प्रतिस्पर्धा  tempers and crime. How many lanes should a major road connecting two towns have or how many runways should an airport have are questions that can be answered only with planning at a macro level, because how many more roads or airports will come up cannot be determined by the information available to commercial decision makers. Then again, a lot of what goes by the name of planning in India is policy coordination. You want to slash  बहुत ज्यादा कटौती करना air pollution below a threshold  दहलीज़; so how much should refineries invest to improve the quality of fuel to achieve that and over what time horizon? Neither the environment nor the oil ministry would come up with the numbers on its own, so the planning process steps in.

Planning remains relevant as a builder of alternative policy scenarios, each coherent समझने में सरल within itself, to help not just the state but also private agents make more informed choices. So long as it comes with no straitjacket attached, it should continue, with a five-year tag or not.


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