Robust economy, but polity vulnerable

   Robust economy, but polity vulnerable

As the Modi government completes four years, it can look back with some satisfaction on the economy. However, the polity is a mixed bag. As the government gets into election mode in the run-up to three crucial(महत्वपूर्ण/निर्णायक) state elections towards the end of the calendar year, with the next general elections due early on in 2019, it would do well to not take the foot off the pedal on the economic front and do better on the political one.

Economic growth has been at a creditable compound average growth rate of 7.3% over the last four years, assuming(मानते हुए/यह सोचते हैं) the statistical office’s estimate for 2017-18 GDP. A world economy struggling(संघर्ष/अधिक परिश्रम करना) to emerge(उभरना/निकलना) out of the fallout of the 2008 financial crisis(संकट) was not particularly conducive(अनुकूल/सहायक) to fast growth, except in terms of keeping commodity prices, especially that of crude, down, helping contain inflation(मुद्राप्रसार/मुद्रा-विस्तार), the subsidy burden and the fiscal deficit. Serious structural reform has been accomplished. The Insolvency(दिवाला) and Bankruptcy(दिवालियापन) Code closes a chapter of crony capitalism in which corporate chieftains(मुखिया/नेता) brazenly(बेशर्मी) defaulted on their bank loans without fear of losing their companies. The goods and services tax has finally been put in place, full 26 years after Manmohan Singh proposed a VAT in the 1991 reform Budget. State monopoly on coal has been scrapped, paving the way for efficient merchant mining of India’s abundant domestic energy source. Demonetisation was a sapping, fruitless disruption of the economy. The power sector continues to be hostage(बंधक) to political reluctance(अनिच्छा) to make consumers pay for their power. While state-funded infrastructure is being built, gross fixed capital formation remains an anaemic 28.5% of GDP. Fixing the twin balance-sheet problem is on but has taken too long. The BJP’s conquest of India had progressed strongly, till it stumbled in Karnataka. However, social divisions on religious and caste lines have aggravated(भड़काना/.बिगाड़ना). Four senior judges of the Supreme Court have alleged disorder in the court’s working. Money power in politics has grown, along with opacity of funding. Unverified news on social media degrade(नीचा दिखाना/अपमानित करना) the political discourse.

 

 

Important Vocabulary

1.Crucial(महत्वपूर्ण/निर्णायक)
Synonyms: central, compelling, deciding, decisive, essential
Antonyms: inessential, insignificant, minor, optional, secondary

2.Crisis(संकट)
Synonyms: catastrophe, change, confrontation, crunch, deadlock
Antonyms: agreement, benefit, blessing, breakthrough, calm

3.Brazenly(बेशर्मी)
Synonyms: blatantly, brazenly, candidly, face to face, flagrantly
Antonyms: incompletely, secretly, shamefully

4.Conducive(अनुकूल/सहायक)
Synonyms: helpful, useful, accessory, calculated to produce
Antonyms: useless, worthless, adverse, discouraging, hindering

5.Reluctance(अनिच्छा)
Synonyms: hesitancy, hesitation, objection, unwillingness, doubt

6.Degrade(नीचा दिखाना/अपमानित करना)
Synonyms: cheapen, corrupt, debase, degenerate, demean
Antonyms:aid, assist, develop, enhance, enlarge

 


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