Daily Vocabulary Builder – The Hindu Editorial with Vocabulary
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The Hindu Editorial with Vocabulary –Surprise softening: on RBI’s inflation projections
The RBI’s inflation projections belie households’ and manufacturers’ expectations.
The Reserve Bank of India’s policymakers have acted predictably in opting to keep interest rates unchanged and in retaining the ‘neutral’ stance. Price stability, after all, remains the Monetary Policy Committee’s primary remit, and trend line retail inflation continues to run above its medium-term target of a durable headline inflation reading of 4%. But as with all central bank policy statements, it is not only the action but also what is said that is closely scrutinised for clues on what may lie ahead. The RBI’s bimonthly monetary policy statement, unfortunately, ends up sending mixed messages as its outlook for inflation and assessment of the factors contributing to price gains are at variance. The MPC has appreciably lowered its projections for CPI (consumer price index) inflation for the fourth quarter of 2017-18, and for the new fiscal year. It sees price gains having slowed to 4.5% over January-March — a full 60 basis points lower than the 5.1% pace it had projected in February. Forecasts for the first and second halfs of 2018-19 have also been substantially trimmed. Price gains in the first half are now in the 4.7-5.1% range (as against 5.1-5.6% projected in February), with inflation slowing in the second half to 4.4%.
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The key factors cited by the RBI in lowering its inflation projections are a “sharp decline in vegetable prices and significant moderation in fuel group inflation.” In extending the moderation in food prices in February-March as a major driver of the lowered trajectory for price gains in the new financial year, the RBI is not fully convincing on account of an assertion (of a “likely reversal in food prices in H1”) and an assumption (of a “normal monsoon”). Despite a private weather forecaster’s projection of normal rains from June to September, the MPC itself acknowledges the risks that temporally or spatially deficient monsoon rainfall could pose to food prices. Also, policymakers appear to have glossed over the RBI’s March survey of households’ inflation expectations — where prices are seen edging up over the three-month and one-year-ahead horizons — as well as feedback that manufacturers expect input and output prices to rise. Volatility in oil prices too have been played down. The other surprise is the decision to jettison Gross Value Added as the main measure of economic output and switch to Gross Domestic Product. While the assertion that GDP growth will strengthen this fiscal has given investors cause for cheer, the forecast of 7.4% is unchanged from the implicit projection from February. The messaging on the economy could have been clearer and more consistent.
Vocabulary Words from The Hindu Editorial
1. Belie (verb) झुठलाना / दोषारोपण करना: To give a false idea of; disguise or misrepresent. ((of an appearance) fail to give a true notion or impression of (something); disguise or contradict.))
Synonyms: Misrepresent, conceal, cover, disguise.
Antonyms: Testify to, reveal, real
Example: Yet you would search in vain for a person who more sharply belied the image of idle arrogance this conveys.
2. Remit (noun) प्रेषण करना / छोड़ना: The task or area of activity officially assigned to an individual or organization/ cancel or refrain from exacting or inflicting (a debt or punishment).
Synonyms: Remission, remitment, send, dispatch, forward, hand over, pay.
Antonyms: Encourage, retain, keep.
Example: Government and other institutions that owe billions of Kwacha in unpaid rate charges should work out programmes to remit the outstanding monies.
3. Durable (adjective) टिकाऊ / स्थायी: Able to withstand wear, pressure, or damage; hard-wearing.
Synonyms: Hardwearing, long-lasting, heavy-duty, industrial-strength, tough, resistant, imperishable.
Antonyms: Temporary, undependable, irresponsible.
Example: This research will help breeders develop wheat with durable resistance to this disease.
4. Outlook (noun) दृष्टिकोण : The probable or expected condition or outcome of something/ a person’s point of view or general attitude to life.
Synonyms: Prospects, expectations, point of view.
Example: Despite the disappointment, economists said the outlook was positive.
5. Trajectory (noun) पथ / प्रक्षेप पथ: The path followed by a projectile flying or an object moving under the action of given forces.
Synonyms: Course, direction, route, track, path.
Example: The trajectory is the path traced by the center of gravity of the projectile from the origin to the level point.
6. Spatially (adjective) स्थानिक : Pertaining to space and the relationship of objects within it. 9 spatial ability is your ability to see and understand the relationships between shapes, spaces, and areas.)
Example: It was a combination of spatial awareness and my touch being good.
7. Gloss over (phrase) अप्रिय तथ्यों की उपेक्षा: To deal with (unpleasant facts) rapidly and cursorily, or to omit them altogether from an account of something.
Synonyms: Conceal, hide, falsify, sweep aside.
Antonyms: Disclose, divulge, expose.
Example: Your mind works faster and smarter and there’s no need to gloss over problems because you can solve them.
8. Play down (phrase) कम करके दिखाना/ चापलूसी करना: To make little or light of; minimize the importance of.
Synonyms: Underemphasize, minimize, downplay, understate.
Antonyms: Acclaim, applaud, exalt, extol.
Example: She was right beside me, and I couldn’t very well play down her importance and say she was just a friend.
9. Jettison (verb) बोझ गिराना / निकाल फेंकना / बाहर फेंक देना: A throwing overboard of goods to lighten a ship, airplane, etc. in an emergency.
Synonyms: Dump, drop, ditch, discharge, eject.
Antonyms: Load, keep, retain.
Example: I think how you do that is this: jettison the idea of meaning.
10. Assertion (noun) अभिकथन: A confident and forceful statement of fact or belief (a positive statement, usually made without an attempt at furnishing evidence).
Synonyms: Declaration, contention, statement, claim.
Antonyms: Disavowal, prosecution, affirmative.
Example: There is no scientific evidence to support the assertions.
Word of the Day – “Residual”
- Residual (adjective) अवशेष, अवशिष्ट, बाकी
- Meaning:- Residual is used to describe what remains of something when most of it has gone.
- Synonyms: Remaining, leftover, unused, unconsumed.
- Antonyms: Essential, necessary, core, base.
- Example: The Government has decided to lower the taxes, so that the people of the country have more residual income in their hands, which will ultimately increase the demand.
- उदाहरण: सरकार ने करों को कम करने का निर्णय किया, जिससे देश के नागरिकों के पास अधिक अवशेष धन रहे, जिससे अंततः मांग में वृद्धि होगी।
Quote of the Day
“The greatest crime in the world is not developing your potential. When you do what you do best, you are helping not only yourself, but the world.” Roger Williams
“दुनिया में सबसे बड़ा अपराध अपनी संभावनाओं का विकास न करना है। आप जब भी कुछ कार्य करते हैं और उसे बेहतर तरीके से करते हैं, तो न केवल आप अपनी सहायता करते हैं, अपितु आप पूरी दुनिया की सहायता करते हैं।” रोज़र विलियम्स
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