Title: Cautious Optimism
(The Economic Survey underscores the need to maintain fiscal credibility)
It projects that GDP growth could accelerate to 7-7.5% in 2018-19, from 6.75% in the current fiscal, reinstating India as the world’s fastest-growing major economy.
• It argues against “setting overly ambitious targets for consolidation, especially in a pre-election year” that are based on optimistic and unrealistic assumptions.
• The Survey is signaling that the government may have to retain the elbow room to stabilise the GST, complete the recapitalisation exercise and, most crucially, support agriculture.
• The potential to reduce annual agricultural incomes — by as much as 20-25% for unirrigated areas.
• Citing job creation and education as key priorities
• The Survey sets out a plan for rapid economic expansion by recommending that policymakers keep their sights trained on strengthening “the only two truly sustainable engines — private investment and exports.”
Vocabulary words:
Optimism (noun) = Hopefulness and confidence (आशावाद)
Credibility (noun) = Reliability (विश्वसनीयता)
Reinstating (verb) = Restore to the former position (पुन: स्थापित करना)
Prognosis (noun) = Forecast, prediction (भावीफल)
Insolvency (noun) = Failure, collapse (दिवालियापन)
Persistently (adv) = Continuously (लगातार)
Exemplary (adj) = Perfect, ideal (अनुकरणीय)
Induce (verb) = Persuade, convince (प्रेरित करना)
Vocabulary words:
Nascent (adj) = Crescent, freshly generated in a
reactive form (नवजात)
Contend (verb) = Struggle to a difficulty (संघर्ष करना)
Onus (noun) = Responsibility or liability (दायित्व, कर्तव्य)
Calibrate (verb) = Make with a standard scale of readings (ठीक करना, जांच करना)
Unilateral (adj) = Relating to only one side (एकतरफा)
Doctrine (noun) = A set of beliefs (सिद्धांत)
Soar (verb) = Increase rapidly above the usual level(बहुत वृद्धि होना)
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