The Hindu Editorial (Market failure) – Sep 19, 2020

Editorial Words

4 years ago

The Hindu Editorial (Market failure) – Sep 19, 2020

The ambitious initiative of the Narendra Modi government to bring about far-reaching reform in agriculture has run into severe weather,… For further reading, visit “The Hindu”. Below is today’s word list-1 for The Hindu Editorial (Market failure) – Sep 19, 2020.

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Today’s word list-1 for The Hindu Editorial (Market failure) – Sep 19, 2020:

regulated (adjective) – supervised, administered, controlled (by means of rules and regulations).
regulated market (noun) – a type of economy in which a central government agency decides the supply and demand, which means the market does not operate freely.
ahead of (phrase) – before, earlier than, prior to.
ambitious (adjective) – difficult, challenging, demanding, formidable.
bring about (phrasal verb) – cause to happen, make happen, result in, give rise to.
far-reaching (adjective) – widespread, sweeping, extensive, important, significant.
run into (phrasal verb) – experience, encounter, be faced with, be confronted with.
run into severe weather (phrase) – to be confronted with or experience severe difficulties or experience problems.
free market (noun) – a type of economy that is controlled by the market forces of supply and demand, with little to no control or involvement from any central government agency.
spell (verb) – cause, bring about; signal, point to.
Minimum Support Price (MSP) (noun) – it is a form of market intervention by the Government of India to give guaranteed price and assured market to the farmers and protect them from the price fluctuations and market imperfections. The guaranteed price and assured market are expected to encourage higher investment and in adoption of modern farming practices.
produce (noun) – agricultural products as a whole.
so far (phrase) – until now, up to the present, up to this point.
procure (verb) – obtain, get, acquire; buy/purchase.
pushback (noun) – opposition, disagreement, negative reaction/response, resistance.
seek (verb) – try, attempt, aim.
ordinance (noun) – (local) order, decree, directive/regulation.
articulate (verb) – (of an idea) express, communicate, state.
tinker with (verb) – try to repair, try to improve, play with (aimlessly or unskillfully).
Agricultural Produce Market Committees (APMC) (noun) – a marketing board established by a state government in India to ensure farmers are safeguarded from exploitation by large retailers, as well as ensuring the farm to retail price spread does not reach excessively high levels.
backbone (noun) – chief support, fundamental part, mainstay, pillar.
liberalise (verb) – to make something (regulations/norms) less strict.
commerce (noun) – trade, selling and buying, business.
provision (noun) – term, clause, requirement/condition.
Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020 (noun) – it seeks to provide for the creation of an ecosystem where the farmers and traders enjoy the freedom of choice relating to sale and purchase of farmers’ produce which facilitates remunerative (profitable) prices through competitive alternative trading channels to promote efficient, transparent and barrier-free inter-State and intra-State trade and commerce of farmers’ produce outside physical premises of markets or deemed markets notified under various State agricultural produce market legislations.
unfettered (adjective) – unrestrained, unrestricted, unconstrained.
designated (verb) – identified, recognized, classified.
jurisdiction (noun) – territory, region, province, area.
levy (verb) – impose, charge (a tax, fee, fine).
empower (verb) – authorize, allowe, entitle.
furtherance (noun) – promotion, furthering/forwarding, development.
objective (noun) – aim, intention, intent, purpose.
alarm (verb) – distress, agitate, upset, disturb.
mount (verb) – initiate, set up, organise/arrange.
warehouse (noun) – repository, depot, storeroom.
procurement (noun) – the action of procuring/purchasing something.
characterise (verb) – identify, specify, describe.
dispensation (noun) – system, plan, arrangement.
cheer (verb) – happiness, joy.
National Commission on Farmers (NCF) (noun) – On November 18, 2004, the government of India formed the National Commission on Farmers (NCF), with MS Swaminathan as its chairman. The main aim of the commission was to come up with a system for sustainability in farming system and make it more profitable and cost competitive in farm commodities.
liberalisation (noun) – removal or loosening of restrictions on something, typically an economic or political system.
cartel (noun) – a group of manufacturers/businesses fixing a high price to avoid competition and to make more money.
logistics (noun) – overall-flow of a commercial activity, which includes production, stock and transport processing (of goods).
real time information (noun) – information which are communicated at the same time as event/process actually occur.
rather than (phrase) – instead of.
opt (verb) – choose, select, pick, decide on, go for.
centralisation (noun) – the process of having functions, powers, people or things only in a central location or authority.
emphasis (noun) – prominence, importance, significance.
laissez-faire (noun) – French phrase literally means ‘allow to do or let do”; without government’s intervention; non-interference/non-involvement (of government), private ownership, free-market capitalism.
remarkably (adverb) – strikingly, exceptionally, incredibly.
productive (adjective) – helpful, useful, effective.
shore up (phrasal verb) – support, assist, prop up.
pandemic (noun) – the worldwide spread of a new disease; The illness spreads around the world and typically affects a large number of people across a wide area.