The Hindu Editorial (Grim Sovereign Tangle) – Sep 03, 2020

Three years after India’s new indirect tax regime was introduced with a slogan of ‘One Nation, One Tax’, it faces an existential crisis. For further reading, visit “The Hindu”. Below is today’s word list-1 for The Hindu Editorial (Grim Sovereign Tangle) – Sep 03, 2020.

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Today’s word list-1 for The Hindu Editorial (Grim Sovereign Tangle) – Sep 03, 2020:

grim (adjective) – distressing, upsetting, worrying, unpleasant, dismal, awful.
sovereign (adjective) – relating to central government (sovereign) & state governments (sub-sovereigns).
tangle (noun) – fight, argument, disagreement; mix-up, confusion, mishmash.
compensation (noun) – payment, repayment, settlement (for loss/damage).
GST compensation (noun) – Under the GST law (In India), state governments are guaranteed full compensation for any revenue loss for the first five years after the introduction of the goods and services tax (GST) in July 2017. The compensation is a gap between actual revenue collected and projected revenue.
standoff (noun) – deadlock, stalemate, impasse (in a dispute/conflict).
fall victim to (phrase) – be affected by, be damaged by, be overwhelmed by.
trust deficit (noun) – lack of trust (on authorities-from societal point of view). Situations with low levels of trust are not supportive and often counterproductive. People feel vulnerable and look at each other with suspicion. As a result, they are less open, since they fear that they will not be fairly treated by the other side.
regime (noun) – system, arrangement, apparatus, mechanism.
existential (adjective) – relating to existence.
existential crisis (noun) – it generally occurs when a person questions whether their lives have any meaning, purpose, or value (or) a situation in which something is questioned whether it has any meaning, purpose, or value.
patchy (adjective) – deficient, inadequate, insufficient; erratic, irregular, fluctuating, uneven.
compliance (noun) – conformity, observation, adherence.
mid-course (adjective) – relating to changes carried out or performed during a course of action, project, campaign, etc.
oversee (verb) – supervise, administer, manage.
serve (verb) – act as, function as, do duty as.
exemplar (noun) – definitive/perfect example, model, epitome.
co-operative (adjective) – collaborative, collective, combined, joint/shared.
federalism/federal framework/system (noun) – a system of government in which establishments such as states or provinces share power with a national government.
unravel (verb) – solve, resolve, clear up, clarify, sort out (something complex).
slowdown (noun) – economic decline, recession, slump/depression.
exacerbate verb) – intensify, increase, heighten, aggravate, worsen.
lockdown (noun) – an emergency protocol implemented by the authorities that prevents people from leaving from a place; An extended state of confinement/encirclement/isolation of a person by the authority.
throw to the wind (phrase) – to discard or dispense with (something), especially in an abrupt/reckless manner.
oblige (verb) – require, compel, bind, obligate (by a contract/agreement).
shortfall (noun) – deficit, inadequacy, deficiency, shortage.
cede (verb) – give up, concede, surrender, relinquish.
levy (verb) – impose, charge (a tax, fee, fine).
subsume (verb) – include, incorporate, absorb, encompass.
assert (verb) – declare, announce, pronounce, state.
tenuous (adjective) – weak/shaky, insubstantial, unconvincing, unsatisfactory.
so far (phrase) – until now, up to the present, up to this point.
undershoot (verb) – fall short of (a target).
kitty (noun) – a sum of something (money/things) made up of small of contributions.
pay out (phrasal verb) – disburse, give, remit, hand over, make payment of.
fiscal (year) (noun) – financial year.
contend (verb) – claim, argue, state.
due (adjective) – outstanding, overdue, unpaid, unsettled.
extraordinary (adjective) – out of the ordinary, unusual, uncommon.
circumstances (noun) – situation, conditions, state of affairs.
pose (verb) – raise, ask, put (a question/matter for consideration).
act of God (phrase) – a natural hazard outside human control; disaster, catastrophe, calamity, tragedy.
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.
debt (noun) – liability, financial obligation, borrowed capital.
push up (phrasal verb) – increase, raise.
dent (verb) – diminish, reduce, undermine.
at best (phrase) – simply, merely, only.
specious (adjective) – misleading, false, deceptive.
government debt/public debt/sovereign debt (noun) – it represents the total outstanding debt (bonds and other securities) of a country’s central government.
credit rating agency (CRA) (noun) – a credit rating agency is an entity which assesses the ability and willingness of the issuer company for timely payment of interest and principal on a debt instrument.(Courtesy: www.sebi.gov.in)
in view of (phrase) – in the light of, owing to, considering.
curb (verb) – control, contain, restrict, limit.
spur (verb) – induce, prompt, stimulate, encourage, galvanize.
staring match/contest (noun) – a game where two people stare (look fixedly) at each other without looking away or closing their eyes; a conflict between two parties in which neither side is ready to concede defeat.
in the offing (phrase) – on the way, coming soon, likely to happen.
up to (phrase) – the responsible of someone.
impasse (noun) – deadlock, stalemate, stand-off.
in a way (phrase) – to a certain degree/level/extent; somewhat, fairly, moderately/slightly.
engender (verb) – cause, give rise to, bring about.
strengthen (verb) – increase, intensify, heighten.
all-round (adjective) – in all respects.
government spending (noun) – government expenditure, public spending; money spent by the government.
bolster (verb) – fortify, support, reinforce/buttress.
sagging (adjective) – declining, diminishing, decreasing.
derail (verb) – obstruct, interrupt, impede/thwart.
for now (phrase) – for the time being, for the moment, for the present.
certainty (noun) – sureness, assurance, fact, reliability.
sin/demerit goods (noun) – goods which are deemed/considered as harmful to society and individuals, for example alcohol and tobacco, etc.
luxury/upmarket goods (noun) – goods which are deemed/considered as expensive ( & non-essential) and are associated with wealthy or affluent people, for example luxury jewelry, watches, designer apparel and footwear and luxury travel goods, etc.