The Hindu Editorial (Digging deeper) – Jul 29, 2020

Four months into FY2020-21, the Centre has finally managed to pay States the compensation due to them… For further reading, visit “The Hindu”. Below is today’s word list-1 for The Hindu Editorial (Digging deeper) – Jul 29, 2020.

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Today’s word list-1 for The Hindu Editorial (Digging deeper) – Jul 29, 2020:

dig deep (phrase) – to make a lot of effort with one’s (physical, mental or financial) resources.
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.
set to (phrasal verb) – start doing something aggressively.
shrink (verb) – lessen, reduce, decrease.
due (adjective) – outstanding, overdue, unpaid, unsettled.
regime (noun) – system, arrangement, scheme.
breather (noun) – break, pause, comfort, respite.
seek (verb) – try, attempt, work towards.
finance (verb) – fund, pay for, invest in.
ramp up (phrasal verb) – increase (in amount or number).
detrimental (adjective) – inimical, undesirable, unfavourable, unfortunate.
vulnerable (adjective) – relating to a weak/neglected person who is in need of special care/support; at risk, unsafe, unprotected.
levy (verb) – impose, charge (a tax, fee, fine).
on top of (phrase) – in addition to.
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.
sin/demerit goods (noun) – goods which are deemed/considered as harmful to society and individuals, for example alcohol and tobacco, etc.
fiscal (adjective) – financial.
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.
waylay (verb) – intercept, stop, interrupt.
assumption (noun) – belief, expectation, speculation, conjecture.
not-too-distant past (phrase) – a time that is not very long ago in the past. (“not-too-distant future” means a time that is not very long from now).
contraction (noun) – decline, decrease, reduction.
dent (verb) – diminish, reduce, undermine.
inflow (noun) – a flow of a large amount of something to a particular place.
curb (verb) – stop, control, contain, restrict, limit.
discretionary (adjective) – optional, voluntary, non-mandatory, up to the individual.
conserve (verb) – safeguard, protect, save, maintain.
stay afloat (phrase) – stay out of debt; stay out of problem or difficulty.
pandemic-hit (adjective) – affected by pandemic.
shortfall (noun) – deficit, inadequacy/deficiency.
kitty (noun) – a sum of something (money/things) made up of small of contributions.
plug (verb) – stop, block, seal/close.
tap (verb) – make use of, put to use, use, utilize.
conjure up (phrasal verb) – produce, materialize, generate (by magic).
Consolidated Fund of India (noun) – All revenues received by the Government by way of taxes like Income Tax, Central Excise, Customs and other receipts flowing to the Government in connection with the conduct of Government business i.e. Non-Tax Revenues are credited into the Consolidated Fund constituted under Article 266 (1) of the Constitution of India. Similarly, all loans raised by the Government by issue of Public notifications, treasury bills (internal debt) and loans obtained from foreign governments and international institutions (external debt) are credited into this fund. All expenditure of the government is incurred from this fund and no amount can be withdrawn from the Fund without authorization from the Parliament. (Courtesy: ccaind.nic.in)
Integrated GST (noun) – Integrated GST is levied by the Central Government on all inter-State transactions of taxable goods or services.
inter- (prefix) – between.
a tad (adverb) – somewhat, a little, rather, fairly.
ad hoc (adjective) – relating to something needed/necessary to be done after an unpleasant/bad thing happened; emergency, makeshift, improvised, impromptu, unprepared.
draw on (phrasal verb) – make use of, exploit, use/utilize.
unintended (adjective) – unplanned, unexpected, accidental.
contingent resources (noun) – resources in known accumulations (reserves) that are estimated to be potentially recoverable, but not yet commercially recoverable due to some contingencies (emergencies).
reserve (noun) – accumulation/stock of something.
daunting (adjective) – intimidating, challenging, disconcerting/unsettling.
conundrum (noun) – problem, difficulty, quandary/dilemma.
flesh out (phrasal verb) – expand, add detail to, augment/refine.
accrual (noun) – growth, increase, accumulation/collection.
havoc (noun) – disorder, chaos, destruction.
throw up (phrasal verb) – produce something.
South & North Block (noun) – South Block is a metonym of the Prime Minister’s Office. North Block is a metonym of the Ministry of Finance, India. (The Secretariat Building (consists North & South Block) or Central Secretariat is where the Cabinet Secretariat is housed, which administers the Government of India. The South Block houses the Prime Minister’s Office, Ministry of Defence and the Ministry of External Affairs). The North Block primarily houses the Ministry of Finance and the Home Ministry). (Metonym is used as an alternative for something else with which it is closely related/associated).
mandarin (noun) – a powerful officer, civil servant, functionary/bureaucrat.
certainty (noun) – confidence, sureness, positiveness, conviction.
at one’s disposal (phrase) – for use by, in reserve for, in the hands of, in the possession of.