The Hindu Editorial (Wayward elephant) – Apr 08, 2024

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The Hindu Editorial (Wayward elephant) – Apr 08, 2024:

wayward (adjective) – unpredictable, inconstant, changeable, erratic, unbearable, ungovernable, unmanageable.
elephant (noun) – (metaphorically) an obvious problem or difficult situation.
price stability (noun) – no (drastic) change in the price of goods and services in an economy over a period of time. It implies avoiding both prolonged inflation and deflation.
non-negotiable (adjective) – inviolable, undebatable, unchallengeable.
The monetary policy committee (MPC) (noun) – it is a six-member panel that is expected to bring “value and transparency” to rate-setting decisions. It will feature three members from the RBI — the Governor, a Deputy Governor and another official — and three independent members to be selected by the Government. The MPC will meet four times a year to decide on monetary policy by a majority vote.
monetary policy (noun) – monetary policy refers to the use of monetary instruments under the control of the central bank to regulate magnitudes such as interest rates, money supply, and availability of credit with a view to achieving the ultimate objective of economic policy mentioned in the Reserve Bank of India Act, 1934.
benchmark (noun) – standard, base/basis, point of reference, criterion, ideal.
benchmark interest rate (noun) – a minimal/minimum interest rate set and published by commercial banks for accumulating interest on different credit types.
repo rate (noun) – it is the rate at which the central bank of a country (RBI in case of India) lends money to commercial banks in the event of any shortfall of funds.
consecutive (adjective) – continuous, subsequent, succeeding, following.
cite (verb) – invoke, mention, refer to, point to, adduce, turn to, resort to.
Inflationary/price pressures (noun) – the demand and supply-side pressures that can cause a rise in the general price level; cost-push inflation, hot-economy, deficit finance.
impede (verb) – hinder, obstruct, hamper, disrupt.
inflation (noun) – simply meaning “cost of living”; increase of price level of goods & services and vice versa decrease of currency value.
durable (adjective) – lasting, long-lasting, continuing, enduring, persisting, constant, stable, steadfast.
resolve (noun) – determination, willpower, firmness, resolution, courage.
stance (noun) – position, standpoint, perspective, approach.
withdrawal of accommodation (noun) – An accommodative stance means the central bank is prepared to expand the money supply to boost economic growth. Withdrawal of accommodation means reducing the money supply in the system which will rein in inflation further.
monetary accommodation (noun) – monetary accommodation is monetary policy that is well accommodative. Monetary accommodation is when the central bank keeps interest rates low. Low interest rates encourage borrowing and investment, which theoretically spur employment and economic growth (but also inflation). In India, the central bank-the Reserve Bank of India, i.e. “The RBI”-is the one that controls whether monetary policy is accommodative or not.
the elephant in the room (phrase) – it is mostly used to refer to a serious problem — one which people are aware of, but choose to ignore. They think that if they do not talk about it, the problem will somehow disappear.
hit (verb) – reach, attain, touch, arrive at (a particular level).
emphasise (verb) – draw attention to, put stress on, underscore, highlight.
in the interest of (phrase) – for the benefit of.
moderate (verb) – reduce, lower, decrease, lessen, weaken.
align (verb) – place, position, set, situate.
monetary authority (noun) – it refers to the institution responsible for managing the currency of a country, establishing interest rates, and controlling its money supply. The goals of a country’s central bank include stabilizing prices, fostering economic growth, and increasing employment. The Reserve Bank of India (RBI) is the central bank of India.
monetary (adjective) – relating to money/currency; financial, fiscal, pecuniary, budgetary.
authorities (noun) – officials, officialdom, the people in charge, the bureaucracy.
emphasis (noun) – importance, significance, priority.
underline (verb) – emphasise, underscore, highlight, stress, call/draw attention to.
headline inflation (noun) – it is a measure of the total inflation within an economy, including commodities such as food and energy prices.
core inflation (noun) – it is a measure of the total inflation within an economy, excluding commodities such as food and energy prices (which change frequently).
stubbornly (adverb) – persistently, firmly, inflexibly.
Consumer Price Index (CPI) (noun) – The CPI looks at the basket of consumer goods and services and it measures the change in price of this basket over a period of time. To put it simply, the CPI monitors retail prices at a certain level for a particular commodity.
Wholesale Price Index (WPI) (noun) – The WPI looks at a basket of wholesale goods (goods purchased in large quantities by businesses directly from manufacturers with the intent of reselling them to retailers). the WPI tracks prices at the factory gate before the retail level.
reading (noun) – figure, indication, record, measurement.
stuck past tense of stick (verb) – be or remain in a particular stance or situation.
projection (noun) – prediction, indication, forecast, prognosis, speculation, calculation (of future events or trends).
fiscal (noun) – financial year.
fiscal (adjective) – financial, monetary, budgetary.
in terms of (phrase) – with regard to, regarding, concerning, in respect of, with reference to.
Retail or Consumer Price Index (CPI) inflation (noun) – The change in the price index of the basket of consumer goods and services over a period of time is referred to as CPI-based inflation or retail inflation.
Wholesale or Wholesale price Index (WPI) inflation (noun) – The change in the price index of the basket of wholesale goods (and no services) over a period of time is referred to as WPI-based inflation or wholesale inflation.
index (noun) – an (economic) data figure reflecting something (e.g. price/quantity) compared with a standard or base value; pointer, indicator.
quarter (noun) – a period of three months (considered as one-fourth of a year).
decelerate (verb) – slow down, reduce, lessen, slow up.
dip (verb) – decrease, drop, decline, reduce, lessen.
quickening (noun) – increase, acceleration, stepping up.
quicken (verb) – accelerate, speed up, step up.
outlook (noun) – prospects, chances, possibilities, expectations, future.
Gross domestic product (GDP) (noun) – a measure of economic activity in a country. the total value of all final goods and services produced within the country in one financial year.
multiplicity (noun) – a large number of, a lot of, a variety of, a host of; abundance, scores.
posit (verb) – put forward, propose, postulate, suppose, suggest.
sustained (adjective) – continuous, constant, steady, perpetual.
momentum (noun) – the increase in the rate of growth of something; strength, impetus.
point to (phrasal verb) – indicate, suggest, signal, signify, denote, reveal.
Consumer Confidence Survey (CCS) (noun) – The Consumer Confidence Survey (CCS) is one of the most keenly watched surveys conducted by the Reserve Bank of India. The CCS, conducted bimonthly (every two months) in 19 major cities, seeks responses on current perception and future expectations on a host of indicators such as income, employment, inflation and spending.
household (noun) – family, house.
pessimistic (adjective) – bitter, resentful, sceptical, distrustful, suspicious.
anticipate (verb) – predict, foresee, expect.
assert (verb) – state, indicate, profess, argue, claim, contend, profess.
readiness (noun) – preparedness, alertness, preparation, awareness, carefulness.
non-essential (noun) – luxury thing.
augur well (verb) – bode, indicate, portend, signal (a good/bad outcome).
private consumption or consumption expenditure (noun) – the spending by households (consumers) on goods and services, excluding new housing.
policy space (noun) – it is defined as ‘the freedom and ability of a government to identify and pursue the most appropriate mix of economic and social policies to achieve equitable and sustainable development that is best suited to its particular national context’.
sticky (adjective) – awkward, difficult, tricky, problematic, delicate, embarrassing.
dampen (verb) – lessen, decrease, diminish, reduce, lower.
discretionary (adjective) – optional, voluntary, subjective, up to the individual, non-mandatory, non-compulsory.
so far (phrase) – until now, up to this point, hitherto
led to past and past participle of lead to (verb) – cause, bring on, bring about, result in, produce, give rise to.
surge (noun) – sudden increase or rise of something.
determination (noun) – resolve, willpower, firmness, resolution, courage.