Budget 2017 is a Slap - Vocab from Leading Newspaper

Budget 2017 is a Slap in the face of Manmohanomics followers, triumph of Modinomics

Union Budget 2017 disappointed many, especially the opposition parties. They expected Finance Minister Arun Jaitley to announce some big bang sops after demonetisation. Being seasoned strategists, both Jaitley and Prime Minister Narendra Modi not only avoided the sops-trap but left little opportunity for the opposition to launch a serious attack on the merits of the budget. Consider some of the comments that came from the opposition ranks.

Congress vice-president Rahul Gandhi mocked the budget as “sher-o-shayari”. West Bengal Chief Minister Mamata Banerjee termed Jaitley’s Budget announcements as “controversial” She tweeted: It is “clueless, useless, baseless, missionless and actionless. Heartless. No roadmap for the country or the future from a government that has lost all its credibility.” Banerjee even asked, “where are the figures for Demonetisation?”

Former Prime Minister Manmohan Singh kept his verdict on the Budget reserved but wondered why Jaitley is so confident about the positive effects of demonetisation. “(There were) far too many items (in the budget). It is very difficult to immediately react about the impact of this budget,” Singh was quoted as saying by PTI. “There is no indication as to what makes the finance minister convinced that demonetisation effect will be temporary and it will not affect the growth of the economy,” the former PM added.

The fact that Singh couldn’t give his immediate verdict on the Budget tells a lot about its merits which has been hailed by many economists for enforcing fiscal discipline. Interestingly, Singh’s comments on Jaitley’s previous three budgets were almost similar.

The former PM, who also doubles up as a Congress economist, had said in 2016: “There is no big idea except one, which was yesterday mentioned by the PM himself that the government plans to double the farmers’ income in next five years.” His comment in 2015 was: “My worry about the budget is that it has good intention but it does not have an adequate roadmap and framework to implement the initiative.” Singh had repeated the same in 2014. “Just like the railway budget, there are no specifics in this Budget..there are no road maps.”

While serving as the PM for 10 years before Modi, Singh had championed populism, so much so that India’s fiscal deficit jumped from Rs 126,912 crore to Rs 515,990 crore between 2007-08 and 2011-12. During the same period, India was rocked by a series of high-profile scams. Interestingly, Singh continues to be revered as one of India’s brightest economists.

In contrast, Modi government has shunned UPA’s populist approach to budget and opted for strengthening the Indian Economy with fiscal prudence and digital push. Budget 2017 has pegged fiscal deficit at 3.2% of the economy for 2017-18. In 2014-15, the fiscal deficit was 4.1%.

With the focus on creating enabling an environment for people by spending more on infrastructure, education and skill development, Jaitley’s Budget is a death knell for Manmohanomics. Modinomics has just begun.

IMPORTANT WORD FROM ARTICLE & THEIR MEANING

1. Demonetisation (noun) (विमुद्रीकरण): Demonetization is the act of stripping a currency unit of its status as legal tender. It occurs whenever there is a change of national currency (source:  Investopedia).

Synonym: None

Antonym: None

Sentence: Demontisation has increased uncertainty among the masses.

2. Controversial (adjective) (विवादास्पद): Controversial is something which give rise or likely to gives rise to controversy or public disagreement.

Synonym: Contentious, dubious, dubitable, questionable

Antonym: Certain, definite, sure, agreeable

Sentence: Modi’s controversial comment against Manmohan Singh has triggered anguish amongst Congress party members. 

3. Credibility (noun) (विश्वसनीयता): Credibility is the quality of being trusted and believed in.

Synonym: Integrity, prospect, reliability, validity

Antonym: Unlikelihood, improbability, implausibility, unreasonableness

Sentence: One cannot question the credibility of the Old Testament.

4. Verdict (noun) (निर्णय): Verdict refers to an opinion or decision of fact in a civil or criminal case.

Synonym: Conclusion, decision, opinion, ruling

Antonym: Accusation, suggestion, foreword, request

Sentence: The judge awarded death sentence to the terrorist and asked the defense lawyer not to question his verdict.

5. Hailed (verb) (अभिवादन): Hailed refers to cheer or salute or to acclaim enthusiastically.

Synonym: Applaud, cheer, commend, praise

Antonym: Censure, denounce, disapprove, castigate

Sentence: The celebrity looked amazed to see his fans and was more surprised when a legend hailed him.

6. Deficit (noun) (अभाव): Deficit refers to the total amount by which money spent is more than money received.

Synonym: Shortfall, arrears, dues, paucity

Antonym: Abundance, adequacy, advantage, plenty

Sentence: The impromptu show at the street helped artists to cover the deficit in their travelling expenses.

7. Populism (noun) (लोकप्रियता): Populist refers to the political ideas and activities that are intended to get the support of ordinary people.

Synonym: Autonomous, constitutional, egalitarian, socialist

Antonym: Elitist

Sentence: I totally support the ‘populism theory’ since it addresses people at the bottom level.

8. Prudence (noun) (विवेक): Prudence is to be cautious in order to avoid danger or risks.

Synonym: Austerity, diligence, discretion, frugality

Antonym: Ignorance, indiscretion, carelessness, stupidity

Sentence: Prudence needs to be exercised in important matters of mutual interest.

9. Pegged (adjective) (खूंटे से स्थिर करना): Pegged is to pin a wood or other material driven or fitted into something or to fasten parts together. 

Synonym: Clinch, fasten, join, attach

Antonym: Detach, let go, loose, release

Sentence: The police pegged him down loosely in order to let him eat food.

10. Knell (noun/verb) (शोक सूचक घंटे की ध्वनि): Knell is the sound of the bell, which is rung solemnly for a death or a funeral of someone.

Synonym: Chime, proclaim, signal, summon

Antonym: None

Sentence: The knell at the graveyard rung at the midnight hour and shooed everyone.

Question (1-5): Answer the following as directed
1. Find out the words which mean the same as ‘rocked’(रूह)
1. Calm
2. Steady
3. Jolt
4. Hold
5. Other than those given in options
Solution: Option (3)
Explanation: The given word refers to move gently to and fro or from side to side. Hence, from the above-given options, option (3) is a right choice as the synonym of the word.

2. Find out the words which mean the same as ‘roadmap’ (दिशानिर्देश)
1. Plan
2. Diversion
3. Compulsion
4. Pothole
5. Other than those given in options
Solution: Option (1)
Explanation: The given word refers to the map which is especially designed with detailed explanations. Hence, from the given options, option (1) is the correct choice as the synonym of the word.

3. Find out the words which mean the same as ‘enforcing’ (लागू करना)
1. Halt
2. Invoke
3. Discourage
4. Refuse
5. Other than those given in options
Solution: Option (2)
Explanation: The given word refers to force somebody to do something or to make sure that something happens. So, from the given options, option (2) is an apt choice as the synonym of the word given in the options.

4. Find out the words which mean the same as ‘framework’ (रूपरेखा)
1. Result
2. Avoid
3. Unworldly
4. Scheme
5. Other than those given in options
Solution: Option (4)
Explanation: The given word refers to a basic structure of something or a set of ideas or facts that provide support for something. So, from the given options, option (4) is the right choice as the synonym of the word given in the options.

5. Find out the words which mean the same as ‘fiscal’ (धनसंबंधी)
1. Exempt
2. Non-taxable
3. Budgetary
4. Non-financial
5. Other than those given in options
Solution: Option (3)
Explanation: The given word is related to taxation, public revenue or public debt. Hence, from all the above options, option (3) is the right choice as the synonym of the word given in the options.

Word of the Day

Grandiloquent

Meaning (English) – is an extravagant style or way of using language which is complicated to understand. It is generally used to impress someone.

Meaning (Hindi) – आडंबरपूर्ण

Synonyms – Bombastic, aureate

Antonyms – Unadorned, unpretentious

Example – He praised his literary work in a grandiloquent manner.

उदाहरण – उन्होंनेआडंबरपूर्ण ढंग सेअपने साहित्यिक काम की प्रशंसा की।