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The Hindu Editorial
15 OCT 2019
Click here for today’s Video Basic to High English Click here Editorial By Vishal Sir
The Hindu Editorial
The Hindu Editorial
The Hindu Editorial
Laureate (noun) = A person who is honoured with an award for
outstanding creative or intellectual achievement
(पुरस्कार विजेता)
Alleviate (verb) = Make (suffering, deficiency, or a problem) less
severe (कम करना)
Assess (verb) = Evaluate or estimate the nature, ability, or quality
of (आकलन)
Gobbledygook (noun) = Language that is meaningless or is made
unintelligible by excessive use of technical terms
Immunization (noun) = The action of making a person or animal immune
to infection, typically by inoculation (प्रततरक्षा)
Vague (adj) = Of uncertain, indefinite, or unclear character or
meaning (अस्पष्ट)
Ostensibly (adv) = As appears or is stated to be true, though not
necessarily so; apparently (जाहिरा तौर पर)
The Hindu Editorial
Unimpeded (adj) = Not obstructed or hindered (बेरोक)
Anticipate (verb) = Regard as probable; expect or predict (अपेक्षक्षत)
Erode (verb) = Gradually destroy or be gradually destroyed
(नष्ट करना)
Averse (adj) = Having a strong dislike of or opposition to
something (प्रततकूल)
Ascendant (adj) = Rising in power or influence (प्रबल)
Provenance (noun) = The beginning of something's existence;
something's origin (उत्पवि)
Lull (verb) = Calm or send to sleep, typically with soothing
sounds or movements (मंदी)
Complacency (noun) = A feeling of smug or uncritical satisfaction with
oneself or one's achievements (प्रसन्नता)
The Hindu Editorial
Congressional (adj) = Relating to a formal meeting or series of meetings
between delegates
Hawkish (adj) = Advocating an aggressive or warlike policy,
especially in foreign affairs (तेजतराार)
Inflation (noun) = A general increase in prices and fall in the
purchasing value of money (मद्र ु ाप्रसार)
Commensurate (adj) = Corresponding in size or degree; in proportion
(अनुरूप)
Malfeasance (noun) = Wrongdoing, especially (us) by a public official
(दरु ाचार)
Agitated (adj) = Feeling or appearing troubled or nervous (उिेजजत)
Impunity (noun) = Exemption from punishment or freedom from the
injurious consequences of an action (माफी)
The Hindu Editorial
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The Hindu Editorial
Title: Economics of poverty
(The Nobel laureates made development economics more relevant to
policy making)
Context:
Development economics just got a boost with the award of the Sveriges
Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to three
economists who have worked, and are still working, to understand and
alleviate poverty — Abhijit Banerjee and Esther Duflo of Massachusetts
Institute of Technology, and Michael Kremer of Harvard University.
The Hindu Editorial
➢ This is only the second time a woman has bagged the prestigious award,
popularly called the Economics Nobel, and it is a first for a husband-wife
duo to win in this discipline — Mr. Banerjee is married to Ms. Duflo.
➢ In the words of the Royal Swedish Academy of Sciences, the
experiment-based approach of the three laureates has transformed
development economics and turned it into a “flourishing field of
research”. One of their studies resulted in benefiting 5 million children
in India through programmes of remedial tutoring in schools.
➢ The approach is derived from the concept of clinical trials in the
pharmaceuticals industry.
➢ If this sounds like gobbledygook, the experiment that Mr. Banerjee and
Ms. Duflo carried out in Rajasthan some years ago would explain the
concept better. Despite immunisation being free, women were not
bringing in their children for the vaccination shot.
The Hindu Editorial
➢ The two MIT economists decided to give a bag of pulses free to women
who brought their babies for vaccination. Word soon spread and the
rate of immunisation shot up in the region.
➢ Another experiment they did was in Mumbai and Vadodara to
understand learning outcomes in the field of education. Was it lack of
access to textbooks or hunger that caused poor learning outcomes?
Through field studies, Mr. Banerjee and Ms. Duflo established that the
problem is that teaching is not adapted to the needs of the students.
Learning outcomes improved in schools that were provided with
teaching assistants to support students with special needs.
The Hindu Editorial
Final Words
➢ The government would do well to borrow from the research of these
laureates to understand the impact of its several schemes, and where
necessary, tweak them to derive maximum benefit for the thousands of
crores of rupees that it spends.
The Hindu Editorial
Descriptive Question
Q. “The Nobel laureates made development economics more relevant

to policy making, how?”
(Word limit: 200)
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The Hindu Editorial
Quiz Game
Q.1
Which medal was won by Indian boxer Manju Rani in the 48-kilogram
weight category of the Women's World Boxing Championships?
a. Gold
b. Silver
c. Bronze
d. None of the Above
The Hindu Editorial
Quiz Game
Q.1
Which medal was won by Indian boxer Manju Rani in the 48-kilogram
weight category of the Women's World Boxing Championships?
a. Gold
b. Silver
c. Bronze
d. None of the Above
The Hindu Editorial
Quiz Game
Q.2
What percent of India’s growth rate has been projected by the World Bank
for the current financial year?
a. 8%
b. 7%
c. 6%
d. 5%
The Hindu Editorial
Quiz Game
Q.2
What percent of India’s growth rate has been projected by the World Bank
for the current financial year?
a. 8%
b. 7%
c. 6%
d. 5%
The Hindu Editorial
Quiz Game
Q.3
When is World Day Against the Death Penalty observed?
a. 10 October
b. 11 October
c. 12 October
d. 13 October
The Hindu Editorial
Quiz Game
Q.3
When is World Day Against the Death Penalty observed?
a. 10 October
b. 11 October
c. 12 October
d. 13 October
The Hindu Editorial
Quiz Game
Q.4
Which country's energy company ‘Total’ has announced to buy 37.4
percent stake in Adani Gas?
a. Nepal
b. France
c. China
d. Russia
The Hindu Editorial
Quiz Game
Q.4
Which country's energy company ‘Total’ has announced to buy 37.4
percent stake in Adani Gas?
a. Nepal
b. France
c. China
d. Russia
The Hindu Editorial
Quiz Game
Q.5
On which social media platform, Prime Minister Modi has become the
world's most-followed global leader?
a. Twitter
b. Facebook
c. Instagram
d. YouTube
The Hindu Editorial
Quiz Game
Q.5
On which social media platform, Prime Minister Modi has become the
world's most-followed global leader?
a. Twitter
b. Facebook
c. Instagram
d. YouTube
The Hindu Editorial
Title: Financial stability and the RBI
(The slowing of the economy suggests that the central bank’s stance on
inflation may have impacted growth)
Context:
The Reserve Bank of India (RBI) recently carried out its mandatory bi-
monthly announcement on the future course of monetary policy. These
announcements ostensibly offer ‘forward guidance’ to economic
participants, so that they may plan their future.
The Hindu Editorial
➢ Arguably, though, the public would have perhaps been more
interested in knowing how the RBI intends to respond to the
unusually large number of instances of fraud that have surfaced in
the financial sector of late.
Role of a central bank
➢ Central banks command an important position in the market
economies of the West today.
➢ It reflects two things: the political power of financial interests in the
U.S. economy and the global intellectual influence of the American
economic model. This model revolves around the goal of maximum
creation of wealth by private individuals unimpeded by societal
objectives. Leave alone the distribution of income, not even the
objective of ensuring stability of the economy is allowed to come in
the way of private individuals pursuing wealth enhancement.
The Hindu Editorial
➢ Public regulation, which sets limits to private activity, is rejected as
an unnecessary interference in beneficial activity that maximises
social gain, and is therefore to be avoided. When applied to finance,
this model requires of the government only one action, namely, the
control of inflation.
Inflation control
➢ As the volume of financial wealth in an economy increases so does
the power of its owners over government. Now inflation control
tends to take centrestage in economic policy formulation. When
inflation control is implemented via monetary policy it results in
higher interest rates.
➢ Though ‘flexible inflation-targeting’ is meant to take care of this
objection, inflation is retained as the target and the central bank is
not accountable for unemployment.
The Hindu Editorial
➢ After the adoption of inflation-targeting in India, besides the slowing
growth, we see the repetition of a pattern observed in the U.S. We
have seen the appearance of stress in the financial sector. Following
the rising non-performing assets, or NPAs, of public sector banks, we
now see the emergence of instability in the private segment of the
financial sector.
Final Words
➢ The most prominent case is that of non-banking financial company,
ILFS. While some part of the burden this company faced before it
was rescued by the government of India may have been due to a
slowing economy, there was evidence of malfeasance, which went
undetected also in the cases of Punjab National Bank and the Punjab
and Maharashtra Co-operative Bank (PMC Bank).

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Q. “The Nobel laureates made development economics more relevant

(Word limit: 200)

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