Cloze Test
Five months after the Economic Survey 2016-17 was released, Chief Economic Adviser Arvind Subramanian has presented the second volume of the annual economic review-cum-prognosticatory report. With the (1)……………………..period having provided a wealth of data points and policy developments, including the momentous roll-out of the Goods and
Services Tax, there was a clear need to update and refresh outcomes and forecasts. And his outlook for growth in the current financial year has clearly turned more (2)…………………….. While Volume I had projected the gross domestic product expansion in 2017-18 in a range of 6.75-7.5%, the CEA has had to take (3)……………………..of several new factors that have contributed to his diagnosis: “that the balance of risks seem to have shifted to the downside” with a far lower likelihood of growth being “closer to the upper end”. A quick look at each of the risks that Mr. Subramanian has cited shows it is going to be hard to find a ‘magic bullet’ fix that (4)…………………most of the concerns. For instance, the continuing appreciation of the rupee’s real exchange rate means exporters are increasingly going to find themselves struggling to compete on pricing against competitors from countries whose currencies have weakened against the dollar and the euro. And this even while the recovery in global trade demand is still to acquire more (5)……………………..momentum. Another dampener, according to the CEA, would be the increasing stress to balance sheets that companies in the power and telecom sectors have to contend with, and the (6)……………………..bias to activity that such stress would impart.
Services Tax, there was a clear need to update and refresh outcomes and forecasts. And his outlook for growth in the current financial year has clearly turned more (2)…………………….. While Volume I had projected the gross domestic product expansion in 2017-18 in a range of 6.75-7.5%, the CEA has had to take (3)……………………..of several new factors that have contributed to his diagnosis: “that the balance of risks seem to have shifted to the downside” with a far lower likelihood of growth being “closer to the upper end”. A quick look at each of the risks that Mr. Subramanian has cited shows it is going to be hard to find a ‘magic bullet’ fix that (4)…………………most of the concerns. For instance, the continuing appreciation of the rupee’s real exchange rate means exporters are increasingly going to find themselves struggling to compete on pricing against competitors from countries whose currencies have weakened against the dollar and the euro. And this even while the recovery in global trade demand is still to acquire more (5)……………………..momentum. Another dampener, according to the CEA, would be the increasing stress to balance sheets that companies in the power and telecom sectors have to contend with, and the (6)……………………..bias to activity that such stress would impart.
Besides its long-term structural benefits, the implementation of the GST, says Mr. Subramanian, would also straightaway provide a short-term (7)……………………..by easing a cross-country logistics constraint following the removal of checkposts. And yet, the transitional challenges from the actual operation of the new indirect tax (8)……………………..could feed into the mix of factors retarding momentum. Pointing to other factors including the farm loan waivers and agricultural stress that pose risks to the growth outlook, the survey (9)……………………..that as part of the government’s remedial responses “policy must be driven by the recognition that, over longer horizons, there is no necessary opposition between farmer and consumer interests.” Backed by procurement, remunerative and stable support prices can help ensure that the risk of wild swings in the production and prices of farm produce is (10)…………………….. thus protecting both farmers and consumers.
Q1:(A) Intermediate
(B) Intervening
(C) Middlemost
(D) Transitional
Q2: (A) Black
(B) Unimaginative
(C) Sombre
(D) Dolent
Q3:(A) Awareness
(B) Knowledge
(C) Cognizance
(D) Observation
Q4:(A) Encompasses
(B) Encircles
(C) Besets
(D) Girdles
Q5:(A) Hale
(B) Sound
(C) Concentrated
(D) Robust
Q6:(A) Downfall
(B) Deflationary
(C) Wreck
(D) Cropper
Q7:(A) Impetus
(B) Motivation
(C) Power
(D) Urge
Q8:(A) Management
(B) Administration
(C) Government
(D) Regime
Q9:(A) Presumes
(B) Suspects
(C) Postulates
(D) Posits
Q10:(A) Obviated
(B) Interposed
(C) Blocked
(D) Countered
Answers:
1 (B) Intervening
2 (C) Sombre
3 (C) Cognizance
4 (A) Encompasses
5 (D) Robust
6 (B) Deflationary
7 (A) Impetus
8 (D) Regime
9 (D) Posits
10 (A) Obviated
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MAHENDRA GURU