English Vocab

Aiming High, Looking Far
A young person at a recent job fair in Uttar Pradesh told me “Paanch hazaar ki naukri toh hum sab ke paas hai; hum barah hazaar ki naukri ke liye aaye hain” (we all have jobs at Rs 5,000; all of us came for jobs that pay Rs 12,000). This person clearly understood India doesn’t have a jobs problem — our unemployment rate of 4.9 per cent is not a fudge (foolish nonsense) — but a wages problem. This
diagnosis is important. If the problem is jobs, we should throw money from helicopters and bust the government budget. But if our problem is wages then India needs the higher productivity that comes from structural change: Formalisation, industrialisation, urbanisation, skilling and deep financial markets.
I’d like to make the case that demonetisation made India a better habitat for formal job creation for five reasons: Rs 18 lakh crore new lending capacity, 7.9 crore new monthly digital transactions, 3 lakh crore new financial savings, 2 per cent lower interest rates, and permanent damage to our sense of humour about the rule of law (1.5 lakh people deposited Rs 5 lakh crore, that is, 0.00011 per cent of India’s population deposited 33 per cent of total cash demonetised). Let’s look at each in more detail.
First, Rs 18 lakh crore new lending capacity. Demonetisation has reduced cash with citizens; bank deposits have increased by somewhere between Rs 2.8-4.3 lakh crore (detailed logic in Mint Street Memo #1 on the RBI website). Assuming Rs 3 lakh crore and applying an accepted 6 multiplier, demonetisation has created new lending capacity of Rs 18 lakh crore (36 times India’s Central government allocation to primary education). Today banks are indolently (lazily) lending this liquidity to the RBI but when they start doing their jobs well, this dry powder will boost investment and formal job creation.
Second, 7.6 crore new monthly digital transactions. Demonetisation exploded the number of digital payments on UPI/Bhim from 1 lakh in October 2016 to 7.7 crore in October 2017. Prohibiting salary payments by cash and 50 lakh new bank accounts for labourers will fuel further adoption; digitisation is important for formalisation because it makes regulatory arbitrage and tax evasion difficult. But the bigger upside of payment digitisation lies in its creation of the information infrastructure for cash-flow based lending; economist Ridham Desai estimates that over 10 years digitisation could grow lending by Rs 243 lakh crore (largely to consumers and MSMEs) and e-commerce sales from $15 billion to $200 billion.
Third, 3 lakh crore new financial savings. Demonetisation has catalysed a savings shift away from gold (imports are down 20 per cent over the last year) and real estate (the toxic gap between rental yields and borrowing rates is finally narrowing). The eight months after demonetisation saw mutual fund inflows of Rs 1.69 lakh crore (up 1700 per cent) and the three months after demonetisation saw Life Insurance Premiums rising by 46 per cent (details in Mint Street Memo #2). Greater financialisation of savings creates a virtuous (having or showing high moral standards.) cycle for formal job creation because they deepen and broaden domestic capital markets whose institutions are more likely to fund entrepreneurs who create babies (companies that are small but will grow) rather than dwarfs (companies that are small and will stay small).
Fourth, 2 per cent lower interest rates. Expensive loans are better than no loans but the cost of money has been crippling (cause (someone) to become unable to walk or move properly.) for India’s entrepreneurs. Lowering interest rates is a policy priority and banks had been only passing on 50 per cent of lower policy rates to customers; in the year after demonetisation this has risen to 100 per cent. India’s economic trajectory suggests interest rates could reduce another 3 per cent over time; sustained formal job creation needs the lower interest rates that come from macroeconomic stability, fiscal discipline, muted inflation expectations and an Independent Monetary Policy Committee.
Fifth, permanent damage to our sense of humour about the rule of law. Demonetisation targeted a less-cash society because cash is the primary tool of corruption. Corruption enables transmission losses between how the law is written, interpreted, practised and enforced while India’s move to high productivity enterprises needs moving from deals to rules. First generation entrepreneurs don’t have connections or money; they only offer the sweat of their brow (hard work), the courage in their hearts and the strength of their back. A less corrupt India is a more Demonetisation did not end corruption but raised its costs. And ending our sense of humour about the rule of law that bred a riskless view of cash is an important pre-condition for sustained, formal, high-wage job creation.
In 1942 Pandit Jawaharlal Nehru wrote from Ahmednagar jail “Whether we are successful or not, historians of the future will judge. But we aimed high and looked far”. India was a risky political experiment in 1947 — poor countries were not supposed to give everybody the right to vote at birth — but that experiment has worked out spectacularly.
But India was a nutty (unbalanced)economic experiment after the 1955 Avadi Resolution; we became a hostile habitat for formal non-farm job creation because of regulatory cholesterol, primitive (not developed) finance, foreigner hostility,confiscatory (Being or imposing an excessive or unreasonable tax or cost) taxation, and much else. Demonetisation is one of 20 arrows in a quiver of reforms — GST, bankruptcy code, RERA, FDI liberalisation, ease-of-doing business, competitive federalism, etc — that are restoring the romance of policy by making India a prolific(fertile) habitat for formal, non-farm, job creation. The problem for India’s youth is not jobs but wages and that’s why a 10-year plan cannot be 10 one-year plans (the last time we tried to raise wages by rigging (manage or conduct (something) fraudulently so as to gain an advantage.) them — NREGS — we converted a high growth low inflation economy into a low growth high inflation economy).
As India completes a year of demonetisation, it’s early for conclusions but the early results are encouraging. As Karl Marx said “Philosophers have tried to describe the world in thousands of ways. The point, however, is to change it”.

1. Indolently (adverb): (In a way of avoiding activity or exertion) (आलस से)
Synonyms: Lazily, Sluggishly, Inactively, Laggardly, Lethargically.
Antonyms: Hurriedly, Swiftly.
Example: Jackson lost his job because he was an indolent employee who did nothing but sleep at his desk all day.
Related words:
Indolent (adjective) – lazy  
Origin:  from Latin in- ‘not’ + dolere ‘suffer or give pain’
2. Fudge (verb):  Present or deal with (something) in a vague or inadequate way./ adjust or manipulate (facts or figures) so as to present a desired picture. (झूठे या जाली तथ्य पेश करना)
Synonyms: Falsify, Fake, Manipulate, Misrepresent, Misreport
Antonyms: Reveal, Be Honest
Example: Politicians have been known to fudge the issues.
Verb forms: Fudge, Fudged, Fudged
Related words:
Fudge (noun): (Foolish nonsense) 
3. Primitive (adjective): (Not developed/ very basic or unsophisticated in terms of comfort, convenience, or efficiency.) आरंभिक/अविकसित  
Synonyms: Basic, Introductory, Primary, Embryonic, rudimentary.
Antonyms: Developed, Sophisticated.
Example: Fortunately, advances in medical science have brought an end to primitivemedical practices like using leeches to remove tainted blood.
Origin: from Latin primus ‘first’.
4. Nutty (adjective): (unbalanced) (असंयत)
Synonyms: Mad, Crazy, Eccentric, Whacky, Gung Ho.
Antonyms: Balanced, Sane, Calm.
Example: When Jim’s grandmother started to act nutty, he took her in for a psychiatric evaluation.
5. Confiscate (verb): Take or seize (someone's property) with authority. (जब्त करना)
Synonyms: Impound, Seize, Expropriate, Take Possession of, Sequestrate
Example: According to school policy, the principal has the authority to confiscatesuspicious items from students.
Verb forms: Confiscate, Confiscated, Confiscated.
Related words:
Confiscatory (adjective) - (Being or imposing an excessive or unreasonable tax or cost)  
Confiscation (noun) - जब्ती
6. Prolific (adjective): (Producing much fruit or foliage or many offspring.) (अनुकूल/उपजाऊ/फलदायी)
Synonyms: Productive, Fertile, Fecund, Fruitful, Generative.
Antonyms: Sterile, Barren.
Example: Since Jim Smith scores over thirty points each game, he is considered to be one of the most prolific basketball players in history.
Related words:
Prolificacy (noun) - उपजाऊपन
Origin: from Latin proles ‘offspring’ 
7. Rig (verb): (Manage or conduct (something) fraudulently so as to gain an advantage.) (हेर-फेर करना)
Synonyms: Manipulate, Juggle, Gerrymander, Distort, Misrepresent, Pervert.
Antonyms: Be Honest, Be Fair.
Example: After losing the elections, the opposition leader accused the winning party of rigging the EVMs.
Verb forms: Rig, Rigged, Rigged.
8. Cripple (verb): (Cause (someone) to become unable to walk or move properly.) (अशक्त कर देना) 
Synonyms: Maim, Disable, Incapacitate, Lame, Mutilate, Hamstring, Debilitate
Antonyms: Strengthen, Repair, Capacitate, Enable.
Example: Higher taxes in the new proposed regime could cripple small businesses.
Verb forms: Cripple, Crippled, Crippled
9. By sweat of the brow (phrase): (by hard work) (मेहनत से /परिश्रम से)
Synonyms: Diligently, Assiduously, Painstakingly, Restlessly.
Antonyms: Idly, Inactively.
Example: By the sweat of his brow, A farmer can turned a barren little plot of land into the flourishing farm.
10. Virtuous (adjective): (Having or showing high moral standards.) (नेक/भद्र)
Synonyms: Righteous, Good, Moral, Ethical, Upright, Principled
Antonyms: Sinful, Unethical, Vile, Wicked
Example: Ellen made a virtuous choice to give her lottery winnings to the children’s hospital.
Related words:
Virtuousness (noun) - शुचिता
Origin: from Latin virtus ‘virtue’.
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