Industrial, trade policy
First, an industrial and trade policy is needed. The Department of Industrial Policy and Promotion (DIPP) is finally preparing an industrial policy. For 20 years after economic reforms began in 1991 there was no National Manufacturing Policy, and the Policy, when it came in 2011, was not even implemented. By the time the 12th Plan (with the first mention of Industrial Policy since 1991) became public, the UPA government had gone into policy paralysis. Not only did tariffs come down too fast in the 1990s, but what has damaged manufacturing is inverted duty structures. While the DIPP is preparing the industrial policy document, it is essential that trade policy is consistent with such an industrial policy. Otherwise the two may work at cross purposes and undermine each other’s objectives. This is precisely what has happened over many years. Excessive imports have been decimating Indian manufacturing. An inverted duty structure has the following features: higher duty on intermediate goods compared to final finished goods, with the latter often enjoying concessional customs duty. As a result, domestic manufacturers face high tariffs since the last 12-15 years, leading to higher raw material cost at home, emanating from the unfavourable inverted duty structure. This was pointed out by FICCI way back in 2014 for aluminium, steel, chemicals, capital goods, electronics. This has prevented many manufacturing sectors from growing since economic reforms began. This must be corrected. The automobiles sector in India faced no inverted duty structure, and has thrived. India has become in the last decade one of the largest producers of vehicles of several kinds in the world now. Electronics faced an inverted duty structure, but the Finance Minister has made changes, and slowly electronics manufacturing has grown. Second, special packages are needed for labour-intensive industries to create jobs. There are a number of labour intensive manufacturing sectors in India such as food processing, leather and footwear, wood manufacturers and furniture, textiles and apparel and garments. The apparel and garments sector received a package from the Government of India roughly a year back. The other labour intensive sectors have been ignored. The nature of the package will need to be individually designed for each sector defined as quickly as possible.
MEANINGS AND WORDS
1) Paralysis
Meaning: Inability to act or function properly.
Example: The paralysis gripping the country.
Synonyms: Shutdown, Stoppage
2) Tariffs
Meaning: A tax or duty to be paid on a particular class of imports or exports.
Example: The reduction of trade barriers and import tariffs.
Synonyms: Tax, Duty
3) Inverted
Meaning: Put upside down or in the opposite position, order, or arrangement.
Example: Invert the mousse on to a serving plate.
Synonyms: Upturn, Upend
4) Decimating
Meaning: Kill, destroy, or remove a large proportion of.
Example: The inhabitants of the country had been decimated.
5) Latter
Meaning: Denoting the second or second mentioned of two people or things.
Example: The Russians could advance into either Germany or Austria—they chose the latter option.
Synonyms: Last –mentioned, Second
Antonyms: Former, Prior
6) Concessional
Meaning: (Of a rate or allowance) constituting a concession.
Example: A concessional interest rate.
7) Emanating
Meaning: Give out or emit (a feeling, quality, or sensation).
Example: He emanated a powerful brooding air.
Synonyms: Exude, Exhale
8) Reforms
Meaning: Make changes in (something, especially an institution or practice) in order to improve it.
Example: The Bill will reform the tax system.
Synonyms: Improve, Better
Antonyms: Preserve, Maintain
9) Thrived
Meaning: (Of a child, animal, or plant) grow or develop well or vigorously.
Example: The new baby thrived.
Synonyms: Flourish, Prosper
Antonyms: Decline, Wither
10) Apparel
Meaning: Clothing.
Example: They were dressed in bright apparel.
Synonyms: Clothes, Dress
11) Rejuvenation
Meaning: The action or process of making someone or something look or feel better, younger, or more vital.
Example: Plans for the rejuvenation of the area.
12) Afford
Meaning: Have enough money to pay for.
Example: The best that I could afford was a first-floor room.
Synonyms: Manage, Provide
13) Speed-up
Meaning: An increase in speed, especially in a person’s or machine’s rate of working.
14) Acquitting
Meaning: Free (someone) from a criminal charge by a verdict of not guilty.
Example: She was acquitted on all counts.
Synonyms: Absolve, Clear
Antonyms: Convict
15) Merely
Meaning: Just; only.
Example: Gary, a silent boy, merely nodded.
Synonyms: Only, Purely
16) Sentenced
Meaning: Declare the punishment decided for (an offender).
Example: Ten army officers were sentenced to life imprisonment.
Synonyms: Convict, Condemn
17) Shoddy
Meaning: Badly made or done.
Example: We’re not paying good money for shoddy goods.
Synonyms: Poor-quality, Inferior
Antonyms: Well made, careful
18) Probity
Meaning: The quality of having strong moral principles; honesty and decency.
Example: Financial probity.
Synonyms: Integrity, Honesty
Antonyms: Untrustworthiness
19) Witnesses
Meaning: A person who sees an event, typically a crime or accident, take place.
Example: Police are appealing for witnesses to the accident.
Synonyms: Observer, Onlooker
20) Clinching
Meaning: Confirm or settle (a contract or bargain).
Example: The Texan wanted to impress him to clinch a business deal.
Synonyms: Secure, Settle
21) See-saw
Meaning: A situation characterized by rapid, repeated changes from one state or condition to another.
Example: The emotional see-saw of a first love affair.
22) Hid
Meaning: Put or keep out of sight.
Example: He hid the money in the house.
Synonyms: Conceal, Secrete
Antonyms: Flaunt, Expose
23) Gulf
Meaning: A large difference or division between two people or groups, or between Viewpoints, concepts, or situations.
Example: The widening gulf between the rich and the poor.
Synonyms: Divergence, Contrast
24) Exemplified
Meaning: Be a typical example of.
Example: The best dry sherry is exemplified by the fino of Jerez.
Synonyms: Typify, Epitomize
25) Speculative
Meaning: Engaged in, expressing, or based on conjecture rather than knowledge.
Example: He gave her a speculative glance.
Synonyms: Conjectural, Theoretical
Antonyms: Proven
