PRAGRAPH,WORDS AND MEANINGS

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TOPIC – Long Haul Ahead

Factory output continued to contract in July, albeit marginally slower than in June, reflecting the depressed economic conditions as the pandemic rages on. Quick estimates for the IIP show output across the three sectoral components of the index — mining, manufacturing and electricity — all shrank, dragging the overall index to a 10.4%yearonyearcontraction.While this is slower than June’s 15.8% shrinkage, a closer look reveals that there bound in momentum  witnessed in the fiscal first quarter’s last month — when the economy reopened and the contraction narrowed sharply from May’s 33.9% fall — has dissipated appreciably. The most telltale sign of this flattening is the more than halved pace of growth in the solitary use based industrial activity of the IIP’s six product groups, in which output had turned positive in June. Growth in consumer nondurables — it includes essential household consumables— slid back to 6.7% from the preceding month’s 14.3%, betraying the abiding weakness in private consumption spending. The other five groups posted double digit contractions, with consumer durables and capital goods shrinking 23.6% and 22.8%, respectively. If the trend in durables attests to the RBI’s    evaluation last month that “private consumption has lost its discretionary elements across the board”, the capital goods data point to a dismal picture on the investment front. With demand­ starved companies operating their factories well below capacity, there is little in dication that the protracted six quarter slump in this key sector, which encompasses the plants and machinery that manufacturers order when expanding or starting new ventures, is anywhere close to reversing momentum. Electricity generation, however, provides some relief, with the contraction narrowing to 2.5% in July from June’s 10%. A deeper look at the 23 subcategories of manufacturing shows that only tobacco products   and pharmaceuticals posted expansions in July, with the latter benefitting from the increased global demand form edicines, including generic drugs, in the wake of the pandemic. The manufacture of pharmaceuticals, medicinal chemical and botanical products climbed  22% in July, making it the solitary product to post an expansion of 1.8% over April July. Textiles and garment manufacturing, employment intensive segmentsshrunk to14.8% and 28.7%, respectively. To be sure, the IIP data come with a lag of six weeks and a few more recent indicators give room for some guarded hope. For  one, the latest IHS Markit India Manufacturing PMI survey based outlook signals that the sector likely posted some expansion for the first time in five months in August.  And automakers reported growth in shipments of passenger vehicles to dealers last month in anticipation of festive season demand. Still, to help sustain any incipient revival, the Centre will need to enact demand supportive fiscal policies or risk seeing the slowdown prolong.

MEANINGS AND WORDS

 Albeit (conjunction) – Even though, Although

Synonyms – nevertheless, still, howbeit, whilst, in spite of

Antonyms – so, as such, consequently, therefore, because of this

Rage (noun) – A feeling of intense anger

Synonyms – fury, wrath, passion, vogue, temper

Antonyms – peace, serenity, happiness, tranquility, mildness

Contraction (noun) – The act or process of contracting, shortening or shrinking

Synonyms – abbreviation, decline, constriction, spasm, elision

Antonyms – extension, dilation, augmentation, distension, amplification

Dissipated (adjective) – Wasteful of health, money

Synonyms – profligate, degenerate, libertine, depraved, reprobate

Antonyms – ethical, virtuous, intact, maidenly, huddled

Flatten (verb) – To become or grow flat

Synonyms – squash, crush, demolish, devastate, bulldoze

Antonyms – sharpen, elevate, break, crumple, roughen

Betray (verb) – Reveal unintentionally

Synonyms – disclose, divulge, deceive, manifest, denounce

Antonyms – protect, dote, abide, undeceive, veil

Discretionary (adjective) – Using the ability to decide according to your own discretion or judgment

Synonyms – voluntary, discretional, arbitrary, facultative, capricious

Antonyms – mandatory, imperative, stringent, requisite, imperious

Starved (verb) – Suffering from lack of food

Synonyms – hungry, famished, ravenous, esurient, emaciated

Antonyms – replete, nourished, satiate, energetic, surfeited

Protracted (adjective) – Relatively long in duration

Synonyms – extended, lingering, spun out, prolix, extensive

Antonyms – fleeting, abrupt, little, condense, taciturn

Encompasses (verb) – Include as part of something broader

Synonyms – comprises, encloses, contains, incorporates, environs

Antonyms – excludes, omits, releases, lacks, frees

Venture (verb) – Proceed somewhere despite the risk of possible dangers

Synonyms – risk, adventure, gamble, jeopardize, speculation

Antonyms – safety, safety, setback, hitch, deterrence

Incipient (adjective) – Beginning to be or to show itself

Synonyms – inchoate, embryonic, embryonic, inceptive, rudimentary

Antonyms – end, tardy, terminal, mellow, serotinous

Revival (noun) – Bringing again into activity and prominence

Synonyms – recovery, revitalization, resurrection, revivification, upturn

Antonyms – suppression, abeyance, destruction, annulment, carcass

Prolong (verb) – To extend the duration of

Synonyms – protract, sustain, stretch, elongate, preserve

Antonyms – shorten, abbreviate, curtail, dwindle, abridge