The IBPS Clerk 2020 notification got released yesterday announcing a total of 1557 vacancies. As per the official notification the IBPS Clerk Prelims 2020 exam is scheduled for 5th Dec 2020, so candidates must start with their preparation from today itself. The online registrations are starting today, so fill up the online registration form and give a free mock test of IBPS Clerk Prelims to know your initial exam preparation level. In order to ease the English section we are daily publishing vocabulary articles that will enhance your vocabulary and will also help the candidates in the reading comprehension as well. Below mentioned is today’s vocabulary which discusses about “Inevitable collapse: on steepest contraction of GDP”. We have chosen the difficult words along with their meanings.
|Difficult Word/Phrase||Contextual Meaning|
|steepest||rising or falling sharply|
|abjured||no longer agreeing with a belief|
|discretionary||not fixed by rules|
|outpaced||improve faster than|
|omnibus||a programme consisting of two or more parts|
|vaunted||boasted about, especially in an excessive way|
Inevitable (Inevitable) collapse: on steepest contraction of GDP
With COVID-19 hitting private consumption, demand recovery will hinge on govt. Spending
The inevitable has happened. India’s GDP suffered its steepest (rising or falling sharply) contraction on record in the April-June quarter, as output shrank 23.9% from a year earlier, provisional data show. It is evident that the stringent (strict) COVID-19 lockdowns in force through the first third of the quarter, and substantially in May, hollowed out demand. Private consumption spending, which accounts for almost 60% of GDP, contracted 26.7% as consumers abjured (no longer agreeing with a belief) almost all discretionary (not fixed by rules) spending. And exports, which contribute to a fifth of GDP and reflect overseas demand for Indian goods and services, shrank by nearly 20%. Investment activity was the worst-hit, collapsing 47% and shrinking in share of GDP to about 22% from 32% a year earlier as larger businesses conserved cash and refrained from any capital spending in the face of uncertainty, and smaller firms prioritised survival. Across the real economy, every single industry and services sector shrank with the solitary exception of agriculture, which grew 3.4% and outpaced (improve faster than) the year earlier quarter’s 3% expansion. Construction suffered the most, plunging 50%, followed by the omnibus (a programme consisting of two or more parts) services category — trade, hotels, communication, transport and broadcasting — which shrank 47%, hit by the pandemic-linked restrictions. Manufacturing too took a severe beating, contracting 39% as demand for products deemed non-essential evaporated, and factories, even after reopening, struggled to run amid shortages of labour and added safety norms.
It was left to the government to keep the bottom from falling out on demand as the Centre’s pandemic mitigation expenditure helped expand its consumption spending by 16.4% year-on-year and softened the overall blow to GDP. However, with the fiscal (monetary) deficit already having exceeded the full-year’s budgeted target in just the first four months, and revenue receipts impacted by the economic contraction, the government is unlikely to maintain a similar trend in expenditure growth over the next three quarters. Unless, of course, it is prepared to forsake its vaunted (boasted about, especially in an excessive way) fiscal conservatism and finds innovative ways to mobilise resources. The still rising trajectory of new COVID-19 infections and a high level of job losses and income erosion are also sure to retard any recovery in momentum. If the latest survey-based data from IHS Markit show manufacturing PMI for August signalling growth for the first time in five months, the same researcher’s findings also stress that “job shedding continues at a strong rate” in the industry. Equally significantly, the output numbers which are expected to undergo revision given the acknowledged difficulties in collecting data, do not capture a swathe of informal sector activity that was severely impacted. Agriculture too faces headwinds in the form of higher-than-ideal rainfall in August in several key crop growing regions in western and central India and with the impact of recent farm market ordinances yet to play out, it may be a while before the end of the tunnel is sighted.
We hope that aspirants must improve upon their word power with the help of these regularly published vocab articles. Prepare your English section well by reading daily vocabulary articles and enhancing your vocabulary.
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