Tuesday, 1 March 2016

Vocabulary Of The Day(MARCH 1st Hindu Editorial)



TOPIC : A message aimed at the heart of India.
            Stung by the criticism of being a suit boot ki sarkar and by the National Democratic Alliance’s electoral reverses in Bihar, Finance Minister Arun Jaitley has made bold to address the perception deficit in announcing a raft of proposals aimed at the rural sector and farmers. From a cess of 0.5 per cent on all taxable services that would expressly be used to finance improvements in agriculture and schemes to benefit farmers, to a dedicated long-term irrigation fund with a corpus of Rs.20,000 crore, the Union Budget seeks to pave the path for making good Prime Minister Narendra Modi’s promise to double farm incomes by 2022. Other measures to further this course include an outlay of Rs.19,000 crore that the Central government will spend this year on rural roads as part of its goal to ensure that all habitations are connected by 2019, and a push to achieve universal village electrification in the next two years. Between improved road connectivity and the availability of electricity, the potential is significant for a multiplier effect on the rural economy and improvements to the quality of life for residents of the hinterland. Two more steps are noteworthy. The Budget proposes the introduction of a health insurance scheme that would provide up to Rs.1 lakh as coverage against hospitalisation costs for economically weak households, with senior citizens above the age of 60 eligible for another Rs.30,000 in top-up cover. While the sum offered as protection is low by most standards for contemporary critical in-hospital care, especially in the private sector, for the indigent this could well mean the difference between not even attempting to seek medical care and a chance at surviving a debilitating illness. The other, equally laudable, initiative is to provide all families below the poverty line with cooking gas. This can afford those in underprivileged homes the dignity of a quicker and less harmful way to keep their kitchen fires running.
            From a larger macroeconomic perspective, Mr. Jaitley has for now said he will stick to his prior fiscal deficit commitments, but he has simultaneously flagged the need for more flexibility in dealing with situations when overall economic conditions are unfavourable. For this he has proposed the setting up of a committee to review the entire road map mandated by the Fiscal Responsibility and Budget Management Act of 2003 to study the possibility of having a target range instead of fixed numbers that would give the government the needed policy space to align a fiscal expansion or contraction with credit availability. For the individual tax payer, the Budget offers little to cheer, save some tax sops that lower and middle income families can leverage to invest in affordable housing, or squirrel away some more cash from an increase in the deduction towards house rent. The salaried class is likely to feel hard done by a move to tax 60 per cent of the corpus created from contributions to the Employees’ Provident Fund starting April 1 as part of a move to create a ‘pensioned society’. With elections to five provincial Assemblies due this year, Mr. Jaitley’s focus on the rural and agrarian communities is clear proof that the Budget still retains its relevance as a powerful messaging tool of a government’s political stances. Whether Budget 2016 will engender a harvest of votes, only time will tell.

VOCABULARY:
1.Stung : aroused to impatience or anger.                             
2.perception : a way of conceiving something.
3.deficit : the property of being an amount by which something is less than expected or required.
4.raft : (often followed by `of') a large number or amount or extent.
5.pave : a setting with precious stones so closely set that no metal shows.
6.hinterland : a remote and undeveloped area.
7.indigent : poor enough to need help from others.
8.debilitating : impairing the strength and vitality.
9.laudable : worthy of high praise.
10.underprivileged : lacking the rights and advantages of other members of society.
11.align : place in a line or arrange so as to be parallel or straight.
12.sops : piece of solid food for dipping in a liquid.
13.leverage : the mechanical advantage gained by being in a position to use a lever.
14.provincial : (Roman Catholic Church) an official in charge of an ecclesiastical province acting under the superior general of a religious order.
15.agrarian  : relating to rural matters.

16.stances :the way in which someone stands, especially when deliberately adopted (as in cricket, golf, and other sports); a person's posture.

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CURRENT AFFAIRS 1ST MARCH 2016


Current Affairs 1st March 2016
  • Union Minister of Finance Arun Jaitley presented the Union Budget for the financial year 2016-17 in the Parliament on February 29, 2016
  • Twitter launches Position of Strength Campaign to Empower Women
  • Vinod Rai appointed Chairman of Banks Board Bureau
  • Naveen Patnaik Has Been Elected As BJD President For The 7th Consecutive Term
  • President of India to be the chief guest at the 40th anniversary celebrations of Indian Civil Accounts Service tomorrow
  • President Pranab Mukherjee inaugurates India’s first Gender Park at Kozhikode
  • Gianni Infantino elected as New FIFA President
  • Ek Bharat Shreshtha Bharat Programme to be Launched
  • Oscar Awards 2016 conferred; Film Mad Max: Fury Road won maximum awards
  • 100 Crore each allocated for celebrating Birth Centenary of Pt Deen Dayal Upadhyay and 350th Birth Anniversary of Guru Gobind Singh
  • President to declare Kerala as first digital state today
  • Dinesh Sharma Appointed As Chairman Of Governing Council Of IFAD
  • Resul Pookutty became first Asian to win Golden Reel Award
  • Ranveer Singh to get Dinanath Mangeshkar prize
  • Vedanta Ltd wins India’s first-ever auction of a gold mine
  • K Garudachar, India’s oldest first-class cricketer, passed away
  • Wawrinka clinch Dubai ATP Tennis title
  • Former Maharashtra Minister Nihal Ahmed Maulavi Mohammed Usman died
  • BK Garudachar, India’s oldest first-class cricketer, died
  • Oscar Awards 2016 conferred; Film Mad Max: Fury Road won maximum awards
  • Japanese Student makes Time-Writing Clock
  • Sachin joins UNICEF’S ‘Team Swachh’ Initiative
  • Manchester City Win Capitol Cup for 4th Time