♠The Hindu Review♠
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♦ Indian economy poised to pick up in 2019, says IMF
- India is projected to grow at 7.5 per cent in 2019 and 7.7 per cent in 2020, an impressive over one percentage point ahead of China’s estimated growth of 6.2 per cent in these two years, the International Monetary Fund (IMF) said on Monday attributing the pick up to the lower oil prices and a slower pace of monetary tightening.
- The IMF in its January World Economy Outlook update on Monday said India would remain the fastest growing major economies of the world.
- “India’s economy is poised to pick up in 2019, benefiting from lower oil prices and a slower pace of monetary tightening than previously expected, as inflation pressures ease,” the IMF said.
- Despite fiscal stimulus that offsets some of the impact of higher US tariffs, China’s economy will slow down due to the combined influence of needed financial regulatory tightening and trade tensions with the US, the IMF said in its latest report.
- Growth in emerging and developing Asia will dip from 6.5 per cent in 2018 to 6.3 per cent in 2019 and 6.4 per cent in 2020, it said.
♦ Myntra-Jabong gets new head for fashion and lifestyle
- Flipkart has promoted Rishi Vasudev, its fashion department head, to give him additional responsibility of the fashion and lifestyle categories of its fashion portals Myntra and Jabong, two people familiar with the development.
- The development comes just a week after the e-commerce major named Amar Nagaram as head of Myntra-Jabong, following the resignation of Ananth Narayanan as its CEO.
- Amar will head product, tech and customer experience, Rishi will head fashion and lifestyle at Myntra and Jabong,” said a person familiar with the development.
- Both Nagaram and Vasudev will report to Flipkart CEO Kalyan Krishnamurthy, the person said, adding that a formal announcement is expected in the next 10 days or so.
- A Flipkart spokesperson in an emailed response said, “As a company we don’t comment on speculations/rumours.”
- Earlier this month, Vasudev was promoted as senior vice president, the two sources said. That has also been updated in his LinkedIn profile.
♦ Khelo India Games concludes; Maharashtra maintains top spot
- Khelo India Youth Games concluded at the Shri Shiv Chhatrapati Sports Complex in Pune on Sunday. The closing ceremony was atttended by Union HRD Minister Prakash Javadekar.
- Host Maharashtra topped the medals tally with 227 Medals, while Haryana was second with 176 Gold and Delhi on third with 136.
- Union Minister for Human Resources Development Prakash Jawadekar said that Sports will be made a compulsory subject in all schools from next year and every day one hour will be allotted for sports.
- Hosts Maharashtra bagged General Championship of Khelo India this year with 85 Gold Medals.Haryana is on number 2 with 62 Gold and Delhi is on number 3 with 48 Gold medals. 12 Gold Medals were decided on last day.
- Khelo India Youth Games brought many young talent to national level. Karnataka’s Swimmer Srihari Nataraj ended the competition with seven gold medals.
- Notably, sport person from Union territory Daman and Diu also won three bronze medals.
- The Khelo India Games helped the budding players of the country to get the environment of international standard competition in domestic Games.
♦ Nepal’s central bank announces ban of Indian notes above ₹100
- Nepal’s central bank has banned the use of Indian currency notes of ₹2,000, ₹500 and ₹200 denominations, a move that could affect Indian tourists visiting the Himalayan nation where Indian currency is widely used.
- Nepal Rastra Bank on Sunday issued a circular prohibiting Nepali travellers, banks and financial institutions from holding or carrying and trading Indian bank notes higher than ₹100, the Kathmandu Post reported.The central bank said in its circular stated that Indian currency of 200, 500 and 2,000 denominations cannot be carried and used for trading.
- Under the new regulation, Nepali citizens cannot carry these denominations to countries other than India. Similarly, Nepalis are also not allowed to bring such notes from other countries. Indian notes of ₹100 or below, however, are allowed for trading and conversion, the bank’s circular reads.
- On December 13 last year, the Cabinet had decided to publish the notification in the Nepal Gazette not to allow people to carry Indian currency notes above ₹100 denominations in Nepal.
- The ban has been criticised by travel traders and entrepreneurs, saying that it would hurt the country’s burgeoning tourism at a time when the government has announced ‘Visit Nepal’ campaign with an objective to draw at least 2 million tourists in 2020.
♦ NCLT approves merger of debt-ridden Tata Teleservices with Bharti Airtel
- The National Company Law Tribunal has approved the merger of loss-making telecom firm Tata Teleservices with Bharti Airtel, according to an exchange filing on Monday.
- The merger is subject to the approval of the Department of Telecommunications (DoT).
- “Hon’ble National Company Law Tribunal, New Delhi, Principal Bench, vide its order dated January 17, 2019, has sanctioned the composite scheme of arrangement between Tata Teleservices Limited, Bharti Airtel Limited and Bharti Hexacom Limited and their respective shareholders and creditors,” Bharti Airtel said in a BSE filing.
- Bharti Hexacom is a subsidiary of Bharti Airtel.
♠Vocabulary (The Hindu)♠
- MORONIC (ADJECTIVE): (मूर्ख)stupid
Synonyms: foolish, idiotic
Antonyms: intelligent, sensible
Example: He is moronic by nature.
- CURB (NOUN): (नियंत्रण)control
Synonyms: restriction, rein
Antonyms: freedom, encouragement
Example: Taking a few deep breaths may curb your temper.
- SURREPTITIOUSLY (ADVERB): (चोरी–चोरी) secretly
Antonyms: openly, publicly
Example: It was a surreptitiously printed material.
- RAPT (ADJECTIVE): (उन्मत्त) delighted
Synonyms: ecstatic, enthralled
Antonyms: unhappy, sorrowful
Example: Swastika was a rapt person.
- RELEGATE (VERB): (निर्दिष्ट करना)assign
Synonyms: consign, entrust
Antonyms: keep, hold
Example: Rani had assigned the task to the agency.
- UNEARTH (VERB): (खोजकर निकालना):dig up
Synonyms: discover, excavate
Antonyms: conceal, cover
Example: “workmen unearthed an ancient artillery shell”.
- VENT (VERB): (जाने देना):release
Synonyms: emit, let out
Antonyms: hold, retain
Example: I vented a shriek when the dog suddenly jumped on me.
- DIMINUTIVE (ADJECTIVE): (छोटा):tiny
Synonyms: petite, pint-sized
Antonyms: big, enormous
Example: Sagarika is feeling diminutive hunger right now.
Close Test Based on The Hindu editorial
Nudged into action: on the Lokpal Act
It should have never come to this on the Lokpal. That it requires a Supreme Court order to (1) the government to make any progress towards establishing the anti-graft institution is a poor commentary on its functioning. The court has asked the eight-member Search Committee (2) the Lokpal Act to recommend a panel of names before the end of February. This shortlist has to be sent to the Selection Committee, headed by the Prime Minister. It has taken five years since the Lokpal Act, 2013, received the President’s assent on January 1, 2014, for a Search Committee to even begin its work. It was (3) only on September 27, 2018, after Common Cause, an NGO, filed a contempt petition against the government over the delay in constituting the authority despite a Supreme Court verdict in April 2017. It is true that setting up the Search Committee requires some groundwork, as its composition should be drawn from diverse fields such as anti-corruption policy, public administration, law, banking and insurance; also, half its membership should consist of women, backward class, minority and SC/ST candidates. However, it is the government’s duty to expedite this process and not cite it as a reason for delay. Even after it was formed, the Search Committee has been handicapped because of lack of office space, manpower, infrastructure and a secretariat. The court has now (4) the government to provide the required infrastructure. In the past too, the court has admonished the Centre for the delay in creating the institution. In its April 2017 verdict, the court brushed aside the reason that the government was awaiting the passage of an amendment based on a parliamentary committee report and said there was no legal bar on the Selection Committee moving ahead with its work even if there was a vacancy in it.
There is a good deal of politics behind the delay. The Selection Committee, which includes the Lok Sabha Speaker, the Leader of the Opposition, the Chief Justice of India and an eminent jurist, has met in the past without Mallikarjun Kharge, who heads the Congress in the Lok Sabha. He has been skipping meetings, as he is aggrieved that the government has not made him a full member, and has roped him in as a ‘special invitee’. The government sticks to its view that he has not been recognised as the Leader of the Opposition by the Speaker. This minor issue has been resolved in respect of appointments to other posts such as CBI Director and Central Vigilance Commissioner by a simple amendment to (5) the leader of the largest Opposition party as the Leader of the Opposition for this purpose. This amendment has not been brought about despite a parliamentary committee report endorsing the idea in December 2015. Nothing except the lack of political will to establish the Lokpal can explain years of delay.
Question 6: Select the word which is most nearly the SAME MEANING as the word printed in bold as used in the passage.
Admonished (चेताया, caution)
6- D Admonished (चेताया, caution)
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