Daily English Vocab
PDF 12th Jan 2017
The Great Indian Experiment
Demonetization has set off chain reactions in banking, real estate, the wedding industry.
The immediate consequences of the demonetization of 500 and 1,000 rupee notes and their
replacement by new 500 and 2,000 rupee versions have been widely discussed. This change has
less obvious intermediate and long term consequences. Policy interventions set off (start/begin)
many chain reactions which are difficult to forecast (पूर्वा नुमवन करनव) but here is an attempt to do that.
The number of bank accounts, their balances and the number of transactions will rise sharply. A
fraction of the new bank accounts will belong to people who had no accounts in the past, or had
dormant (नननरिय) accounts with few transactions. This heretofore unbanked population will
become more aware of their financial opportunities and try to become more literate and numerate
to protect their wealth and interests.
Numeracy and financial literacy will not rise overnight and thus will create opportunities for
unscrupulous (अनैनिक/नर्र्ेकहीन) employers, bankers and others to exploit people. Banking industry
will find it necessary to educate its new customer base in the basics of banking, accounting and
interest, and revise its own standard operating procedures to accommodate its new clientele
(clients collectively). Schools may also open their adult literacy classes to cover financial topics.
The informal entrepreneurial banking sector may lose some business to formal banking. However,
banks' difficulties in serving the new clients through their bureaucratic structures will leave space
for informal banks. The corruptibility of bank employees who cut corners, and the resultant
scandals, will generate organised pressure to grant the entrepreneurs (who do not have to rely on
rules of a bureaucracy) a semi-regulated status, creating a new class of `banks'.
Initially, there will be a rise in barter (नर्ननमय करनव) transactions but this will die down due to the
substantial inconvenience. Better tracking of electronic transactions will make it more difficult to
avoid income, property and general sales tax. Higher tax compliance and tax revenue should lead
to a reduction of tax rates and ease state government budget constraints over the long run. With
fewer places to hide black money, there will be downward pressure on real estate prices. A
centralised registry of property ownership and transactions will be created in a few years.
The increase in the number of taxpayers will require a significant increase in the number of
employees engaged in tax collection and auditing. Business firms in electronic payments,
password protection and management and fintech will see improved opportunities and growth.
Since a significant proportion of the demand for luxury goods and extravagant (अनिव्ययी/खर्चीलव)
spending on weddings etc, is driven by black money, the demand for such goods and services will
decline. This means a temporary dip in retail sector employment, lower collection of import duties,
lower mall rental rates, and higher vacancies and loan defaults on commercial real estate.
The frequency of usage of electronic methods credit and debit cards, Paytm, mobile phone, etc
will increase both retail and labour markets. Complaints about unauthorised electronic transactions
arising from misunderstanding, inadvertent (बेपरर्वह/उपेक्षक) errors and malfeasance (दुरवर्चवर/अपरवध)
will also rise sharply. While hackers flood the field, their activities will raise the demand for better
protections from electronic fraud and hacking of accounts as well as for legal protections for
defrauded consumers.
In the medium term, contributions to political parties will decline. However, in the long run, India
will have to develop its own legitimate system to finance elections through white money. With the
diminished role of black money, elections will become less expensive and allow more
opportunities for independent candidates to run. Lower corruption in civil services and politics
will result in fewer and possibly better equipped applicants for civil service jobs and party election
tickets. Lower corruption in the business sector may place greater value on merit and talent in
labour markets and help improve the quality of goods and services. In education, the inability of
families to pay capitation (the payment of a fee or grant to a doctor, school, etc) fees will force a
temporary cut in the price of education. This drop in price will force a drop in admissions, closure
of some medical and engineering schools, and some rise in the average quality of education. It will
also drive out some diploma mills from the higher education sector.
The rise in bank deposits will make more money available for lending and put downward pressure
on interest rates unless RBI soaks up the extra liquidity. The difficulty of conducting routine retail
transactions until a sufficient amount of new currency becomes available will cut the rate of
economic growth for one or two quarters. Only a part of these missed transactions can be made up
later. In the long run, the lower cost of open transactions will help the economy to grow. The
quality of socio-economic data will improve and serve as a basis for better decisions.
The justification put forward for currency replacement may induce (प्रेररि करनव/प्रर्ृि करनव/कवरण होनव)
political realignment of parties who wish to hitch their wagon to the anti-corruption train.
Corruption is often cited as a lubricant for the economy; whether this theory holds water would be
known in the next few years.
Finally, this Indian experiment is being watched closely all over the world. If it succeeds, there
will be an increase in requests for advice on how India implemented its currency demonetisation
and exchange. This advice will be ignored for the most part; but if heeded (ध्यवन देनव), the
consequences of any replications (प्रनिरूप/ दोहरवर्), in absence of surprise, would be quite different.
Courtesy: The Times of India (National Policies).
1. Forecast (verb): Predict or estimate (a future event or trend). (पूर्वा नुमवन करनव)
 Synonyms: Predict, Prophesy, Prognosticate, Augur, Foretell, Foresee.
 Antonyms: Ignorance, Thoughtlessness.
Example: Leading economists have forecast a 5% growth in the economy for the coming year.
Verb forms: Forecast, Forecast, Forecast.
2. Dormant (adjective): Inactive but capable of becoming active/ temporarily inactive. (नननरिय)
 Synonyms: Inactive, Inoperative, Passive, Abeyance, Comatose.
 Antonyms: Active, Alert, Awake, Conscious, Lively.
Example: When my son lost his job, he became a dormant presence on my couch and did nothing
but watch television for months.
3. Unscrupulous (adjective): Having or showing no moral principles/ unconcerned about doing
what is right. (अनैनिक/नर्र्ेकहीन)


Synonyms: Unprincipled, Unethical, Immoral, Amoral, Conscienceless,
Antonyms: Decent, Ethical, Fair, Frank, Good, Honest.
Example: The unscrupulous teacher offered to raise her student’s grade if he gave her one
hundred dollars.
Related words:
 Unscrupulously (adverb) - अनैतिकिा से

Unscrupulousness (noun) - अनैतिकिा
4. Barter (verb): The action or system of exchanging. (नर्ननमय करनव)
 Synonyms: Trade, Swap, Trade Off, Exchange.
 Antonyms: Keep, Hold. Retain.
Example: The homeless man held a sign that suggested he would barter his handyman services
for a good meal.
Verb forms: Barter, Bartered, Bartered.
Related words:
 Barterer (noun) – वस्िुतवतनमेिा
5. Extravagant (adjective): Exceeding what is reasonable or appropriate; excessive or elaborate/
exceeding normal bounds. (अनिव्ययी/खर्चीलव)
 Synonyms: Exorbitant, Extortionate, Excessive, High, Unreasonable, Prodigal,
 Antonyms: Moderate, Reasonable, Restraint.
Example: Since Ellis and I have only been dating a short while, I cannot accept an extravagant
gift from him.
Related words:
 Extravagantly (adverb) - खर्चीले ढंग से
6. Inadvertent (adjective): Not resulting from or achieved through deliberate planning.
(बेपरर्वह/उपेक्षक)
 Synonyms: Careless, Reckless, Unwitting, Unplanned, Uncalculated.
 Antonyms: Careful, Cautious, Planned, Advertent, Attentive.
Example: Probably the most horrific consequences of violence are the inadvertent injuries or
deaths of innocent bystanders.
Related words:
 Inadvertently (adverb) - असावधानी से
7. Malfeasance (noun): The performance of an illegal deed, generally by someone in the public
trust. (दुरवर्चवर/अपरवध)
 Synonyms: Impropriety, Misbehavior, Misconduct, Wrongdoing.
 Antonyms: Manners, Obedience, Good deed.
Example: Because of the company president’s malfeasance, he has been removed from his office.
8. Induce (verb): Bring about or give rise to. (प्रेररि करनव/प्रर्ृि करनव/कवरण होनव)
 Synonyms: Bring About, Produce, Generate, Create, Engender.
 Antonyms: Prevent, Stop, Deter, Impede.
Example: The family physician said he was afraid that surgery could induce a heart attack.
Verb forms: Induce, Induced, Induced.
Related words:
 Inducement (noun) - अतिप्रेरण
9. Replication (noun): The repetition of an experiment in order to test the validity of its
conclusion./ a reproduction. (प्रनिरूप/दोहरवर्)
 Synonyms: Replica, Reverberation, Reproduction, Re-Implementation.
 Antonyms: Original, Unlikeness, Opposite, Dissimilar.
Example: Hopefully my mother won’t realize I replaced her antique vase with a cheap
replication.
Verb forms: Replicate, Replicated, Replicated.
Related words:
 Replicate (verb) - दोहराया जाना
10. Heed (verb): Pay attention to; take notice of. (ध्यवन देनव)
 Synonyms: Pay Attention To, Take Notice Of, Listen To, Notice, Pay Regard To.
 Antonyms: Disinterest, Disregard, Disrespect, Heedlessness, Ignorance.
Example: My sister is always in need of cash because she is unwilling to heed my financial advice.
Verb forms: Heed, Heeded, Heeded.
Related words:
 Heedless (adjective) - असावधान

Heedfully (adverb) - ध्यान देकर

Heedlessly (adverb) - लापरवाही से

Heedfulness (noun) - ध्यान
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