Manmohan Singh's 'three steps' to stem India's economic crisis

Soutik Biswas

India correspondent?of BBC NEWS

10 August 2020

India must take three steps "immediately" to stem?the damage of the coronavirus pandemic, according to its former prime minister Manmohan Singh.

stem /stem/ ?作名詞的有干；莖；船首；血統(tǒng)

1.?to stop sth that is flowing from spreading or increasing 阻止；封堵；遏止??The cut was bandaged to stem the bleeding. 傷口進行了包扎止血。

2. stem from sth??(?not used in the progressive tenses?不用于進行時?)?to be the result of sth?是…的結果；起源于；根源是

曼莫漢·辛格 (Manmohan Singh，1932年9月26日-)，印度資深政治家，印度前總理。

Dr Singh, who is widely regarded as the architect of India's economic reforms programme, and is now a senior leader of the main opposition?Congress party, spoke to BBC this week in an email exchange. The coronavirus pandemic ruled out a face-to-face interview and Dr Singh declined a video call.

?Congress party：印度的國大黨

During our exchange, he laid out three steps he believes the government has to take to stem the crisis and restore economic normalcy?in the coming years.

normalcy /?n??m?ls?/ ?Normalcy is a situation in which everything is normal. 常態(tài)

First, the government should "ensure people's livelihoods are protected and they have spending power through a significant direct cash assistance".

Second, it should make adequate capital available for businesses through "government-backed credit guarantee programmes".

Third, it should fix the financial sector through "institutional autonomy and processes".

India's economy was already in the?throes of a slowdown before the beginning of the pandemic - GDP grew at 4.2% in the 2019-20, its slowest pace in nearly a decade. The country is now gradually unlocking its economy after a prolonged and grinding shutdown, but the future looks uncertain as infection numbers rise. On Thursday, India became the?third country to pass two million Covid-19 cases.

throes n. /θr??z/ ?[ pl. ] violent pains, especially at the moment of death （尤指死亡時的）劇痛? The creature went into its death throes. 這小生命到了臨終疼痛階段。

IN THE THROES OF STH/OF DOING STH

in the middle of an activity, especially a difficult or complicated one 正在做，正忙于（尤指困難或復雜的活動）??The country was in the throes of revolutionary change. 國家正處于革命動蕩中

prolonged ?adj. /pr??l??d/ ?continuing for a long time 持久的；長期的?? a prolonged illness 長期的病

grinding adj. /?ɡra?nd??/ ?( of a difficult situation 困難的形勢 ) that never ends or improves 沒完沒了的；無休止的；無改進的?? grinding poverty 貧困不堪

Economists have since warned that India's GDP for the 2020-21 financial year is likely to?contract sharply, leading to the worst technical?recession since the 1970s.

Contract：我們上次講過它作動詞有感染的意思，其實還有收縮、收緊的意思·a contracting market 萎縮的市場

recession n. /r??se?n/ ?1.經濟衰退；經濟萎縮·The economy is in deep recession . 經濟正處于嚴重的衰退之中2.the movement backwards of sth from a previous position 退后；撤回·the gradual recession of the floodwater 洪水的漸漸消退

"I do not want to use words like 'depression' in a cavalier?fashion," Dr Singh said, but a "deep and prolonged economic slowdown" was "inevitable".

cavalier adj. ?/?k?v??l??(r)/ ?[ usually before noun ] not caring enough about sth important or about the feelings of other people 漫不經心的；不在乎的?? The government takes a cavalier attitude to the problems of prison overcrowding. 政府對監(jiān)獄擁擠不堪的問題不聞不問。

"This economic slowdown is caused by a humanitarian crisis. It is important to view this from the prism of sentiments in our society than mere economic numbers and methods," he said.

Prism?/?pr?z?m/ n. 棱鏡；[晶體][數] 棱柱

Dr Singh pointed to a consensus forming among economists over an economic contraction in India in nominal terms, "which if it happens, will be the first time in independent India".

"I hope the consensus is wrong," he said.

India locked down early, at the end of March, to prevent the spread of the coronavirus. Many believe the lockdown was?hastily executed?and did not anticipate the?exodus of millions of out-of-work migrant workers from cities.

hastily?/?he?st?li/??adv. 匆忙地；急速地；慌忙地

exodus n. /?eks?d?s/ ?( formal ) ~ (from...) (to...) ( humorous ) a situation in which many people leave a place at the same time （大批人同時）離開，外出，出去? the mass exodus from Paris to the country in the summer 夏日大批人從巴黎外出到鄉(xiāng)村

Dr Singh believes India did what other nations were doing, and "perhaps a lockdown at that stage was an inevitable choice".

"But the government's shock and awe?approach to the lockdown has caused tremendous pain to people. The suddenness of the announcement and the stringency of the lockdown were thoughtless and insensitive," he said.

awe /??/ ?1.[ U ] feelings of respect and slight fear; feelings of being very impressed by sth/sb 敬畏；驚嘆?awe and respect 敬畏和尊敬2.?[ usually passive ] ( formal ) to fill sb with awe 使敬畏；使驚嘆??She seemed awed by the presence of so many famous people. 見到這么多名人出席，似乎令她驚嘆不已

IDIOMS 習語1. be/stand in ?awe of sb/sth---to admire sb/sth and be slightly frightened of them/it 對…敬畏；對…望而生畏??While Diana was in awe of her grandfather, she adored her grandmother. 黛安娜敬畏她的祖父，但敬佩她的祖母。

stringency?/?str?nd??nsi/ n. 嚴格；說服力；（貨幣）[金融] 銀根緊；迫切

"Public health emergencies such as this are best dealt with locally by local administrators and public health officials, with broad guidelines from the Centre. Perhaps, we should have devolved the Covid-19 battle to the state and local administrations much sooner."

As finance minister, nearly 20 years ago, Dr Singh?helmed?an ambitious economic reform programme in 1991 after a balance of payments crisis nearly plunged India into bankruptcy.

helm n. /helm/ ?a handle or wheel used for steering a boat or ship 舵柄；舵輪

1. AT THE ?HELM??(1) in charge of an organization, project, etc. 負責；掌管；(2) steering a boat or ship 掌舵

2. TAKE THE ?HELM?(1) to take charge of an organization, project, etc. 擔任領導人；掌管；(2) to begin steering a boat or ship 開始掌舵

The 1991 crisis was a domestic crisis induced by global factors, he said. "But today's economic situation is unprecedented in its?ubiquity, scale and depth."

ubiquity /ju??b?kw?t?/ N-UNCOUNT If you talk about the ubiquity of something, you mean that it seems to be everywhere. 無處不在

Not even during World War Two had the "whole world shut down in such a synchronised?fashion as it is now", he said.

synchronize v. /?s??kr?na?z/ ?~ (sth) (with sth) to happen at the same time or to move at the same speed as sth; to make sth do this （使）同步，在時間上一致，同速進行

In April Narendra Modi's BJP-led government announced a $266bn (￡212bn) stimulus, including a range of liquidity measures and reforms to kickstart?the economy. India's central bank also introduced rate cuts and moratoriums?on loans.

BJP：?印度人民黨(Bharatiya Janata Party)；

stimulus/?st?mj?l?s/?n. 刺激；激勵；刺激物

Kickstart：kick-start 用腳踏啟動（摩托車）；（使）……盡快啟動，刺激；提供初始動力；重振

moratorium n. ?/?m?r??t??ri?m/ ?~ (on sth) a temporary stopping of an activity, especially by official agreement 暫停，中止（尤指經官方同意的）

With tax receipts?plummeting, economists have debated about how a cash-strapped?government would be able to get the money to fund direct transfers and provide more capital to?ailing?banks and credit to businesses.

cash-strapped adj. [ only before noun ] without enough money 資金短缺的

? cash-strapped governments/shoppers 缺資金的政府；缺錢的購物者

ailing adj. /?e?l??/ ?1.ill/sick and not improving 有病的；體弱的?She looked after her ailing father. 她照顧有病的父親。

2.( of a business, government, etc. 企業(yè)、政府等 ) having problems and getting weaker 處境困難的；每況愈下的?measures to help the ailing economy 改善經濟不景氣的措施

The answer, said Dr Singh was borrowing.

原文鏈接：https://www.bbc.com/news/world-asia-india-53675858