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/  作名词的有干；茎；船首；血统

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. 伤口进行了包扎止血。

2. stem from sth  ( not used in the progressive tenses 不用于进行时 ) to be the result of sth 是…的结果；起源于；根源是

曼莫汉·辛格 (Manmohan Singh，1932年9月26日-)，印度资深政治家，印度前总理。

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：印度的国大党

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 /ˈnɔːməlsɪ/  Normalcy is a situation in which everything is normal. 常态

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. /θrəʊz/  [ pl. ] violent pains, especially at the moment of death （尤指死亡时的）剧痛• The creature went into its death throes. 这小生命到了临终疼痛阶段。

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（尤指困难或复杂的活动） •The country was in the throes of revolutionary change. 国家正处于革命动荡中

prolonged  adj. /prəˈlɒŋd/  continuing for a long time 持久的；长期的 • a prolonged illness 长期的病

grinding adj. /ˈɡraɪndɪŋ/  ( of a difficult situation 困难的形势 ) that never ends or improves 没完没了的；无休止的；无改进的 • grinding poverty 贫困不堪

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：我们上次讲过它作动词有感染的意思，其实还有收缩、收紧的意思·a contracting market 萎缩的市场

recession n. /rɪˈseʃn/  1.经济衰退；经济萎缩·The economy is in deep recession . 经济正处于严重的衰退之中2.the movement backwards of sth from a previous position 退后；撤回·the gradual recession of the floodwater 洪水的渐渐消退

"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.  /ˌkævəˈlɪə(r)/  [ usually before noun ] not caring enough about sth important or about the feelings of other people 漫不经心的；不在乎的 • The government takes a cavalier attitude to the problems of prison overcrowding. 政府对监狱拥挤不堪的问题不闻不问。

"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 /ˈprɪzəm/ n. 棱镜；[晶体][数] 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 /ˈheɪstɪli/  adv. 匆忙地；急速地；慌忙地

exodus n. /ˈeksədəs/  ( formal ) ~ (from...) (to...) ( humorous ) a situation in which many people leave a place at the same time （大批人同时）离开，外出，出去• the mass exodus from Paris to the country in the summer 夏日大批人从巴黎外出到乡村

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 /ɔː/  1.[ U ] feelings of respect and slight fear; feelings of being very impressed by sth/sb 敬畏；惊叹•awe and respect 敬畏和尊敬2. [ usually passive ] ( formal ) to fill sb with awe 使敬畏；使惊叹 •She seemed awed by the presence of so many famous people. 见到这么多名人出席，似乎令她惊叹不已

IDIOMS 习语1. be/stand in ˈawe of sb/sth---to admire sb/sth and be slightly frightened of them/it 对…敬畏；对…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 /ˈstrɪndʒənsi/ n. 严格；说服力；（货币）[金融] 银根紧；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；舵轮

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

2. TAKE THE ˈHELM (1) to take charge of an organization, project, etc. 担任领导人；掌管；(2) to begin steering a boat or ship 开始掌舵

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 /juːˈbɪkwɪtɪ/ N-UNCOUNT If you talk about the ubiquity of something, you mean that it seems to be everywhere. 无处不在

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. /ˈsɪŋkrənaɪz/  ~ (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，在时间上一致，同速进行

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： 印度人民党(Bharatiya Janata Party)；

stimulus/ˈstɪmjələs/ n. 刺激；激励；刺激物

Kickstart：kick-start 用脚踏启动（摩托车）；（使）……尽快启动，刺激；提供初始动力；重振

moratorium n.  /ˌmɒrəˈtɔːriəm/  ~ (on sth) a temporary stopping of an activity, especially by official agreement 暂停，中止（尤指经官方同意的）

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 资金短缺的

• cash-strapped governments/shoppers 缺资金的政府；缺钱的购物者

ailing adj. /ˈeɪlɪŋ/  1.ill/sick and not improving 有病的；体弱的•She looked after her ailing father. 她照顾有病的父亲。

2.( of a business, government, etc. 企业、政府等 ) having problems and getting weaker 处境困难的；每况愈下的•measures to help the ailing economy 改善经济不景气的措施

The answer, said Dr Singh was borrowing.

原文链接：https://www.bbc.com/news/world-asia-india-53675858