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Full circle: On cutting fuel taxes

Cutting fuel taxes is a must to ensure overall macroeconomic stability

As the ruling Bharatiya Janata Party marks the eighth anniversary of Prime Minister Narendra Modi’s
government, retail inflation has accelerated close to the 8.3% level last seen in May 2014, when Mr.
Modi assumed office in the last week of the month. For a government that prided itself on its inflation
taming successes in the first five years, a combination of factors including the COVID-19 pandemic, high
crude oil prices and now the war in Ukraine have created a perfect storm that sent the Consumer Price
Index (CPI)-based inflation racing to a 95-month high of 7.79% in April. Food and fuel were the biggest
culprits fanning last month’s furious pace of price gains that seem unabating. Food inflation as
measured by the Consumer Food Price Index (CFPI) quickened to a 17-month high of 8.38% last month,
with rural consumers experiencing it at 8.5%, a pace that was 41 basis points faster than that
experienced by their urban counterparts. Ten of the 12 items in the food and beverages basket of the
overall CPI registered sequential acceleration as well. Of concern are the prices of cereals and
products, which constitute almost a tenth of the CPI and account for the key staples of wheat and rice
that are essential for ensuring food security. Inflation in cereals accelerated by more than 100 basis
points to 5.96% last month.

With both output and government procurement of wheat set to be lower than estimated earlier and
exporters seeking to corner a greater share of the crop to tap the recent surge in global demand for the
grain, domestic prices have already hardened and could pose a challenge to household budgets in the
coming months. Edible oil is another constituent of the food basket meriting close monitoring on the
prices front. While inflation in the price of the cooking medium slowed by 151 basis points from March,
the pace was still a dizzying 17.28%, with the sequential rate also a sizeable 2.52%. With the war in
Ukraine having shut the tap on sunflower oil supplies from the largest global source of the commodity,
unless Indonesia rescinds its ban on palm oil exports in the near future, the immediate outlook for
edible oil prices is far from reassuring. Ultimately though, with inflation now having turned far more
broad-based and logging a strident pace in excess of 8% for four of the six sub-groups in the CPI,
policymakers have their task cut out. While the RBI must continue to tighten monetary policy in order
to protect the vast majority who have no hedge against inflation, the pass-through of high oil costs,
reflected in double-digit price gains in the transport and fuel and light categories, leaves the
Government with little option but to cut fuel taxes if it is serious about taming inflation so as to ensure
overall macroeconomic stability. [Practice exercise]

 Red/blue coloring of words indicates subject verb relationship; where ‘red’ denotes ‘subject’ and
‘blue’ denotes ‘verb’.

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Vocabulary
1. Full circle (phrase) – returning to a
previously held belief or position
2. Macroeconomic (adjective) – relating to
the branch of economics concerned with
large-scale or general economic factors,
such as interest rates and national
productivity.
3. Stability (noun) – firmness, solidity,
steadiness, secureness स्थथयता
4. Ruling (adjective) – reigning, sovereign, on
the throne सत्तारूढ़
5. Mark (verb) – celebrate, observe,
recognize उत्सव भनाना
6. Retail inflation (noun) – Retail inflation is
the general rise in the retail prices of goods
and services in the economy. Retail
inflation is measured by Consumer price
index (CPI).
7. Accelerate (verb) – increase, rise, go up,
advance, leap फढ़ना
8. Assume (verb) – Take or begin to have
(power or responsibility) स्िम्भेदायी
संबारना
9. Pride (oneself on/upon) (verb) – be proud
of, be proud of oneself for, take pride in,
take satisfaction in अऩने आऩ ऩय गवव कयना
10. Tame (verb) – curb, control, overcome,
temper ननमंत्रण कयना, काफू ऩाना
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11. Perfect storm (noun) – an extremely bad
situation in which many bad things happen
at the same time फेहद खयाफ स्थथनत
12. Consumer price Index (CPI) (noun) – The
Consumer Price Index (CPI) measures the
average change in prices over time that
consumers pay for a basket of goods and
services
13. Race to (phrasal verb) – To move in a very
hurried manner
14. Culprit (noun) – The cause of a problem or
defect. सभथमा का कायण
15. Fan (verb) – intensify, increase, agitate,
inflame, exacerbate फढ़ाना, अधधक कयना
16. Furious (adjective) – fierce, wild, violent;
intense, vehement, unrestrained उग्र, तीव्र
17. Pace (noun) – speed, rate, swiftness,
quickness, rapidity गनत
18. Gain (noun) – increase, augmentation,
addition, rise फढ़त
19. Unabating (adjective) – Not weakening or
losing intensity. फेयोकटोक, अथक
20. Quicken (verb) – accelerate, step up,
इजाफा होना, फढ़ना
21. Basis point (noun) – 100 basis point = 1%
22. Counterpart (noun) – equivalent, opposite
number, peer, equal सभकऺ
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23. Beverage (noun) – A drink, especially one
other than water. ऩेम ऩदाथव
24. Register (verb) – record दिव कयना
25. Sequential (adjective) – consecutive, in a
row, straight, solid, sequential, succeeding
क्रभफद्ध
26. Acceleration (noun) – increase, rise,
advance, leap, surge फढ़ोतयी
27. Constitute (verb) – amount to, add up to,
account for, form ननर्भवत कयना
28. Account for (phrasal verb) – be responsible
for, represent, supply, provide, constitute,
make up, comprise के र्रमे उत्तयदमी होना
29. Staple (noun) – A main or important
element of something, especially of a diet.
30. Procurement (noun) – obtaining,
acquiring, gaining, gain, procuring प्रास्तत
31. Set (to) (adjective) – ready, prepared,
organized तैमाय
32. Seek (verb) – try, attempt, endeavour,
strive, work प्रमास कयना
33. Corner (verb) – Control (a market) by
dominating the supply of a particular
commodity. ननमंत्रण कयना
34. Tap (verb) – exploit, make use of, put to
use, use, utilize अनुधित राब उठाना
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35. Surge (noun) – sudden increase, rise,
growth, upswing, upsurge उछार
36. Harden (verb) – (of prices of stocks,
commodities, etc.) rise and remain steady
at a higher level.
37. Pose (verb) – constitute, present, create,
cause, produce खडा कयना (खतया)
38. Edible (adjective) – eatable, consumable,
digestible, palatable खाद्म
39. Constituent (adjective) – component,
integral
40. Merit (verb) – deserve, earn, be deserving
of, warrant, be worthy of मोग्म होना
41. Front (noun) – A particular situation
42. Dizzying (adjective) – Characterized by
impulsive haste; very rapid
43. Sizeable (adjective) – fairly large,
substantial, considerable, respectable फडा
44. Shut the tap (phrase) – To restrict the flow
of something; Inhibit, impede, curb, hold
back योकना, फाधधत होना
45. Rescind (verb) – revoke, repeal, cancel,
reverse, abrogate यद्द कय दे ना
46. Outlook (noun) – prospects, expectations,
expectancy, hopes संबावना
47. Far from (phrase) – not, not at all,
nowhere near
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48. Reassure (verb) – comfort, soothe, put central bank to achieve sustainable
someone at ease आश्वथत कयना economic growth by adjusting the money
supply.
49. Log (verb) – register, record; attain,
56. In order to (phrase) – With the purpose or
achieve दिव कयना
intention of doing something. ताकक
50. Strident (adjective) – harsh, raucous,
57. Hedge (noun) – safeguard, protection,
rough, grating, rasping, कठोय
shield, screen, guard सुयऺा, ढार
51. Policymaker (noun) – A person responsible
58. Pass-through (noun) – Of costs, etc. that
for or involved in formulating policies,
are passed on to the buyer
especially in politics. नीनत ननभावता
59. Reflect (verb) – indicate, show, display,
52. Have one’s task cut out (phrase) – to have
demonstrate प्रदर्शवत कयना
something difficult to do
60. Leave someone with little/no choice
53. Tighten (verb) – strengthen, make
option (phrase) – to make it necessary for
stronger, reinforce, harden कडा कयना
someone to do something
54. Tightening of monetary policy (noun) – It 61. So as to do something (phrase) – In order
includes increasing benchmark interest
to do something. ताकक
rate (i.e. repo rate, bank rate, MSF) in
order to control inflation by restricting the 62. Ensure (verb) – make sure, make certain,
flow of liquidity (i.e. cash) into the market.
see to it सनु नस्श्ित कयना
55. Monetary policy (noun) – Monetary policy
is a set of actions available to a nation's

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Practice Exercise
Direction (Q1 – Q3): Select the best express synonym of the highlighted words [Editorial]
1. While the RBI must continue to tighten monetary policy in order to protect the vast majority
who have no hedge against inflation.
A. Munificent
B. Exemplify
C. Protection
D. Paternal
2. With the war in Ukraine having shut the tap on sunflower oil supplies from the largest global
source of the commodity, unless Indonesia rescinds its ban on palm oil exports in the near future
A. Repeal
B. Circumscribe
C. Nebulous
D. Cacophony
3. Food and fuel were the biggest culprits fanning last month’s furious pace of price gains that
seem unabating.
A. Corroborate
B. Intensify
C. Respite
D. Castigate
Direction (Q4 – Q5): Select the antonym of the highlight word referred in the sentence.
4. Its ban on palm oil exports in the near future, the immediate outlook for edible oil prices is far
from reassuring.
A. Abject
B. Discouraging
C. Aphorism
D. Portent
5. Food and fuel were the biggest culprits fanning last month’s furious pace of price gains that
seem unabating.
A. Incantation
B. Subtle
C. Reproach
D. Indolent
Direction (Q6 – Q10): Spot the grammatical error in the given sentence [Answer]
6. I have known her (A)/ since three years (B)/ now (C)/ No Error(D)
7. I am happy (A)/ because I had paid off (B)/ my bank loan (C)/ No Error (D)
8. They blamed their teachers (A)/ of their (B)/ poor performance in the Board Examination. (C)/
No Error (D)
9. Read the instructions with care (A)/ lest you may (B)/ misunderstand the questions. (C)/ No Error
(D)

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10. When the weather is pleasant (A)/it is nice (B)/ to go for a picnic. (C)/ No Error (D)
Direction (Q11 – Q14): Cloze test based on Editorial (Cowed down – The Hindu: 9 May, 2022)
In 2005, the Supreme Court had justified the total ban on cattle slaughter by an expansive
interpretation of the directive principles of state policy, and relying on Articles 48, 48A, and 51(A) of the
Constitution, that seeks to preserve breeds used in agriculture and animal husbandry, explicitly
prohibiting the slaughter of cows and calves and other _______11________ and draught cattle, besides
promoting _______12________ to animals. The judgment had _______13__________ an earlier ruling
in 1958 which had limited the ban only to “useful” cattle which are still engaged in agriculture and
husbandry. This interpretation only laid the grounds for State governments — especially those led by
the BJP and its alliance partners — to come up with stringent laws on cow slaughter, and in the public
sphere, a _________14_________ of communities such as Dalits, Muslims and tribals for their dietary
habits and their dependence on cattle products for a livelihood.

11. A. Sacrilege B. Milch C. Anomaly D. Unconscionable

12. A. Compassion B. Perturbing C. Attrition D. Ambiguous

13. A. Guile B. Overturned C. Lugubrious D. Minuscule

14. A. Colloquial B. Patrician C. Amorphous D. Stigmatization

15. Which among the following will be the last sentence of the paragraph after the
rearrangement? [Answer]
P. the two men, SampatlalVatti and DhansaiInvati, were attacked by nearly 20 men; both died of
injuries.
Q. In yet another disturbing and dastardly act that is now part of a pattern in much of North
India,
R. Apart from tribal people, Muslims and Dalits in particular have borne the brunt of these
senseless acts of mob violence and murders.
S. Reminiscent of the murder of a dairy farmer, Pehlu Khan, after he and his sons were attacked
by self-described “cow vigilantes” in April 2017 in Rajasthan
T. two tribal men were beaten to death by alleged activists of the Bajrang Dal in Seoni, Madhya
Pradesh, on the suspicion that they were slaughtering cows.
U. The police have arrested 13 people for their alleged involvement; at least six of them were
members of the Bajrang Dal, according to the family members.
A. R B. Q C. U D.P E. T

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Answer
1. C 2. A 3. B 4. B 5. D 6.B 7.B 8.B 9.B 10.D 11.B 12.A 13.B
14. D 15. C [Practice Exercise] [Cloze test]
Explanation
6. (B) 'since' के फदरे 'for’ का प्रमोग होगा क्मोंकक 'since' का प्रमोग 'से' के अथव भें Point of Time के
साथ होता है िफकक 'for' का प्रमोग Period of Time के साथ औय 'three years' Period of Time है
, न कक Point of Time.
7. (B) 'had paid' के फदरे 'have paid' का प्रमोग है क्मोंकक Part (A) भें ‘I am happy' Present
Tense भें है औय मह Main Clause है स्िसभें result है औय इस result का कायण Subordinate
Clause भें है िो result के ऩहरे की घटना है । Result Clause मदद Simple Present भें हो, तो
cause वारा Clause Present Perfect भें होता है ; िैस-े
i. She is happy because she has won a prize.
ii. He is anxious because he has lost his purse.
8. (B) 'of’ के फदरे 'for' का प्रमोग होगा क्मोंकक 'blame' somebody 'for’ 'something' का प्रमोग होता
है िफकक 'blame' something 'on' somebody का; िैस-े
i. He blamed his teacher for his failure.
ii. He blamed his failure on his teacher.
9. (B) 'may' के फदरे 'should' का मा 'lest' के फदरे 'otherwise’ का प्रमोग होगा क्मोंकक 'lest' के फाद
'should' का प्रमोग होता है ककन्तु 'otherwise' के फाद 'may' मा 'will' मा 'shall' का; िैस-े
i. Work hard, lest you should fail.
ii. Work hard, otherwise you may/will fail.
10. (D) No error.
11. Milch (adjective) – Denoting a cow or other domestic mammal giving or kept for milk.
दध
ु ारू
12. Compassion (noun) – pity, sympathy, feeling, fellow feeling, empathy दमा, सहानब
ु नू त
13. Overturn (verb) – cancel, reverse, rescind, repeal, revoke, retract, ननयथतकयना
14. Stigmatisation (noun) –The action of describing or regarding someone or something as
worthy of disgrace or great disapproval. दोषायोऩण
15. QTRSPU
In yet another disturbing and dastardly act that is now part of a pattern in much of
North India, two tribal men were beaten to death by alleged activists of the Bajrang Dal
in Seoni, Madhya Pradesh, on the suspicion that they were slaughtering cows. Apart

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from tribal people, Muslims and Dalits in particular have borne the brunt of these
senseless acts of mob violence and murders. Reminiscent of the murder of a dairy
farmer, Pehlu Khan, after he and his sons were attacked by self-described “cow
vigilantes” in April 2017 in Rajasthan, the two men, SampatlalVatti and DhansaiInvati,
were attacked by nearly 20 men; both died of injuries. The police have arrested 13
people for their alleged involvement; at least six of them were members of the Bajrang
Dal, according to the family members.
Explanation in English
6. (B) 'for' will be used instead of 'since' because 'since' is used with Point of Time while
'for' is used with Period of Time and 'three years' ' is Period of Time, not Point of
Time.
7. (B) 'have paid' is used instead of 'had paid' because in Part (A) 'I am happy' is in
Present Tense and this is Main Clause which contains result and the reason for this
result is in Subordinate Clause Which is the event before the result. If the Result
Clause is in Simple Present, then the Cause Clause is in Present Perfect; As-
i. She is happy because she has won a prize.
ii. He is anxious because he has lost his purse.
8. (B) 'of' is replaced with 'for' because 'blame' somebody 'for' 'something' while 'blame'
something 'on' somebody is used; As-
i. He blamed his teacher for his failure.
ii. He blamed his failure on his teacher.
9. (B) 'should' will be used instead of 'may' or 'otherwise' will be used instead of 'lest'
because 'lest' is followed by 'should' but 'otherwise' is followed by 'may' or 'will' or
'shall'; As-
i. Work hard, least you should fail.
ii. Work hard, otherwise you may/will fail.

10. (D) no error

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Explanation of other important words

Sr. NO Words Meanings
Q1 Munificent adjective Very generous; lavish उदाय

Exemplify verb To illustrate by example; to serve as a good उदाहयण दे ना

example
Paternal adjective Fatherly; father like ऩैतक
ृ

Q2 Circumscribe verb To draw a line around; to set limit; to प्रनतफंध रगाना, शतव
define; to restrict
रगाना, ऩाफंदी
रगाना
Nebulous adjective Vague; hazy; indistinct अथऩष्ट

Cacophony noun Harsh sounding mixtures of words, voices कोराहर

or sounds
Q3 Corroborate verb To confirm; to back up with evidence ऩष्ु ट कयना

Respite noun A period of rest or relief भोहरत

Castigate verb To criticize severely; to chastise पटकायना, दं ड दे ना

Q4 Abject adjective Hopeless; extremely sad and servile; ननतान्त, हतोत्साह,
defeated utterly bummed out
ननकृष्ट
Aphorism noun A belief, often witty saying; a proverb कहावत, विन
Portent noun An omen; a sign of something coming in रऺण
the future
Q5 Incantation noun Chant; the repetition of statement or िाद ू के भंत्र
phrase in a way reminiscent of a chant
Subtle adjective Not obvious; able to make fine distinction; सक्ष्
ू भ
ingenious; crafty
Reproach verb To scold, usually in disappointment; to नतयथकाय
blame; to disgrace
Q11 Sacrilege noun A violation of something sacred; अऩववत्रीकयण
blasphemy
Anomaly noun An aberration; an irregularity; a deviation असंगनत,
ननमभहीनता
Unconscionable adjective Not controlled by conscience; फेशयभ
unscrupulous
Q12 Perturb verb To disturb greatly व्माकुर कयना

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Attrition noun Gradual wearing away, weakening or loss; संघषवण

a natural or expected decrease in number
or size.
Ambiguous adjective Unclear in meaning; confusing; capable of अथऩष्ट
being interpreted in different way.
Q13 Guile noun Cunning, duplicity; artfulness छर, भामा, धोखा

Lugubrious adjective Exaggeratedly mournful शोकाकुर

Minuscule adjective Very tiny फहुत छोटा

Q14 Colloquial adjective Conversational; informal in language फोर-िार का

Patrician noun A person of noble birth; an aristocrat कुरीन

Amorphous adjective Shapeless; without a regular or stable अनाकाय,
shape; blob like
आकायहीन

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