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• As the government prepare to empty its filling candidates and heads for the hot and dusty plans to solicit votes. It is visibly exuding optimism about the economy. According to its non- elected represeritatives, all the lead indicators seem to be showing signs of a revival with the first glimmer of some incipient growth pushing through the enveloping groom. Steel, cement, auto, fast moving consumer goods (such as soaps and detergents), food items, beverages, volume' of goods moved by the railways have all shown some improvement in January after having shrunk in the previous two months. But before we start congratulating the government for its excellent economic management, let's hit the pause button for a moment. How much of the Indian economy's resilience is owed to governmental intervention? Ok, is there a strategy at all? One of the economy's mainstays for over a decade has been service. This contributes to over 50% of the country's GDP and has been providing enormous growth impulse over the past few years. If you were to listen to the government representatives, it would seem as if they had foreseen the coming age of services and had designed that structure.The truth is somewhat different. There are many reasons behind the extraordinary growth of services. One of the reasons is the kind ofelaborate rent-seeking structures erected by the government in the manufacturing sector. Any person wanting to set-up a manufacturing facility in India still has to fill a large number of outstretched palms, making the operations costly from day one. Here's another unique aspect of the economy for which politicians routinely take credit. One of the saving greces for the Indian economy during this episode of the downturn is the safety net expected to be provided by Indian consumers, even as the international economy winds down and eschews consumption of goods made in India. This has had a deleterious impact on Indian exports, leadmg many exporters to scale down their operations and restructure their businesses. Fortunately, for the planners and the administrators, the impact of the global slowdoy is likely to be cushioned, to a large extent, by the gigantic Indian domestic market, which will continue consuming and providing the growth push to the economy. Again, it's not as if some wise person in government woke up one morning and presciently decreed that hence forth the country would focus only on the domestic markets. The government has always felt that exports should be the apposite strategy for economic growth, just like some of the other emerging countries. Guess what? Exporters also have to manufacture and that is quite an end gance test in India. Plus, the intricate structure built around promoting exports also worked as a huge deterrent. The government also did not quite see exports as an alternative, viable economic growth model till the Southeast Asian success story burst on to the scene. Hence, till then exports did not quite get the required push. So, no grand design here too. Unlike in USA and various other European economies, where the government provides unemployment benefits as part of their social contract, Indians have to fend for themselves. ln the current downturn, for example, many Indians-especially in the urban and semi-urban settlements-are wary of spending because of uncertainties surrounding their jobs. This has , impacted consumption but, conversely, is bound to improve the savings rate. The credit, therefore, should go to the Indian citisen who, despite the varous hurdles and inconvenences, in using his ingenuity to improve his lot at all times. This collective strength has not been forged by some steely policy push, but has developed by default, almost in line' with Charles Darvins' s theory of survival. Which of the following is most nearly the same in meaning to the word 'Apposite' as used in the passage?
• As the government prepare to empty its filling candidates and heads for the hot and dusty plans to solicit votes. It is visibly exuding optimism about the economy. According to its non- elected represeritatives, all the lead indicators seem to be showing signs of a revival with the first glimmer of some incipient growth pushing through the enveloping groom. Steel, cement, auto, fast moving consumer goods (such as soaps and detergents), food items, beverages, volume' of goods moved by the railways have all shown some improvement in January after having shrunk in the previous two months. But before we start congratulating the government for its excellent economic management, let's hit the pause button for a moment. How much of the Indian economy's resilience is owed to governmental intervention? Ok, is there a strategy at all? One of the economy's mainstays for over a decade has been service. This contributes to over 50% of the country's GDP and has been providing enormous growth impulse over the past few years. If you were to listen to the government representatives, it would seem as if they had foreseen the coming age of services and had designed that structure.The truth is somewhat different. There are many reasons behind the extraordinary growth of services. One of the reasons is the kind ofelaborate rent-seeking structures erected by the government in the manufacturing sector. Any person wanting to set-up a manufacturing facility in India still has to fill a large number of outstretched palms, making the operations costly from day one. Here's another unique aspect of the economy for which politicians routinely take credit. One of the saving greces for the Indian economy during this episode of the downturn is the safety net expected to be provided by Indian consumers, even as the international economy winds down and eschews consumption of goods made in India. This has had a deleterious impact on Indian exports, leadmg many exporters to scale down their operations and restructure their businesses. Fortunately, for the planners and the administrators, the impact of the global slowdoy is likely to be cushioned, to a large extent, by the gigantic Indian domestic market, which will continue consuming and providing the growth push to the economy. Again, it's not as if some wise person in government woke up one morning and presciently decreed that hence forth the country would focus only on the domestic markets. The government has always felt that exports should be the apposite strategy for economic growth, just like some of the other emerging countries. Guess what? Exporters also have to manufacture and that is quite an end gance test in India. Plus, the intricate structure built around promoting exports also worked as a huge deterrent. The government also did not quite see exports as an alternative, viable economic growth model till the Southeast Asian success story burst on to the scene. Hence, till then exports did not quite get the required push. So, no grand design here too. Unlike in USA and various other European economies, where the government provides unemployment benefits as part of their social contract, Indians have to fend for themselves. ln the current downturn, for example, many Indians-especially in the urban and semi-urban settlements-are wary of spending because of uncertainties surrounding their jobs. This has , impacted consumption but, conversely, is bound to improve the savings rate. The credit, therefore, should go to the Indian citisen who, despite the varous hurdles and inconvenences, in using his ingenuity to improve his lot at all times. This collective strength has not been forged by some steely policy push, but has developed by default, almost in line' with Charles Darvins' s theory of survival. According to the author, one of the reasons why India's economy managed to sail through the economic downturn was A. There was demand for Indian goods from domestic consumers even when internationally it had declined. B. The politicians had foreseen the trouble and could prepare the country to efficiently deal with it. C. It was least affected by the economic downturn.
• As the government prepare to empty its filling candidates and heads for the hot and dusty plans to solicit votes. It is visibly exuding optimism about the economy. According to its non- elected represeritatives, all the lead indicators seem to be showing signs of a revival with the first glimmer of some incipient growth pushing through the enveloping groom. Steel, cement, auto, fast moving consumer goods (such as soaps and detergents), food items, beverages, volume' of goods moved by the railways have all shown some improvement in January after having shrunk in the previous two months. But before we start congratulating the government for its excellent economic management, let's hit the pause button for a moment. How much of the Indian economy's resilience is owed to governmental intervention? Ok, is there a strategy at all? One of the economy's mainstays for over a decade has been service. This contributes to over 50% of the country's GDP and has been providing enormous growth impulse over the past few years. If you were to listen to the government representatives, it would seem as if they had foreseen the coming age of services and had designed that structure.The truth is somewhat different. There are many reasons behind the extraordinary growth of services. One of the reasons is the kind ofelaborate rent-seeking structures erected by the government in the manufacturing sector. Any person wanting to set-up a manufacturing facility in India still has to fill a large number of outstretched palms, making the operations costly from day one. Here's another unique aspect of the economy for which politicians routinely take credit. One of the saving greces for the Indian economy during this episode of the downturn is the safety net expected to be provided by Indian consumers, even as the international economy winds down and eschews consumption of goods made in India. This has had a deleterious impact on Indian exports, leadmg many exporters to scale down their operations and restructure their businesses. Fortunately, for the planners and the administrators, the impact of the global slowdoy is likely to be cushioned, to a large extent, by the gigantic Indian domestic market, which will continue consuming and providing the growth push to the economy. Again, it's not as if some wise person in government woke up one morning and presciently decreed that hence forth the country would focus only on the domestic markets. The government has always felt that exports should be the apposite strategy for economic growth, just like some of the other emerging countries. Guess what? Exporters also have to manufacture and that is quite an end gance test in India. Plus, the intricate structure built around promoting exports also worked as a huge deterrent. The government also did not quite see exports as an alternative, viable economic growth model till the Southeast Asian success story burst on to the scene. Hence, till then exports did not quite get the required push. So, no grand design here too. Unlike in USA and various other European economies, where the government provides unemployment benefits as part of their social contract, Indians have to fend for themselves. ln the current downturn, for example, many Indians-especially in the urban and semi-urban settlements-are wary of spending because of uncertainties surrounding their jobs. This has , impacted consumption but, conversely, is bound to improve the savings rate. The credit, therefore, should go to the Indian citisen who, despite the varous hurdles and inconvenences, in using his ingenuity to improve his lot at all times. This collective strength has not been forged by some steely policy push, but has developed by default, almost in line' with Charles Darvins' s theory of survival. Which of the following is the central theme of the passage?
• As the government prepare to empty its filling candidates and heads for the hot and dusty plans to solicit votes. It is visibly exuding optimism about the economy. According to its non- elected represeritatives, all the lead indicators seem to be showing signs of a revival with the first glimmer of some incipient growth pushing through the enveloping groom. Steel, cement, auto, fast moving consumer goods (such as soaps and detergents), food items, beverages, volume' of goods moved by the railways have all shown some improvement in January after having shrunk in the previous two months. But before we start congratulating the government for its excellent economic management, let's hit the pause button for a moment. How much of the Indian economy's resilience is owed to governmental intervention? Ok, is there a strategy at all? One of the economy's mainstays for over a decade has been service. This contributes to over 50% of the country's GDP and has been providing enormous growth impulse over the past few years. If you were to listen to the government representatives, it would seem as if they had foreseen the coming age of services and had designed that structure.The truth is somewhat different. There are many reasons behind the extraordinary growth of services. One of the reasons is the kind ofelaborate rent-seeking structures erected by the government in the manufacturing sector. Any person wanting to set-up a manufacturing facility in India still has to fill a large number of outstretched palms, making the operations costly from day one. Here's another unique aspect of the economy for which politicians routinely take credit. One of the saving greces for the Indian economy during this episode of the downturn is the safety net expected to be provided by Indian consumers, even as the international economy winds down and eschews consumption of goods made in India. This has had a deleterious impact on Indian exports, leadmg many exporters to scale down their operations and restructure their businesses. Fortunately, for the planners and the administrators, the impact of the global slowdoy is likely to be cushioned, to a large extent, by the gigantic Indian domestic market, which will continue consuming and providing the growth push to the economy. Again, it's not as if some wise person in government woke up one morning and presciently decreed that hence forth the country would focus only on the domestic markets. The government has always felt that exports should be the apposite strategy for economic growth, just like some of the other emerging countries. Guess what? Exporters also have to manufacture and that is quite an end gance test in India. Plus, the intricate structure built around promoting exports also worked as a huge deterrent. The government also did not quite see exports as an alternative, viable economic growth model till the Southeast Asian success story burst on to the scene. Hence, till then exports did not quite get the required push. So, no grand design here too. Unlike in USA and various other European economies, where the government provides unemployment benefits as part of their social contract, Indians have to fend for themselves. ln the current downturn, for example, many Indians-especially in the urban and semi-urban settlements-are wary of spending because of uncertainties surrounding their jobs. This has , impacted consumption but, conversely, is bound to improve the savings rate. The credit, therefore, should go to the Indian citisen who, despite the varous hurdles and inconvenences, in using his ingenuity to improve his lot at all times. This collective strength has not been forged by some steely policy push, but has developed by default, almost in line' with Charles Darvins' s theory of survival. The author attributes the improvement (or maintenance of) the economic condition of the country to A. The government, as it could foresee a dwindle in the economy and could take suitable measures to tackle it. B. Appropriate policies to push people to spend more. C The Economy for it is surviving on its own either through consumption or saving.
• As the government prepare to empty its filling candidates and heads for the hot and dusty plans to solicit votes. It is visibly exuding optimism about the economy. According to its non- elected represeritatives, all the lead indicators seem to be showing signs of a revival with the first glimmer of some incipient growth pushing through the enveloping groom. Steel, cement, auto, fast moving consumer goods (such as soaps and detergents), food items, beverages, volume' of goods moved by the railways have all shown some improvement in January after having shrunk in the previous two months. But before we start congratulating the government for its excellent economic management, let's hit the pause button for a moment. How much of the Indian economy's resilience is owed to governmental intervention? Ok, is there a strategy at all? One of the economy's mainstays for over a decade has been service. This contributes to over 50% of the country's GDP and has been providing enormous growth impulse over the past few years. If you were to listen to the government representatives, it would seem as if they had foreseen the coming age of services and had designed that structure.The truth is somewhat different. There are many reasons behind the extraordinary growth of services. One of the reasons is the kind ofelaborate rent-seeking structures erected by the government in the manufacturing sector. Any person wanting to set-up a manufacturing facility in India still has to fill a large number of outstretched palms, making the operations costly from day one. Here's another unique aspect of the economy for which politicians routinely take credit. One of the saving greces for the Indian economy during this episode of the downturn is the safety net expected to be provided by Indian consumers, even as the international economy winds down and eschews consumption of goods made in India. This has had a deleterious impact on Indian exports, leadmg many exporters to scale down their operations and restructure their businesses. Fortunately, for the planners and the administrators, the impact of the global slowdoy is likely to be cushioned, to a large extent, by the gigantic Indian domestic market, which will continue consuming and providing the growth push to the economy. Again, it's not as if some wise person in government woke up one morning and presciently decreed that hence forth the country would focus only on the domestic markets. The government has always felt that exports should be the apposite strategy for economic growth, just like some of the other emerging countries. Guess what? Exporters also have to manufacture and that is quite an end gance test in India. Plus, the intricate structure built around promoting exports also worked as a huge deterrent. The government also did not quite see exports as an alternative, viable economic growth model till the Southeast Asian success story burst on to the scene. Hence, till then exports did not quite get the required push. So, no grand design here too. Unlike in USA and various other European economies, where the government provides unemployment benefits as part of their social contract, Indians have to fend for themselves. ln the current downturn, for example, many Indians-especially in the urban and semi-urban settlements-are wary of spending because of uncertainties surrounding their jobs. This has , impacted consumption but, conversely, is bound to improve the savings rate. The credit, therefore, should go to the Indian citisen who, despite the varous hurdles and inconvenences, in using his ingenuity to improve his lot at all times. This collective strength has not been forged by some steely policy push, but has developed by default, almost in line' with Charles Darvins' s theory of survival. Which of the following is most nearly the same in meaning to the word 'Eschews' as used in the passage?
• As the government prepare to empty its filling candidates and heads for the hot and dusty plans to solicit votes. It is visibly exuding optimism about the economy. According to its non- elected represeritatives, all the lead indicators seem to be showing signs of a revival with the first glimmer of some incipient growth pushing through the enveloping groom. Steel, cement, auto, fast moving consumer goods (such as soaps and detergents), food items, beverages, volume' of goods moved by the railways have all shown some improvement in January after having shrunk in the previous two months. But before we start congratulating the government for its excellent economic management, let's hit the pause button for a moment. How much of the Indian economy's resilience is owed to governmental intervention? Ok, is there a strategy at all? One of the economy's mainstays for over a decade has been service. This contributes to over 50% of the country's GDP and has been providing enormous growth impulse over the past few years. If you were to listen to the government representatives, it would seem as if they had foreseen the coming age of services and had designed that structure.The truth is somewhat different. There are many reasons behind the extraordinary growth of services. One of the reasons is the kind ofelaborate rent-seeking structures erected by the government in the manufacturing sector. Any person wanting to set-up a manufacturing facility in India still has to fill a large number of outstretched palms, making the operations costly from day one. Here's another unique aspect of the economy for which politicians routinely take credit. One of the saving greces for the Indian economy during this episode of the downturn is the safety net expected to be provided by Indian consumers, even as the international economy winds down and eschews consumption of goods made in India. This has had a deleterious impact on Indian exports, leadmg many exporters to scale down their operations and restructure their businesses. Fortunately, for the planners and the administrators, the impact of the global slowdoy is likely to be cushioned, to a large extent, by the gigantic Indian domestic market, which will continue consuming and providing the growth push to the economy. Again, it's not as if some wise person in government woke up one morning and presciently decreed that hence forth the country would focus only on the domestic markets. The government has always felt that exports should be the apposite strategy for economic growth, just like some of the other emerging countries. Guess what? Exporters also have to manufacture and that is quite an end gance test in India. Plus, the intricate structure built around promoting exports also worked as a huge deterrent. The government also did not quite see exports as an alternative, viable economic growth model till the Southeast Asian success story burst on to the scene. Hence, till then exports did not quite get the required push. So, no grand design here too. Unlike in USA and various other European economies, where the government provides unemployment benefits as part of their social contract, Indians have to fend for themselves. ln the current downturn, for example, many Indians-especially in the urban and semi-urban settlements-are wary of spending because of uncertainties surrounding their jobs. This has , impacted consumption but, conversely, is bound to improve the savings rate. The credit, therefore, should go to the Indian citisen who, despite the varous hurdles and inconvenences, in using his ingenuity to improve his lot at all times. This collective strength has not been forged by some steely policy push, but has developed by default, almost in line' with Charles Darvins' s theory of survival. Which of the following is inost nearly the opposite in meaning to the word 'Deleterious' as used in the passage?
• As the government prepare to empty its filling candidates and heads for the hot and dusty plans to solicit votes. It is visibly exuding optimism about the economy. According to its non- elected represeritatives, all the lead indicators seem to be showing signs of a revival with the first glimmer of some incipient growth pushing through the enveloping groom. Steel, cement, auto, fast moving consumer goods (such as soaps and detergents), food items, beverages, volume' of goods moved by the railways have all shown some improvement in January after having shrunk in the previous two months. But before we start congratulating the government for its excellent economic management, let's hit the pause button for a moment. How much of the Indian economy's resilience is owed to governmental intervention? Ok, is there a strategy at all? One of the economy's mainstays for over a decade has been service. This contributes to over 50% of the country's GDP and has been providing enormous growth impulse over the past few years. If you were to listen to the government representatives, it would seem as if they had foreseen the coming age of services and had designed that structure.The truth is somewhat different. There are many reasons behind the extraordinary growth of services. One of the reasons is the kind ofelaborate rent-seeking structures erected by the government in the manufacturing sector. Any person wanting to set-up a manufacturing facility in India still has to fill a large number of outstretched palms, making the operations costly from day one. Here's another unique aspect of the economy for which politicians routinely take credit. One of the saving greces for the Indian economy during this episode of the downturn is the safety net expected to be provided by Indian consumers, even as the international economy winds down and eschews consumption of goods made in India. This has had a deleterious impact on Indian exports, leadmg many exporters to scale down their operations and restructure their businesses. Fortunately, for the planners and the administrators, the impact of the global slowdoy is likely to be cushioned, to a large extent, by the gigantic Indian domestic market, which will continue consuming and providing the growth push to the economy. Again, it's not as if some wise person in government woke up one morning and presciently decreed that hence forth the country would focus only on the domestic markets. The government has always felt that exports should be the apposite strategy for economic growth, just like some of the other emerging countries. Guess what? Exporters also have to manufacture and that is quite an end gance test in India. Plus, the intricate structure built around promoting exports also worked as a huge deterrent. The government also did not quite see exports as an alternative, viable economic growth model till the Southeast Asian success story burst on to the scene. Hence, till then exports did not quite get the required push. So, no grand design here too. Unlike in USA and various other European economies, where the government provides unemployment benefits as part of their social contract, Indians have to fend for themselves. ln the current downturn, for example, many Indians-especially in the urban and semi-urban settlements-are wary of spending because of uncertainties surrounding their jobs. This has , impacted consumption but, conversely, is bound to improve the savings rate. The credit, therefore, should go to the Indian citisen who, despite the varous hurdles and inconvenences, in using his ingenuity to improve his lot at all times. This collective strength has not been forged by some steely policy push, but has developed by default, almost in line' with Charles Darvins' s theory of survival. Which of the following correctly explains the phrase 'Wary of as used in the passage regarding spending behaviour of citizens?
• As the government prepare to empty its filling candidates and heads for the hot and dusty plans to solicit votes. It is visibly exuding optimism about the economy. According to its non- elected represeritatives, all the lead indicators seem to be showing signs of a revival with the first glimmer of some incipient growth pushing through the enveloping groom. Steel, cement, auto, fast moving consumer goods (such as soaps and detergents), food items, beverages, volume' of goods moved by the railways have all shown some improvement in January after having shrunk in the previous two months. But before we start congratulating the government for its excellent economic management, let's hit the pause button for a moment. How much of the Indian economy's resilience is owed to governmental intervention? Ok, is there a strategy at all? One of the economy's mainstays for over a decade has been service. This contributes to over 50% of the country's GDP and has been providing enormous growth impulse over the past few years. If you were to listen to the government representatives, it would seem as if they had foreseen the coming age of services and had designed that structure.The truth is somewhat different. There are many reasons behind the extraordinary growth of services. One of the reasons is the kind ofelaborate rent-seeking structures erected by the government in the manufacturing sector. Any person wanting to set-up a manufacturing facility in India still has to fill a large number of outstretched palms, making the operations costly from day one. Here's another unique aspect of the economy for which politicians routinely take credit. One of the saving greces for the Indian economy during this episode of the downturn is the safety net expected to be provided by Indian consumers, even as the international economy winds down and eschews consumption of goods made in India. This has had a deleterious impact on Indian exports, leadmg many exporters to scale down their operations and restructure their businesses. Fortunately, for the planners and the administrators, the impact of the global slowdoy is likely to be cushioned, to a large extent, by the gigantic Indian domestic market, which will continue consuming and providing the growth push to the economy. Again, it's not as if some wise person in government woke up one morning and presciently decreed that hence forth the country would focus only on the domestic markets. The government has always felt that exports should be the apposite strategy for economic growth, just like some of the other emerging countries. Guess what? Exporters also have to manufacture and that is quite an end gance test in India. Plus, the intricate structure built around promoting exports also worked as a huge deterrent. The government also did not quite see exports as an alternative, viable economic growth model till the Southeast Asian success story burst on to the scene. Hence, till then exports did not quite get the required push. So, no grand design here too. Unlike in USA and various other European economies, where the government provides unemployment benefits as part of their social contract, Indians have to fend for themselves. ln the current downturn, for example, many Indians-especially in the urban and semi-urban settlements-are wary of spending because of uncertainties surrounding their jobs. This has , impacted consumption but, conversely, is bound to improve the savings rate. The credit, therefore, should go to the Indian citisen who, despite the varous hurdles and inconvenences, in using his ingenuity to improve his lot at all times. This collective strength has not been forged by some steely policy push, but has developed by default, almost in line' with Charles Darvins' s theory of survival. Which of the following is not true in the context of the passage?
• As the government prepare to empty its filling candidates and heads for the hot and dusty plans to solicit votes. It is visibly exuding optimism about the economy. According to its non- elected represeritatives, all the lead indicators seem to be showing signs of a revival with the first glimmer of some incipient growth pushing through the enveloping groom. Steel, cement, auto, fast moving consumer goods (such as soaps and detergents), food items, beverages, volume' of goods moved by the railways have all shown some improvement in January after having shrunk in the previous two months. But before we start congratulating the government for its excellent economic management, let's hit the pause button for a moment. How much of the Indian economy's resilience is owed to governmental intervention? Ok, is there a strategy at all? One of the economy's mainstays for over a decade has been service. This contributes to over 50% of the country's GDP and has been providing enormous growth impulse over the past few years. If you were to listen to the government representatives, it would seem as if they had foreseen the coming age of services and had designed that structure.The truth is somewhat different. There are many reasons behind the extraordinary growth of services. One of the reasons is the kind ofelaborate rent-seeking structures erected by the government in the manufacturing sector. Any person wanting to set-up a manufacturing facility in India still has to fill a large number of outstretched palms, making the operations costly from day one. Here's another unique aspect of the economy for which politicians routinely take credit. One of the saving greces for the Indian economy during this episode of the downturn is the safety net expected to be provided by Indian consumers, even as the international economy winds down and eschews consumption of goods made in India. This has had a deleterious impact on Indian exports, leadmg many exporters to scale down their operations and restructure their businesses. Fortunately, for the planners and the administrators, the impact of the global slowdoy is likely to be cushioned, to a large extent, by the gigantic Indian domestic market, which will continue consuming and providing the growth push to the economy. Again, it's not as if some wise person in government woke up one morning and presciently decreed that hence forth the country would focus only on the domestic markets. The government has always felt that exports should be the apposite strategy for economic growth, just like some of the other emerging countries. Guess what? Exporters also have to manufacture and that is quite an end gance test in India. Plus, the intricate structure built around promoting exports also worked as a huge deterrent. The government also did not quite see exports as an alternative, viable economic growth model till the Southeast Asian success story burst on to the scene. Hence, till then exports did not quite get the required push. So, no grand design here too. Unlike in USA and various other European economies, where the government provides unemployment benefits as part of their social contract, Indians have to fend for themselves. ln the current downturn, for example, many Indians-especially in the urban and semi-urban settlements-are wary of spending because of uncertainties surrounding their jobs. This has , impacted consumption but, conversely, is bound to improve the savings rate. The credit, therefore, should go to the Indian citisen who, despite the varous hurdles and inconvenences, in using his ingenuity to improve his lot at all times. This collective strength has not been forged by some steely policy push, but has developed by default, almost in line' with Charles Darvins' s theory of survival. Which of the following is most nearly the opposite in meaning to the word 'Exuding' as used in the passage?
• A spate of farmer sucides linked to harassment by recovery agents employed by Micro Finance Institutions (MFis) in Andhra Pradesh spurred the state government to bring in regulation to protect consumer interests. But, while the Bill has brought mto sharp focus the need for consumer protection, it tries to micro- manage MFI operations and in the process it could scuttle some of the crucial benefits that MFls bring to fanners, says the author of Microfinance India, State of the Sector Report 2010. In an interview he points out that prudent regulation can ensure the original goal of the MFls-social uplift of the poor. Do you feel the AP Bill to regulate MFis is well thought out ? Does it ensure fairness to the borrowers and the long-term health of the sector ? The AP bill has brought into sharp focus the need for customer protection in four critical areas First is pricing. Second is tender's liability-whether the Lender can give too much loan without assessing the customer's ability to pay. Third is the structure of loan repayment - whether you can ask money on a weekly basis from people who don't produce weekly incomes. Fourth is the practices that attend to how you deal with defaults. But the Act should have looked at the . positive benefits that institutions could bring in, and where they need to be regulated in the interests of the customers. It should have brought only those features in. Say, you want the recovery practices to be consistent with what the customer can really manage. If the customer fs aggrieved and complains that somebody is harassing him, then those complaints should be investigated by the District Rural Development Authority. Instead what the Bill says is that MFis cannot go to the customer's premises to ask for recovery and that all transactions will be done in the Panchayat office. With great difficulty, MFis brought services to the door of people. It is such a relief for the customers not to be spending time out going to banks or Panchayat offices, which could be 10 km away in some cases. A facility which has brought some relief to people is being shut. Moreover, you are practically telling the MFI where it should do business and how it should do it. Social responsibilities were in-built when the MFis were first conceived. If MFis go for profit with loose regulations, how are they different from moneylenders? Even among moneylenders there are very good people who take care of the customer's circumstance, and there are really bad ones. A large number of the MFis are good and there are some who are coercive because of the kind of prices and processes they have adopted. But Moneylenders never got this orgenised. The did not have such a large footprint. An MFI brought m orgamsations, it mobilized the equity, it brought in commercial funding. It invested in systems. It appointed a large number of people. But some of then exacted a much higher price than they should have. They wanted to break even very fast and greed did take over in some cases. Are the for-profit MFis the only ones harassing people for recoveries ? Some not-for-profit outfits have also adopted the same kind of recovery methods. That may be because you have to show that you are very efficient in your recovery methods and that your portfoilo is of a very high quality if you want to get commercial funding from a bank. In fact, among for-profits there are many who have sensible recovery practices. Some have fortnightly recovery, some have monthly .recovery. So we have differing practices. We just describe a few dominant ones and assume every for-profit MFI operates like that. How can you introduce regulations to ensure social upliftment in a sector that is moving towards for -profit models? I am not really concerned whether someone wants to make a profit or not. The bottom-line for me is customer protection. The first area is fair practices. Are you telling your customers how the loan is structured ? Are you being transparent about your performance ? There should also be a lender's lilability attached to what you do. Suppose you lend excessively to a customer without assessing their ability to service the loan, you have to take the hit. Then there's the question oflimiting returns. You can say that an MFI cannot have a return on assets more than X, a return on equity of more than Y. Then suppose there is a privately promoted MFI, there should be a regulation to ensure the MFI cannot access equity markets till a certain amount of time. MFis went to markets perhaps because of the need to grow too big too fast. The government thought they were making profit off the poor, and that's an indirect reasons why they decided to clamp down on MFis. If you say an MFI won't go to capital market, then it will keep political compulsions under rein. scuttle