Business English News 39 – India

Emerging markets have been through a lot over the past few years: The oil-price
drop in 2014; China’s botched devaluation of its currency in 2015; and India’s
bungled “demonetization” in late 2016. This year, however, seems to be putting
all that in the past, particularly for India. The BRIC nation has made strides in
all areas which has led to a boom in business, as South China Morning Post reports:

Sentiment towards India has improved dramatically since Prime Minister

Narendra Modi’s emphatic victory in the country’s 2014 election. A raft of
reforms, including the introduction of a nationwide Goods and Services Tax (or
GST), has contributed to a surge in inflows into India’s local bond market.

India is set to hang onto its status as the world's fastest growing major economy
thanks to strong consumer demand. The World Bank projects India's growth at
7.5% for 2018 and 7.7% in 2019. By comparison, growth projections for China
remain at 6.5% for 2017 and then 6.3% for the next two years. The Indian Express
had this to say:

The rise of India and China has led to intense competition for energy and
resource security, and various tools of economic diplomacy are being used to
create dedicated corridors to secure such resources.

Modi has been encouraging foreign investors to own larger stakes in Indian firms and
has raised the limits on foreign investments in some key sectors of the economy such
as defense and pharmaceuticals. Business Today reports:

Modi presented India as a favorable destination for firms looking to invest. "We are
on the path to making India a global manufacturing hub. Already a good eco-
system exists in India for manufacturing and India offers one of the most liberal
FDI policy regimes in the world, along with skilled professionals, and government
efforts to further ease the business environment.”

At the same time, the operating environment for business remains immensely
challenging. After a decade-long wait, India will finally implement a Goods and
Services Tax beginning on July 1st. Although aimed at making business easier, it
could create some grief in the short term. From the Financial Times:

Over a two to three-year horizon, this is the foundation for a more efficient
economy. But en route to that more efficient economy, it will disrupt millions of
small businesses — and the people working within those businesses.”

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One initiative from Prime Minister Modi to encourage growth is the Skill India plan
which aims to train 400 million workers over a seven-year period. The outcome so
far has been disappointing however, as Jenkers notes:

Out of 1.8 million people who received training in the first two years of this program,
only a third could be certified and less than 82,000 were placed in jobs. The reason
for this dismal performance is not difficult to find. India’s long neglect of the
education system is coming back to haunt its economic ambitions.

India has long had a lopsided education system, with many learning precious
little at school. With India in desperate need of transforming its education system,
Modi’s promise to create a “new India” will ring hollow if his country is stuck with
schools from the 19th century. The Economist explains:

The quality of schools remains a scandal. Many teachers are simply not up to the
job. Curriculums are over-ambitious relics of an era when only a select few went
to school. Since pupils automatically move up each year, teachers do not bother
to ensure that they understand their lessons. Embracing more innovative
methodologies and modern technologies needs to become a significant norm in
the country.

India has been proclaimed a “digital-first nation” where the general adoption
levels of new digital trends are much higher than world averages. This has been
made possible by the rapid penetration of smartphones, but also represents a
huge business opportunity as well. Forbes has this to say:

Increased access to smartphones means that consumers are establishing their

digital presence and gaining more opportunity to interact with brands. Brands
that adopt a mobile strategy and offer a positive customer experience are
driving better business results and will continue to maintain a lead over the
competition and make digital success easier to achieve.

India is on the cusp of a technological, economic, and political shift as it

overcomes multiple adversities. The foundations are strong, and with a focused
government, the country should stay on an upward trajectory going forward. As
Tech in Asia concludes:

India has come of age and there are now more platforms for entrepreneurs to
learn, grow and produce great companies than ever before. The rising middle
class has also given rise to a new breed of professionals: young, educated,
ambitious, smart, and driven. The country can only move forward from here.

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Vocabulary

Emerging markets: A country that has some characteristics, but does not meet
standards to be a developed market.
To botch/To bungle: To perform or work clumsily or inadequately; “It’s unfortunate
that the product launch was botched so badly. They missed a great opportunity.”
Demonetization: To strip a currency unit of its status as legal tender.
To put something in the past: To recover or get over a bad experience by
distancing yourself from it; “It’s unfortunate that Pedro is leaving the company, but
we need to put it in the past and focus on our jobs.”
BRIC(S): Acronym for a group of major emerging economies; Brazil, Russia, India,
China (and South Africa).
To make strides: To advance considerably, or make good progress; “Martina has
made great strides with her skills and understanding of web design.”
Sentiment towards something/someone: The attitude, feeling, or opinion about
something/someone; “Since he became the new manager, sentiment towards
management has been low.”
Emphatic victory: An emphatic win or victory in which the winner has won by a
large amount or distance.
A raft of: A large amount of something; "A raft of government initiatives were
approved to help reduce the time needed to open a business."
Goods and Services Tax (GST): A value-added tax paid by consumers to the
government that is applied to goods and services sold for domestic consumption.
Surge: A sudden powerful forward or upward movement; “When Sears Canada
announced they would close, local businesses saw a surge in job applicants.”
Inflows: The movement of a large number of people or things or a large amount of
money into a place; “Enormous inflows of foreign investment have helped to
stabilize the economy."
Bond market: A financial market in which the participants are provided with the
issuance and trading of debt securities, also called the debt market or credit
market.
To hang onto: To keep something; “You should hang on to those books, they might
be useful one day.”
Consumer demand: A measure of consumers' desire for a product or service based
on its availability; “The most likely explanation for the strength of consumer
demand is the record level of household wealth.”
To project: To estimate or forecast (something) on the basis of present trends;
“This fiscal year, spending is projected at $7 million."
Energy security: The uninterrupted availability of energy sources at an affordable price.

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Resource security: The uninterrupted availability of resources based on the impact
of environmental change on water, food and at local, regional and global levels.
Tool: Means of carrying out an action or policy; “Viral marketing campaigns can be
a valuable tool for bringing in new customers.”
Economic diplomacy: The use of the full spectrum economic tools of the state to
achieve its national interest.
Corridor: A belt of land linking two other areas or following a road or river; "The
security forces established corridors for humanitarian supplies".
Stake: a share or interest in a business, situation, or system; "GM acquired a 50
per cent stake in Saab."
Key sector: A part of a country's economic or business activity; “A number of key
sectors of the economy are in trouble.”
Pharmaceutical: Relating to the production and sale of drugs and medicine.
On the path (to): Moving towards or in the direction of a certain destination; “With
this change in business strategy, I think we’re on the path to failure, not success.”
Manufacturing hub: A centralized location for the production of goods or products.
Eco-system: The network of organizations – including suppliers, distributors,
customers, competitors, and government agencies– involved in the delivery of a
specific product or service through both competition and cooperation.
Liberal: Open to new ideas and willing to respect or accept behavior or opinions
different from one's own; “As a country, Canada is very liberal in its approach to
foreign investors.”
FDI (Foreign Direct Investment): An investment in a business by an investor from
another country for which the foreign investor has control over the company purchased.
Policy regime: The form of government or the set of rules that regulates the
operation of a government or institution and its interactions with society.
Operating environment: Conditions, events, and factors surrounding an organization
that influence its activities and choices, and determine its opportunities and risks.
Grief: Trouble, difficulty, or annoyance with something; “This client is giving me so
much grief, and we’re actually ahead of schedule on their products.”
Horizon: A period of time after which something is likely to occur or exist; “Looking
toward the horizon, I see some really exciting new opportunities coming up for us.”
Foundation: The structures below the surface that support an idea or building; “This
product is the foundation for an entirely new wave of technology.’
(To be) En route to: On the way, or during the course of a journey; “I forgot my
business cards so I’ll need to stop at the office en route to the airport.”
To disrupt: To interrupt an event, activity, or process by causing a disturbance or
problem; “Francesco’s presentation was disrupted by a number of audience
members who said that his ideas weren’t true.

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Initiative: An act or strategy intended to resolve a difficulty or improve a situation;
a fresh approach to something; "With this new initiative, I think we may finally
have found a way to become the leader in air quality monitoring.”
Certified: Guaranteed or proved by a certificate; “My friend Nik has just become a
certified translator of Portuguese, so I’m trying to help him find some work.”
Dismal performance: A result that is really poor, unimpressive, and below
expectations or predictions; “Our dismal results from last year means that the
company may need to stop operations soon.”
Neglect: To fail to care for or look after something properly; “Our computer network has
been neglected for so long that now we need to create something from scratch.”
To come back to haunt: To cause problems for someone in the future; “This is a
decision that I really think is going to come back to haunt you.”
Economic ambition: The economic or monetary goals or strategy that someone has.
Lopsided: Having one side bigger, higher or more prominent than the other; “The
lack of house listings in the affordable price range are creating lopsided conditions
in Vancouver.”
Precious little: Used for emphasis to refer to an extremely small amount; “We have
precious little time to finish this proposal, so let’s get busy!”
To ring hollow: To sound false or not sincere; “The company’s claim that it is an
unwitting participant rings hollow.”
To be stuck with: To continue to do or use something, and not change it; “They’re going
to stick with the same team for the presentation as they did at last year’s conference.”
(To be) not up to something: Not able or eager to do something; “After a long day
at the office, I'm not really up to a late movie.”
Over-ambitious: Excessively ambitious; “The company’s goals were over-ambitious,
and therefore few were achieved.”
Relic: An object of custom that has survived for a long time; “To some people, Jim
is a relic, but he’s one of the most skilled architects in the firm.”
Era: A period of time defined by specific characteristics; “After the 'very
constructive' meeting, the premier said it’s now the 'golden era' of relations
between China and the UK.”
To move up: To increase or advance to the next level; “We’ve moved up 12 spots in
the rankings of top employers in the country to work for.”
To bother: To have the energy, desire, or willingness to do something.
To embrace: To accept something willingly; “Since leaving the company, Sam has
really embraced his new freedom by taking on a lot of freelance work.”
Significant norm: An activity, event, or benchmark that has become the
predominant standard of doing things.

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To proclaim: To announce or indicate; “As the CEO of the company, I can proudly
proclaim that we’ve been chosen as most innovative company in Europe!”
Adoption level: The number of people who start using a new technology or
innovation during a specific period of time.
Rapid penetration: A product or service that enters the market and becomes
common in a very short period of time.
Digital presence: The space online that a company or an individual occupies; “With
more companies investing in building their digital presence, there are a lot of jobs
for people with social media marketing skills.”
To interact with: To communicate or be involved directly with someone or
something; “In my job as a business English teacher, I interact with students from
all over the world.”
To adopt: To choose to take up or follow an idea, method, or course of action; “This
investment approach has been adopted by many big banks."
Customer experience: All of the interactions a customer has with a company and its
products; “Ryanair is more successful now because they’ve invested a lot in
improving the consumer experience for all of their passengers.”
To drive: To provide the power or energy that makes something happen or occur;
“The production plant is driven entirely by solar and green energy.”
To be on the cusp (of): The point when something is about to change to something
else; “Martina is on the cusp of becoming one of the best designers in the city.”
Shift: A change in approach, position, or direction of something; “It’s a big shift
from my old job, but I find the challenge very rewarding.”
Adversity: A difficult or unpleasant situation; “We’ve faced a number of adversities
this year, but I’m proud of how well you’ve responded.”
Upward trajectory: To be moving or trending higher; “The government is now
claiming that unemployment is on an upward trajectory.”
To come of age: When something has reached its full level of success or
development; “Dexter has really come of age these last few months, and is now
one of the employees that everyone looks to for advice.”
Entrepreneur: An owner or manager of a business enterprise; “Most young
entrepreneurs underestimate the amount of money needed to establish a business.”
Middle class: The socioeconomic group between the working class and the upper
class, usually including professionals, and lower and middle management; “Some
economists suggest that if the government doesn’t change their policies, the middle
class will disappear completely.”
A new breed (of): A new group with a different approach to something; “Millennials
are a new breed of workers.”
Driven: Motivated, inspired, or determined; “They’re a driven group that’s got a lot of
experience working under pressure. I’m confident you’ll be impressed with their work.”

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Collocations Quiz

Match words from each columns to make collocations featured in the article.

1. Consumer a. Security
2. Energy b. Norm
3. Bond c. Performance
4. Significant d. Penetration
5. Economic e. Market
6. Precious f. Demand
7. Rapid g. Little
8. Dismal h. Diplomacy

Review Quiz

1. Which of the following would most likely be used to express regret?

a. To be on the cusp of
b. To come back to haunt
c. To make strides
d. To be not up to doing something

2. “I ________ my shares in the company for as long as possible, but I think it’s
time to sell some of them.”
a. Will hang onto
b. Can’t hang onto
c. Have hung onto
d. Hanged onto

3. “Failure in business isn’t uncommon. What’s essential is that you ________ and
focus on your goals.”
a. Put it in the past
b. Interact with it
c. Come of age
d. Proclaim it

4. “It’s not always so easy to see, but I can assure you that just over the
________ are some really exciting opportunities for us.”
a. Neglect
b. Grief
c. Horizon
d. Shift

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5. “We’re looking for someone who isn’t afraid to take some ________ and say
what they think.”
a. Surge
b. Tools
c. Foundation
d. Initiative

6. “I understand you have a lot of experience, which is great. But, we need

someone who is also a ________ project manager.”
a. Certified
b. Lopsided
c. Driven
d. Liberal

7. “Looking back, I think we were all too ________ when we promised that we
could have this proposal finished by the end of the week.”
a. Emphatic
b. Over-ambitious
c. Bothered
d. Hollow

8. “I’ve always believed that ______ is something we need to ______. These

challenges can help you build a stronger character.”
a. demonetization / proclaim
b. a manufacturing hub / disrupt
c. adversity / embrace
d. our digital presence / adopt

9. “If we’re not 100% committed to offering an amazing ________, then why are
we even in business?”
a. Consumer experience
b. Policy regime
c. Eco-system
d. Operating environment

10.“Since the new CEO came in at the beginning of the year, our ________ have
increased by nearly 45%!”
a. upward trajectory
b. economic ambitions
c. key sectors
d. adoption levels

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Answers
Collocations Quiz
1/f, 2/a, 3/e, 4/b, 5/h, 6/g, 7/d, 8/c

1. Consumer Demand
2. Energy Security
3. Bond Market
4. Significant Norm
5. Economic Diplomacy
6. Precious Little
7. Rapid Penetration
8. Dismal Performance

Review Quiz

1/b, 2/c, 3/a, 4/c, 5/d, 6/a, 7/b, 8/c, 9/a, 10/d

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