Editorial #02

India's largest lender ऋणदाता  state Bank of India has cut home loan rates sharply. Some of its rivals प्रतिद्वंदी have already followed suit, while other will do so in the fight or market share. The moves seems to have been prompted प्रेरित करना by prime minister Narendra Modi's year end speech, urging आग्रह करना  banks to make use of the record deposits that have flowed in during the demonetization विमुद्रीकरण  drive. It also makes business sense as housing is a sector where non-performing assets have been lower. But the growth of loans slowed by around 25% in the first three quarters of 2016-17. The sharp slump मन्दी  in credit offtake उठाना  during demonetization only worsened खराब हो गयी  the sector's woes संकट  .

So cutting home loan rates to a six year low is very timely. It will give a boost to housing demand, especially from the economically weaker section which has seen its share in the housing loans under priority प्राथमिकता lending erode नष्ट करना  over the decades दशकों  . Most recent numbers show that economically weaker sections and low income group account for almost 95% of the housing shortage in the urban शहरी sectors.

Government has a programmer to ensure सुनिश्चित  housing for all in urban areas by 2022. But achieving such a milestone मील का पत्थर  would require a lot more measures उपायोँ , including improving the availability of land, stepping up transport infrastructure, and easing the conditions for securing हासिल  construction and other permits अनुमति  from the government. All of this means pushing धकेलना through more reforms सुधारो , which is  what will give a really significant महत्वपूर्ण  boost to investments, the housing sector after all has strong linkages कड़ी to important industries like cement and steal and also to employment - the construction industry is the fourth largest employer in India.

VOCABULARY 

1.  lender                  ऋणदाता
2. rivals                    प्रतिद्वंदी
3. prompted              प्रेरित करना
4. urging                   आग्रह करना
5. demonetization    विमुद्रीकरण
6. slump                   मन्दी
7. offtake                  उठाना
8. worsened              खराब हो गयी 
9. woes                     संकट
10. priority                 प्राथमिकता
11. erode                    नष्ट करना
12. decades                दशकों
13. urban                    शहरी
14. ensure                   सुनिश्चित
15. milestone              मील का पत्थर
16. measures               उपायोँ
17. securing                हासिल
18. permits                  अनुमति
19. reforms                 सुधारो
20. significant             महत्वपूर्ण
21. linkages                 कड़ी