Read the following passage and answer the question given below:
New Delhi India's economy is likely to grow 7% in the current fiscal year, marginally higher than some recent independent estimates according to the first official numbers for the period released on Friday.
Both RBI and the International Monetary Fund (IMF) have forecast 6.8% growth in FY23 while the World Bank has pegged it at 6.9%. Gross Domestic Product (GDP) had grown 8.7% in FY22, boosted by the pandemic-induced low base of FY 21.
Nominal GDP growth, without adjusting for inflation, is seen at 15.4% in FY23, sharply higher than the 11.1% assumed in the budget, according to the first advance estimates released by the National Statistical Office (NSO).
If the absolute fiscal deficit will be, as projected, at 16.6 lakh crore, the higher growth will depress the gap to 6.1% of GDP in FY23, compared to the 6.4% estimated in the budget.
"This suggests that despite the global headwinds and continued geopolitical uncertainty or friction caused by the Russia-Ukraine conflict, the recovery is on track though there are pressure points," said Sunil Kumar Sinha, principal economist at India Ratings and Research.
The gross value added (GVA) is expected to rise 6.7%, slower than the 8.1% growth seen in FY22.
Pick the word that is closest in meaning to the word 'pegged' in the given text.
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → fixed
- To peg a price, rate or figure is to fix it at a particular level; the World Bank has pegged India's growth at 6.9%.
Example: The government has pegged the price of wheat at last year's level. - Fixed means set or decided at a definite level, the same sense as pegged.
Example: The bank has fixed the interest rate at seven per cent for this year.
Why the Other Options are Incorrect?
Option 1: faster — Incorrect. Faster is the comparative of fast, meaning quicker; it says nothing about setting a figure.
Example: The new train is much faster than the old one.
Option 2: hold — Incorrect. To hold is to keep something in the hand or in a position; one does not "hold" a forecast at a figure.
Example: Please hold the ladder while I climb up.
Option 3: settled — Incorrect. Settled means decided finally, usually after discussion, or made calm; an estimate of future growth is not a matter settled by agreement.
Example: The two families settled the dispute out of court.