It is noticed in the recent years that Reading comprehension asked in Banking examination are generally picked from editorial of newspaper like The Hindu, The Economics Times , Indian Express etc. Here the Banking team of jagran josh is providing the Reading Comprehension based on article taken from ‘The Economics Times. Candidates are advised to go through the below passage and strengthen their preparation for upcoming banking examination.
Question (1-10): Read the following passage carefully and answer the following questions. Some words are printed in bold in order to help you locate them while answering some of the questions.
In the first flush of Independence, Swadeshi (self-reliance) was as much a buzzword as were self-sufficiency, development and control (of resources). India's first prime minister pursued a mixed economy where basic industries — energy, power, metals, coal, electricity, telecom — would remain under state control, and the sole purview of the public sector undertakings. A quarter of a century after liberalization, those infamous "temples of modern India" still exist — many in a wretched state — but the bar of self-reliance has been reset to a significantly higher level. Nation-building via industrialization is still at the heart of the development model, but with differences.
India is now aiming to become a global manufacturing hub in which both domestic and multinationals corporations will make their products within the country. It is self-reliance and self-sufficiency, with plenty of help from foreign direct investment which, in the current dispensation, is clearly a lesser evil than imports — as long as it works for India and is done, to put it simply if a bit tritely, with love for India.
So if giant steel factories in Rourkela, Bhilai and Duragpur were symbols of India's quest for self-reliance and industrialization post-Independence, the post-reforms era of nation-building is more nuanced and, of course, with fewer altruistic motives: the nation should prosper but so should all stakeholders (owners, investors, employees, consumers). Against that backdrop, it perhaps isn't surprising to see an array of Indian businesses donning the nationalistic colors in various shades. A few are palpably brash about their nationalism, like Patanjali Ayurveda, which would cock a snook at foreign corporations and foreign money. Others are more subtle. A company might dedicate its brand to the country, like Reliance Industries Chairman Mukesh Ambani just did with the telecom venture Jio. For others, patriotism is a good positioning platform in a landscape in which wearing one's nationalism on one's sleeve is par for the course.
There's no guarantee that such positioning will work, though. "There is a thumb rule. The sadder the product, the greater is the chance of companies using such appeals to sell," says Partha Sinha, vice chairman and managing director for ad agency McCann in India. His views will not win him many fans in India today, but Sinha says he always tries to dissuade clients from using nationalism as a strategy.
So why is the appeal of nationalism so universal that businesses so diverse in their character are adopting it? "Brands are essentially emotional," says Abraham Koshy, professor of marketing at the Indian Institute of Management, Ahmedabad. "Patriotism is perhaps the highest form of emotion." Patriotism has the power to override simpler product or brand benefit claims”, he adds. As a counter, strategic design consultant Shombit Sengupta feels such campaigns are just excuses for bad R & D. Since 1990, Sengupta has worked with a few brand building companies such as Britannia, Wipro and Marico. He says: "Only when your R&D does not provide competitive advantage will you go for a patriotism-linked campaign." Sometimes patriotism becomes a lifeline.
For instance, when the joint venture between the Munjals and the Japanese auto major Honda ended in 2010, and Honda launched their bikes in India, Hero MotoCorp, the new avatar of the company of the Munjals, was virtually left in the lurch without the technology backing of Honda, and in fact competing against it. The company was quick to adopt the "desi" tag with all seriousness and patented new, homegrown technology to launch all-Indian designed and developed models, like the Splendor iSmart. A spokesperson from Hero Moto-Corp said the company has played its part in the India growth story. "With presence in 33 countries across Asia, Africa and Central and South America, Hero Moto-Corp has emerged as a truly Indian multinational company since it commenced its solo journey five years ago."
(Source: Economic Times, Sept 04, 2016)
1. Which among the following is true regarding industrialization in India, according to the passage?
Sol: Option (3)
Exp: According to the first paragraph of the passage, Indian PM after Independence has advocated the need for basic industries to be under the control of the state and that is why, private sector companies should not be allowed in those sectors. Sectors such as energy, metal, coal, mining etc have always been in the hands of the public sector companies because they are considered the pillars of economy of India.
2. Why, according to some industry experts, patriotism is not an idea to fall back on without any glitch?
Sol: Option (2)
Exp: According to the passage, sometimes companies rely on the sentiment of nationalism because they cannot develop better products than others as its employees are not good at it. That is why, these companies cannot have the competitive advantage over others and need to fall back on the nationalism sense. This is a kind of lifeline for these companies.
3. Which among the following companies, according to the passage, has used the Lifeline route of patriotism to develop its customer base?
Sol: Option (2)
Exp: According to the passage, Hero Group used the patriotism option after its split from Honda group because it did not have the expertise to develop good products without the technical backing of Honda and that is why, they started making products using the parts from the country itself and have made a place for themselves in the market.
4. According to the passage, why nationalism and branding work so well together for certain companies?
Sol: Option (1)
Exp: According to the passage, branding is emotional because buyers often try to associate brands with nationalistic sense and that is why, they prefer products with a national sentiment over foreign products. It is in the mindset of the people that make branding with national colors work so well for everybody from seller to the buyer.
5. Which among the following is true regarding the development of Indian business environment from the point of view of the government?
Sol: Option (5)
Exp: Indian government wants to make India the global hub for manufacturing since the country has labour force necessary for the sector and it is only the capital which is required by the country and foreign investment can help in that regard, so, Indian government wants foreign companies to invest in India as much as possible since that is seen as lesser evil than imports from other countries.
6. Which among the following is considered as thumb rule in the context of advertising for products by companies?
Sol: Option (4)
Exp: According to the experts in the advertising agency of the country, the thumb rule for companies is that the sadder the product, companies try to instill the sense of patriotism more and more to cover the lack of necessary qualities in the product.
7. Which among the following is SIMILAR in meaning to the word brash as used in the passage?
Sol: Option (1)
Exp: The word ‘brash’ has been used in the passage in order to imply that some companies in India use the nationalistic attitude in advertising their products with tasteless references to foreign companies and foreign capital like Patanjali Ayurveda as mentioned in the passage.
8. Which among the following is SIMILAR in meaning to the word ‘palpably’ as used in the passage?
Sol: Option (2)
Exp: The word has been used to imply that the nationalistic sense used in advertising some of the products of certain companies is very easily seen as that is very clear from the approach they take and the references they show in the advertisements.
9. Which among the following is OPPOSITE in meaning to the word ‘altruistic’ as used in the passage?
Sol: Option (3)
Exp: The word refers to the fact that something is being done keeping in mind the well being of others and nothing is thought about the welfare of self, thereby, being selfless in any act. Hence, ‘selfish’ is the right antonym for the same
10. Which among the following is OPPOSITE in meaning to the word ‘tritely’ as used in the passage?
Sol: Option (1)
Exp: The word refers to the use of something to that level where it becomes old due to overuse and there is nothing original or fresh about it. Hence, ‘freshly’ is the right antonym for the given word.