- In the minutes of the Monetary Policy Committee, which decides on India’s monetary policy, released on Wednesday, one of the government-nominated members, Chetan Ghate, is quoted as stating: “Estimates of economic growth in India have unfortunately been subject to a fair degree of floccinaucinihilipilification. Notwithstanding this, growth is likely to pick up from Q2-Q3: 2019-2020”. The minutes pertained to the third bi-monthly monetary policy review that was announced on August 7.
- Earlier this year, the debate about the correctness of India’s GDP estimates received fresh impetus when Arvind Subramanian, country’s chief economic adviser during the time — early 2015 — when news GDP estimates were released, openly questioned the estimates. Subramanian went on to say that existing GDP growth rates overestimate growth by as much as 2.5 percentage points.
- Ghate is not the first to use ‘floccinaucinihilipilification’ in recent times. The 29-letter word got widespread publicity in October 2018 when Congress leader Shashi Tharoor mentioned it in a tweet promoting his book on Prime Minister Narendra Modi. Tharoor had tweeted: “My new book, THE PARADOXICAL PRIME MINISTER, is more than just a 400-page exercise in floccinaucinihilipilification”.
- Despite its length, ‘floccinaucinihilipilification’ is not among the longest words in the English language. According to Grammarly, that odd distinction goes to the 45-letter word ‘Pneumonoultramicroscopicsilicovolcanoconiosis’, which is a lung disease caused by the inhalation of silica or quartz dust.