definition - gs3 Flashcards
Gig Economy
It is an economic model wherein firms hire workers on a part-time flexible basis rather than as full-time employees. Workers work as freelancers and generally have flexible and adaptable working hours based on individual preferences.
Informal Economy
It represents enterprises that are not registered, where employers do not provide social security to employees.
E-Agriculture
It refers to designing, developing, and applying innovative ways to ICT with a focus on agriculture and food including fisheries, forestry, and livestock.
Monetization of Deficit
It refers to monetary support by RBI extending to the center as part of the government’s borrowing program, i.e., central bank directly purchasing government bonds in the primary market, providing the government with money to fund the deficit.
Social Mobility
It refers to the transition of people, including families and other social units, between the socio-economic strata within their lifetime.
Public Finance
Public finance is the management of a country’s revenue, expenditures, and debt through various government, quasi-government institutions, policies, and tools.
GM Crops
Plants in which DNA is modified using genetic engineering methods. Currently, Bt cotton is the only GM crop legally permissible to be grown in India.
Bilateral Netting
Bilateral netting is the process of consolidating all swap agreements between two parties into one single, or master, agreement.
Social Stock Exchange
It is a platform that helps organizations working for social welfare to raise capital via debt, equity, and mutual funds. The idea of SSE was mooted in the Union Budget 2019-20.
Contract Farming
Agreement between farmers and processing/marketing firms for production and supply of agricultural products under forward agreements, frequently at predetermined prices.
Priority Sector Lending (PSL)
Priority Sector refers to those sectors considered important for the development of basic needs of the country and they may not get timely and adequate credit; priority lending to those sectors is called PSL.
Global Value Chain
It is the international production sharing, where production is broken into functional activities carried out in different countries.
Financial Inclusion
It means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit, and insurance – delivered in a responsible and sustainable way.
Inclusive Growth
As per OECD, inclusive growth is economic growth that is distributed fairly across society and creates opportunities for all. It includes providing equality of opportunity, empowering people through education and skill development.
Irrigation
It is the artificial process of applying controlled amounts of water to land to assist in the production of crops.
Agriculture Subsidies
It is an incentive paid to agribusinesses and farms to supplement their income and influence the cost and supply of such commodities.
Public Distribution System
PDS evolved as a system of management of scarcity through distribution of foodgrains at affordable prices. It is the public rationing system of India administered by the Ministry of Consumer Affairs, Food, and Public Distribution.
Agricultural Marketing
It comprises all operations involved in the movement of farm produce from the producer to the ultimate consumer. It includes operations such as collecting, grading, processing, preserving, transportation, and financing.
Food Processing
It is mainly defined as a process of value addition to the agricultural or horticultural produce by various methods such as grading, sorting, and packaging.
Organic Farming
It is a system of farm design and management to create an ecosystem of agriculture production without the use of synthetic external inputs such as chemical fertilizers, pesticides, synthetic hormones, or genetically modified organisms.
Minimum Support Price
It is the rate at which the government purchases crops from farmers, and is based on a calculation of at least one-and-a-half times the cost of production incurred by the farmers.
Buffer Stock
Buffer stocks refer to a pool of certain commodities like rice, wheat, etc., which are maintained to provide food security and tackle unforeseen emergencies like drought, famine, wars, etc.
Gender Budgeting
It means preparing budgets from a gender perspective. It aims at dealing with budgetary gender issues including gender hierarchies and gender pay gap.
Disinvestment
The process of dilution of a government’s stake in a Public Sector Undertaking is disinvestment. It allows the transferring of the government’s enormous public debt of PSU to the private sector.
Universal Basic Income
UBI is a sum of money provided by the State to all citizens to take care of the bare necessities of life. This provides a “safety net preventing any citizen” from sinking below a basic minimum standard of living.
Corporate Social Responsibility
It is referred to as a corporate initiative to assess and take responsibility for the company’s effects on the environment and impact on social welfare and to promote positive social and environmental change.
Demographic Dividend
Demographic dividend means the economic growth potential that can result from shifts in a population’s age structure. India has one of the youngest populations (62.5% of its population in the age group 15-59) in an aging world.
Digital Divide
It is the gap that exists between individuals who have access to modern ICT and those who lack access. It also means the discrepancy between those who have the skills, knowledge, and abilities to use the technologies and those who do not.
Globalisation
Globalization is a process of interaction and integration among the people, companies, and governments of different nations, driven by international trade and investment and aided by information technology.
Zero Based Budgeting
It refers to planning and preparing the Budget right from the basic (zero base). The process involves a review of the expenditures incurred by every department each year. It considers current expectations. On this basis, expenditures are allocated and revenues are estimated for the next period.
Capitalism
A system of generalized commodity production in which wealth is owned privately and economic life is organized according to market principles.
Free Trade
Free trade occurs when goods and services can be bought and sold between countries or sub-national regions without tariffs, quotas, or other restrictions being applied.
Deflation
A reduction in the general level of prices, linked to a reduction in the level of economic activity in the economy. Deflation slows down economic growth. It normally takes place during times of economic uncertainty when the demand for goods and services is lower, along with higher levels of unemployment.
Devaluation
A reduction in the value of a currency relative to other currencies.
Information Society
A society in which the crucial resource is knowledge/information, its primary dynamic force being the process of technological development and diffusion.
Resource Curse/Paradox of Plenty
It is the phenomenon of countries with an abundance of natural resources having less economic growth, less democracy, or worse development outcomes than countries with fewer natural resources.
Microfinance
It is a form of financial service that provides small loans and other financial services to poor and low-income households. In India, all loans that are below Rs. 1 lakh can be considered microloans.
Protectionism
The use of tariffs, quotas, and other measures to restrict imports, supposedly to protect domestic industries.
Balance of Payments
It is a systematic record of economic transactions made by residents of a country with other countries in a specific time frame. Its objective is to assess the international economic position of a country to help the government make decisions on monetary and fiscal policies on one hand, and trade policies on the other.
Non-tariff Barriers
Rules, regulations, or practices that hinder imports through, for instance, the procurement policies of governments, systematic border delays, or complex health and national standards.
Most Favoured Nation (MFN)
It is a treatment accorded to a trade partner to ensure non-discriminatory trade between two countries vis-à-vis other trade partners. Under WTO rules, if a country grants someone a special favor such as a lower customs duty rate for one of their products, it must do the same for all other WTO members.
Trickle Down
The theory that the introduction of free-market policies will, in time, benefit the poor and not only the rich through an increase in economic growth and a general rise in living standards.
Import Substitution
It is a strategy under trade policy that abolishes the import of foreign products and encourages production in the domestic market. Its purpose is to change the economic structure of the country by replacing foreign goods with domestic goods.
Debt Crisis
A situation in which a country is unable to service its debts because economic surpluses are insufficient to meet interest repayments.
Fair Trade
Trade that satisfies moral, and not merely economic, criteria, related to alleviating poverty and respecting the interests of sellers and producers in poorer areas.
Corruption
A failure to carry out ‘proper’ or public responsibilities because of the pursuit of private gain, usually involving bribery or misappropriation.
Free Trade Agreement
It is an agreement between two or more countries to lower import and export tariffs. It allows products and services to be bought and sold across international borders with little or no restrictions from the government in the form of taxes, subsidies, quotas, or prohibitions.
Customs Union
An arrangement whereby a number of states establish a common external tariff against the rest of the world, usually whilst abolishing internal tariffs.
Common Market
An area, comprising a number of states, within which there is a free movement of
Spillover
A process through which the creation and deepening of integration in one economic area creates pressure for further economic integration, and, potentially, for political integration.
NPA (Non-Performing Asset)
NPA means interest or principal is not repaid by the borrower during a specified time period (‘overdue’ for a period of 90 days).
Restructured Loans
Assets which got an extended repayment period, reduced interest rate, converting a part of the loan into equity, providing additional financing, or some combination of these measures.
Non-Personal Data
Any set of data which does not contain personally identifiable information, meaning that no individual or living person can be identified by looking at such data.
Bilateral Investment Treaty (BIT)
These are reciprocal agreements between two countries to promote and protect foreign private investments in each other’s territories. They encourage foreign investors to invest in a State and thereby contribute towards overall developments and advancements of the economy.
Soft Power
The ability to influence other actors by persuading them to follow or agree to norms and aspirations that produce the desired behaviour.
