- Ever-greening loans – It is lending a new loan to a borrower on the verge of default, near the repayment date of an existing loan, to facilitate its repayment.
- Fiscal Deficit – Reflective of the total borrowing requirements of the Government.
- GDP – An economy’s annual GDP is the total money value of all final (not intermediate) goods and services produced within the geographical boundaries in a year.
- Government securities, or g-secs – These are debt instruments issued by the government to borrow money. The two key categories are treasury bills – short-term instruments that mature in 91 days, 182 days, or 364 days, and dated securities – long-term instruments, which mature anywhere between 5 years and 40 years.
- Compulsory licensing is when a government allows someone else to produce a patented product or process without the consent of the patent owner or plans to use the patent-protected invention itself. It is one of the flexibilities in the field of patent protection included in the WTO’s agreement on intellectual property — the TRIPS (Trade-Related Aspects of Intellectual Property Rights) Agreement.
- Informal Employment: It is employment that is away from the benefits of formal sectors such as social security.
- Gig worker: Gig work consists of income-earning activities outside of traditional, long-term employer-employee relationships.
- Fiscal policy: Fiscal policy is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation’s economy.
- Social mobility: Social mobility refers to the movement of a person or person’s from one social status to another
- Public finance: Public finance is a study of the income and expenditure of the government at the central, state, and local levels.
- Monetization of deficit: Debt financing of government either by the bank through its reserve or by printing new currency, which does not create any liability on government.
- Bilateral netting: Bilateral netting is the process of consolidating all swap agreements between two parties into one single, or master, agreement.
- Social stock exchange: An SSE is a platform in which investors buy shares in a social enterprise or Non-profit enterprises vetted by an official exchange.
- Priority sector lending (PSL): Priority Sector refers to those sectors which are considered important for the development of the 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: Global value chain can be simply understood as the sequence of all functional activities required in the process of value creation involving more than one country.
- Essential commodities: Those commodities whose availability must be ensured to protect the larger public interest and protect them from exploitation.
- Sustainable public procurement: A process where the public authorities try to purchase goods, services, and works with a reduced negative environmental and social impact through their lifecycle which otherwise would have a great impact.
- Financial Inclusion: Financial inclusion may be defined as the provision of banking/financial services to the vast disadvantaged and low-income sections of the society at an affordable cost.
- Inclusive Growth: Inclusive Growth is the process and the outcome where all groups of people have participated in the growth and have benefited equitably from it.
- Globalization: Globalisation is the integration of the culture and economy of different regions to form a global village.
- Zero-Based Budgeting: Zero-Based Budgeting is a budgeting process of different ministries and departments, where it was assumed that there was no budget(Zero budget) in the past to refer to.
- Modernization: The process through which societies become ‘modern’ or ‘developed’, usually implying economic advancement, technological development, and the rational organization of political and social life.
- Feudalism: A system of agrarian-based production that is characterized by fixed social hierarchies and a rigid pattern of obligations.
- Capitalism: A system of generalized commodity production in which wealth is owned privately and economic life is organized according to market principles.
- Free trade: A system of trade between states not restricted by tariffs or other forms of protectionism.
- Deflation: A reduction in the general level of prices, linked to a reduction in the level of economic activity in the economy.
- 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. 27. Resource curse: The tendency for countries and regions with an abundance of natural resources to experience low growth, blocked development, and sometimes, civil strife.
- Microcredit: Very small loans for business investment, often given to people who cannot access traditional credit.
- Protectionism: The use of tariffs, quotas, and other measures to restrict imports, supposedly to protect domestic industries.
- Balance of payments: The balance of transactions conducted between a country and other countries, taking account of visible trade(exports and imports), invisible trade (services) and capital flows in the form of investments and loans.
- 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 favored nation: A designation given to a country that is thereby entitled to all and any favorable trading terms that apply to other countries.
- 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: An economic strategy through which domestic industries are protected from foreign competition, at least during their infancy.
- Debt crisis: A situation in which a country is unable to service its debts because economic surpluses are insufficient to meet interest repayments.
- Fairtrade: Trade that satisfies moral, and not merely economic, criteria, related to alleviating poverty and respecting the interests of sellers and producers in poorer areas.
- Green revolution: The introduction of pesticides and high-yield crops to boost agricultural productivity.
- Free trade area: An area within which states agree to reduce tariffs and other barriers to trade.
- 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 labor and capital, and a high level of economic harmonization; sometimes called a single market.
- Spillover: A process through which the creation and deepening of integration in one economic area create pressure for further economic integration, and, potentially, for political integration.
- NPA: NPA means interest or principal is not repaid by the borrower during a specified time period (‘overdue’ for a period of 90 days.)
- Bad assets: Bad assets are further classified into substandard assets, doubtful assets, and loss assets depending upon how long a loan remains as an NPA.
- Restructured loans: Assets that 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: Non-personal data is any set of data that does not contain personally identifiable information, in essence, means that no individual or living person can be identified by looking at such data.
- Bilateral Investment Treaty (BIT): Bilateral investment treaties (BITs) are treaties between two countries aimed at protecting investments made by investors of both countries. This type of investment is called foreign direct investment (FDI).
- Circular economy – “a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible”.
- Incremental capital-output ratio (ICOR) – ICOR explains the relationship between the level of investment made in the economy and the consequent increase in GDP.
- Microcredit is an extremely small loan given to those who lack a steady source of income, collateral, or any credit history
- Monetary policy refers to the policy of the central bank with regard to the use of monetary instruments under its control to achieve the goals specified in the Act.
- Bad bank – An asset reconstruction company (ARC) or an asset management company that takes over the bad loans of commercial banks, manages them, and finally recovers the money over a period of time
MAINS 2020 – DEFINITIONS OF KEYWORD IN ETHICS SYLLABUS