keywords - gs3 Flashcards
(282 cards)
Keyword
Content
From Atmanirbhar Bharat to Viksit Bharat
Transition from Atmanirbharta (self-sufficiency) to Vikshit Bharat (developed nation).
Sweet Spot
It showcases the current and future potential for growth.
Virtuous Cycle Approach
Describes a chain of positive events that reinforces itself. A positive result leads to another positive result, strengthening circumstances as a whole. For example, India’s high economic growth period from 2003 to 2008.
Hard to Beat Size Advantage
The benefit of being bigger in size.
Neoteric (Modern) Innovators
Atal Tinkering Labs aim to cultivate 1 million children of India as Neoteric Innovators.
Economies of Scale to Economies of Scope
Economies of scale refer to cost advantages and efficiencies with increased production of a particular product.
Man-Making
Coined by Swami Vivekananda, referring to imparting resilience and personal responsibility among the people. For example, Atmanirbhar Bharat.
Vocal for Local
Emphasizes the importance of local manufacturing and supply chains, especially during the COVID-19 crisis. It asserts the need to support local businesses and products.
Information Asymmetry
A situation where there is imperfect knowledge, often occurring when one party has different information than another. For example, government structures may have weak mechanisms to collect ground-level information about farmers, leading to issues with the supply of credit.
One-Size Fits All Approach to Tailor-Made Approach
Tailor-made approach refers to catering to the specific needs of regions and people, as opposed to a one-size-fits-all strategy.
Departmentalism
When departments work in isolation, leading to unhealthy competition and narrow goals at the cost of organizational objectives. Unification of services aims to address this issue.
Siloed to Cross-Functional Approach
Moving from departments working in isolation to collaborative efforts where different departments share resources to achieve common goals.
Technological Upgradation and Diversification
Upgradation refers to advancements like from magnetic chip cards to encrypted chip cards, while diversification involves allowing card-less payments for low-value transactions.
Trade-Tech with Fin-Tech
The intersection of technology, finance, and trade to increase efficiency.
Technological Unemployment
Unemployment resulting from the introduction of new technology into the economy.
Technological Diffusion
The transfer of new technologies from their point of origin to new users in different countries.
Focused Diversification
Diversification within a specific, focused area, such as the recommendations of the Baba Kalyani committee on SEZ reforms in areas like engineering and design, biotech, and healthcare services.
SENSE for Startups
Acronym for Share, Explore, Nature, Serve, and Empower, relating to startup ecosystem development.
Single Window Clearance Mechanism
A system like PARIVESH for faster clearance of environmental, forest, wildlife, and CRZ proposals. For example, the civil aviation ministry’s Investment Clearance Cell.
One District, One Product
Promoting and manufacturing one product from each district, often focusing on GI-tagged products.
Missing Middle
Refers to the low concentration of medium-scale industries.
Ceteris Paribus
A Latin phrase meaning “all other things being equal,” used to isolate the effects of one variable while ignoring others. For example, examining the effect of supply chain changes on inflation while keeping other factors constant.