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Glossary Terms
| Term (EN) | Definition | Exam Relevance |
|---|---|---|
| LPG Reforms | 1991 economic reforms: Liberalisation, Privatisation, Globalisation | 1991 |
| Licence Raj | System requiring multiple government licences for industry (pre-1991) | 1950s–1991 |
| IPR 1956 | Classified industries into A (PSU), B (mixed), C (private) | 1956 |
| MRTP Act | Anti-monopoly law; replaced by Competition Act 2002 | 1969 |
| FERA | Restrictive FDI/forex law; replaced by FEMA 2000 | 1973 |
| FEMA | Liberal forex management law replacing FERA | 2000 |
| FDI (Foreign Direct Investment) | Investment by foreign entities in domestic companies/assets | — |
| Make in India | Policy to boost manufacturing to 25% of GDP | Sept 2014 |
| PLI Scheme | Incentive on incremental manufacturing sales; 14 sectors | 2021 |
| Atmanirbhar Bharat | Self-reliant India; Rs 20 lakh crore COVID-response package | May 2020 |
| MSME | Micro, Small and Medium Enterprises; defined by investment+turnover | Revised 2020 |
| ECLGS | Rs 3 lakh crore guaranteed MSME loans during COVID | 2020 |
| CCI | Competition Commission of India; prevents anti-competitive practices | 2002/2009 |
| Disinvestment | Reducing government equity stake in PSUs | — |
| NMP | Rs 6 lakh crore infrastructure monetisation plan 2021–25 | 2021 |
| PM Gati Shakti | Digital platform integrating 16 ministries for infrastructure | Oct 2021 |
| DMIC | 1,483 km industrial corridor across 6 states | — |
| ZED Certification | Quality and environment certification for MSMEs | — |
| Udyam Portal | Online MSME registration platform | 2020 |
| DPIIT | Nodal dept for industry policy and FDI (formerly DIPP) | — |
| Hindu Rate of Growth | Term for India's low pre-1991 GDP growth of ~3.5% | Coined by Raj Krishna |
| Capital Goods | Equipment used in production; India's heavy industry focus | — |
| PPP | Public-Private Partnership model for infrastructure | — |
| Competition Amendment Act | Added settlement mechanism and deal-value threshold | 2023 |