Important Terms in 1st August-2020 News

1. Core industries

The eight core sectors of the Indian economy are:

These industries have a major impact on the general economic activities and also industrial activities.
They significantly impact most other industries as well. The core sector represents the capital base of the economy.

2. Kharif crop

The Kharif cropping season starts with the onset of the Indian subcontinent’s monsoon. Kharif crops are typically sown at the beginning of the first monsoon rains (depends on region to region).
Harvesting season begins from the 3rd week of September to October (the exact harvesting dates differ from region to region).
Unlike Rabi crops, Kharif crops require good rainfall. The output of these crops depends upon the time and amount of rainwater. Paddy, maize, bajra, jowar are a few of the Kharif crops grown in India.

3. Fiscal deficit

The fiscal deficit is the difference between the government’s total expenditure and its total receipts (excluding borrowing).
Fiscal deficit in layman’s terms corresponds to the borrowings and liabilities of the government.
As per the technical definition, Fiscal Deficit = Budgetary Deficit + Borrowings and Other Liabilities of the government.

4. CAG

CAG is an independent authority under the Constitution of India.
He is the head of the Indian audit & account department and chief Guardian of Public purse.
It is the institution through which the accountability of the government and other public authorities (all those who spend public funds) to Parliament and State Legislatures and through them to the people is ensured.

5. Moratorium period

Moratorium period refers to the period of time during which you do not have to pay an EMI on the loan taken.
This period is also known as EMI holiday. Usually, such breaks are offered to help individuals facing temporary financial difficulties to plan their finances better.

6. UAPA

The UAPA, an upgrade on the Terrorist and Disruptive Activities (Prevention) Act TADA (lapsed in 1995) and the Prevention of Terrorism Act – POTA (repealed in 2004) was passed in the year 1967.
It aims at effective prevention of unlawful activities associations in India.
Till 2004, “unlawful” activities referred to actions related to secession and cession of territory.
The 2004 amendment, added “terrorist act” to the list of offences.
Under the act, the investigating agency can file a charge sheet in maximum 180 days after the arrests and the duration can be extended further after intimating the court.
Powers to Union Government: If the Centre deems an activity as unlawful then it may, by way of an Official Gazette, declare it so.

7. NGT

It is a specialised body set up under the National Green Tribunal Act (2010) for effective and expeditious disposal of cases relating to environmental protection and conservation of forests and other natural resources.
With the establishment of the NGT, India became the third country in the world to set up a specialised environmental tribunal, only after Australia and New Zealand, and the first developing country to do so.
NGT is mandated to make disposal of applications or appeals finally within 6 months of filing of the same.

8. GST council

It is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax.
Article 279A says that the President shall by order constitute a Council to be called the Goods and Services Tax Council.

9. Liquidity crunch

A time when cash resources are in short supply and demand is high.
During a liquidity crunch, businesses and consumers are charged high interest rates on loans which are more difficult to obtain.
It is also known as the liquidity crisis and credit crunch.

10. Index of Industrial Production

The Index of Industrial Production (IIP) is an index which details out the growth of various sectors in an economy such as mineral mining, electricity,manufacturing, etc.
It is compiled and published monthly by the Central Statistical Organisation (CSO), Ministry of Statistics and Programme Implementation six weeks after the reference month ends, i.e a lag of six weeks.
The Base Year of the Index of Eight Core Industries has been revised from the year 2004-05 to 2011-12 from April, 2017.