Sarat Chandra IAS Academy

Important Terms in 2nd September -2020 News

 

Environmental Performance Index:

  • EPI is a biennial index prepared by Yale University and Columbia University in collaboration with the World Economic Forum.
  • It offers a scorecard that highlights leaders and laggards in environmental performance and provides practical guidance for countries that aspire to move toward a sustainable future.
  • This index was first published in 2002 designed to supplement the environmental targets set forth in the United Nations Millennium Development Goals.

 

Crony capitalism:

  • Crony capitalism means a capitalist society in which the success of the business depends on the nexus between a political class and business class rather a free market and the rule of law.
  • Crony Capitalism Index calculates how much economic activity occurs in industries prone to cronyism.

 

Force Majeure:

  • The term ‘force majeure’ has been defined in Black’s Law Dictionary, as ‘an event or effect that can be neither anticipated nor controlled.
  • It is a contractual provision allocating the risk of loss if performance becomes impossible or impracticable, especially as a result of an event that the parties could not have anticipated or controlled.’
  • While force majeure has neither been defined nor specifically dealt with, in Indian statutes, some reference can be found in Section 32 of the Indian Contract Act, 1872 (the “Contract Act”) envisages that if a contract is contingent on the happening of an event which event becomes impossible, then the contract becomes void.

 

Renati Cholas:

  • The Telugu Cholas of Renadu (also called as Renati Cholas) ruled over Renadu region, the present-day Kadapa district.
  • They were originally independent, later forced to the suzerainty of the Eastern Chalukyas.
  • They had the unique honour of using the Telugu language in their inscriptions belonging to the 6th and 8th centuries.
  • The earliest of this family was Nandivarman (500 AD) who claimed descent from the family of Karikala and the Kasyapa gotra.

 

Open market operations:

  • Open market operations (OMO) refers to a central bank buying or selling short-term Treasuries and other securities in the open market in order to influence the money supply, thus influencing short term interest rates.
  • Buying securities adds money to the system, making loans easier to obtain and interest rates decline.
  • Selling securities from the central bank’s balance sheet removes money from the system, making loans more expensive and increasing rates.

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