Sarat Chandra IAS Academy

Important Terms in 3rd September -2020 News

 

Index of Industrial Production:

  • The Index of Industrial Production (IIP) is an index that shows the growth rates in different industry groups of the economy in a fixed period of time.
  • It is compiled and published monthly by the Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation.
  • IIP is a composite indicator that measures the growth rate of industry groups classified under:

-Broad sectors, namely, Mining, Manufacturing, and Electricity.

-Use-based sectors, namely Basic Goods, Capital Goods, and Intermediate Goods.

  • Base Year for IIP is 2011-2012.

 

Hindu Succession (Amendment) Act of 2005:

  • The Mitakshara school of Hindu law, a personal law, codified as the Hindu Succession Act,1956 used to govern the succession and inheritance of property in Hindus.
  • Under this law, only male were recognised as the legal heirs or coparceners and women were not a coparcener in the family and thus were denied the right to inherit their father’s property.
  • As a result of this discrimination, Section 6 of the Act was amended in the year 2005 to make a daughter of a coparcener also a coparcener by birth in her own right in the same manner as the son.
  • The law also gave the daughter the same rights and liabilities in the coparcenary property as she would have had if she had been a son.

 

Gross Value Added:

  • In 2015, India opted to make major changes to its compilation of national accounts and decided to bring the whole process into conformity with the United Nations System of National Accounts (SNA) of 2008.
  • As per the SNA, GVA is defined as the value of output minus the value of intermediate consumption and is a measure of the contribution to growth made by an individual producer, industry or sector.
    -Gross Value Added = GDP + subsidies on products – taxes on products

 

Attorney General:

  • The Attorney General (AG) of India is a part of the Union Executive. AG is the highest law officer in the country.
  • Article 76 of the Constitution provides for the office of AG of India.

Appointment and Eligibility:

  • AG is appointed by the President on the advice of the government.
  • S/he must be a person who is qualified to be appointed a judge of the Supreme Court, i.e. s/he must be a citizen of India and must have been a judge of some
  • high court for five years or an advocate of some high court for ten years or an eminent jurist, in the opinion of the President.
  • Term of the Office: Not fixed by the Constitution.
  • Removal: Procedures and grounds for the removal of AG are not stated in the Constitution. S/he holds office during the pleasure of the President (may be removed by the President at any time).

 

United Nations Security Council (UNSC):

  • It is one of the organs of the United Nations and is charged with the maintenance of international peace and security.
  • Its powers include the establishment of peacekeeping operations, the establishment of international sanctions, and the authorization of military action through Security Council resolutions; it is the only UN body with the authority to issue binding resolutions to member states.
  • Members: The Security Council consists of fifteen members. Russia, the United Kingdom, France, China, and the United States—serve as the body’s five permanent members. These permanent members can veto any substantive Security Council resolution, including those on the admission of new member states or candidates for Secretary-General.
  • The Security Council also has 10 non-permanent members, elected on a regional basis to serve two-year terms. The body’s presidency rotates monthly among its members.

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