Indian Ocean Rim Association: It is a regional tripartite forum that gathers government representatives, academia and business leaders for encouraging cooperation and greater interaction between them. The organisation is founded upon the values of open regionalism for boosting economic cooperation especially on the realms of trade facilitation, investment, the region’s social development and promotion. Currently, it has 23 member states. The idea for the IORA was formed by India and South Africa.
RBI Integrated Ombudsman Scheme: It amalgamates three ombudsman schemes of RBI – banking ombudsman scheme of 2006, ombudsman scheme for NBFCs of 2018 and ombudsman scheme of digital transactions of 2019. The unified ombudsman scheme will provide redress of customer complaints involving deficiency in services rendered by RBI regulated entities viz. banks, NBFCs (Non Banking Financial Companies) and pre-paid instrument players if the grievance is not resolved to the satisfaction of the customers or not replied within a period of 30 days by the regulated entity. It also includes non-scheduled primary co-operative banks with a deposit size of Rs 50 crore and above. The integrated scheme makes it a “One Nation One Ombudsman’ approach and jurisdiction neutral.
BARC Rating: Broadcast Audience Research Council (BARC) It is a company created in 2010 and jointly owned by advertisers, ad agencies, and broadcasting companies, represented by the Indian Society of Advertisers, the Indian Broadcasting Foundation and the Advertising Agencies Association of India. The Ministry of Information and Broadcasting notified the Policy Guidelines for Television Rating Agencies in India on January 10, 2014, and registered BARC in July 2015 under these guidelines, to carry out television ratings in India.
Demographic Transition theory: studies the relationship between economic development and population growth. It discusses about changes in birth rate and death rate and consequently growth rate of population in assonance with the process of growth and development. It is also used to describe and predict the future population of any area. The theory tells us that population of any region changes from high births and high deaths to low births and low deaths as society progresses from rural agrarian and illiterate to urban industrial and literate society.
Gross Fixed Capital Formation: refers to the net increase in physical assets (investment minus disposals). It does not account for the consumption (depreciation) of fixed capital. It is a component of expenditure approach to calculating Gross Domestic Product (GDP). GFCF is not a measure of total investment, because only the value of net additions to fixed assets is measured, and all kinds of financial assets, as well as stocks of inventories and other operating costs are excluded.
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