Cost inflation index: is used to estimate the increase in the prices of goods and assets year-by-year due to inflation. It is calculated to match the prices to the inflation rate. In simple words, an increase in the inflation rate over time will lead to a rise in the prices. The Cost Inflation Index (CII) for the financial year 2021-22 is 317.
Uniform Civil Code: means that all sections of the society irrespective of their religion shall be treated equally according to a national civil code, which shall be applicable to all uniformly. They cover areas like- Marriage, divorce, maintenance, inheritance, adoption and succession of the property.
PM Gati Shakti Scheme: or National Master Plan for multi-modal connectivity plan to ensure integrated planning and implementation of infrastructure projects in the next four years, with focus on expediting works on the ground, saving costs and creating jobs. The Gati Shakti scheme will subsume the Rs 110 lakh crore National Infrastructure Pipeline that was launched in 2019.
RPA Act 1951: The Representation of People Act, 1951 was passed by the Parliament in accordance with Article 327 of the Constitution of India. This Act makes provisions for the conduct of elections in India. It also talks about corruption and other illegal activities related to elections. The Act makes provisions for dispute redressal in matters connected to elections. It also talks about the qualification as well as grounds for the disqualification of MPs and MLAs.
Inflation: measures the average price change in a basket of commodities and services over time. Inflation is indicative of the decrease in the purchasing power of a unit of a country’s currency. This could ultimately lead to a deceleration in economic growth.