Write full forms of the following abbreviations.
- Gross Domestic Product (GDP) is the total market value of the goods and services produced by a country during a specific period of time. It includes all goods and services produced by all sectors of the economy of private and public consumption. GDP is the principal means of determining the health of a nation’s economy.
- International Monetary Fund (IMF) is an intergovernmental organization that promotes international economic cooperation, focusing in particular on policies that have an impact on the exchange rate and the balance of payments. The organization’s stated objectives are to promote international economic cooperation, international trade, employment, and exchange rate stability, including by making resources available to member countries to meet the balance of payments needs.
- Multinational Corporation (MNC) is a corporation enterprise that manages production or delivers services in more than one country. Generally, the MNC has its headquarters in one country and have offices or factories in different countries.
- Board for Industrial and Financial Reconstruction (BIFR) was a board set up by the Government of India, in order to tackle the problem of industrial sickness, under the purview of Sick Industrial Companies. It had been established as a quasi-judicial body in the Department of Economic Affairs, Ministry of Finance, for revival and rehabilitation of potentially sick undertakings and for closure/liquidation of non-viable and sick industrial companies.
- Gross National Product (GNP) is the total value of all products and services produced in one year by the country’s citizens (citizens within the nation and abroad), regardless of their location.
- Research and development refer to creative work undertaken on a systematic basis in order to increase the stock of knowledge, including knowledge of man, culture and society, and the use of this stock of knowledge to devise new applications.
- Research and Analysis Wing (RAW) is India’s foreign intelligence agency. The primary function of the RAW is the collection of external intelligence, counter-terrorism and covert operations. RAW is also responsible for obtaining and analyzing information about foreign governments, corporations, and persons, in order to advise Indian policymakers.
- Bhabha Atomic Research Centre (BARC) is India’s premier nuclear research and development facility headquartered in Trombay, Mumbai, Maharashtra. BARC is named after Homi Jehangir Bhabha, also known as the father of the Indian nuclear programme, is an Indian nuclear physicist, founding director, and professor of physics at the Tata Institute of Fundamental Research (TIFR).
- Indian Space Research Organisation (ISRO) is the space agency of the Government of India established in 1969 for the research and development of vehicles and activities for the exploration of space within and outside of Earth’s atmosphere.
- Industrial Development Bank of India (IDBI) is a leading public sector bank in India. It is headquartered in Mumbai, India. The name Industrial Development Bank of India Limited changed to IDBI Bank Limited on May 7, 2008.
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