Economic Terms

  • Asset Monetization:Converting underutilized public assets into revenue for the government.
  • Carbon Efficiency:Producing outputs with minimal carbon emissions compared to similar sectors.
  • Disinvestment:Selling government ownership stake in a company to raise funds.
  • Financial Inclusion:Making financial services accessible and affordable to all.
  • Global Innovation Index (GII):A tool for governments to assess innovation in their countries.
  • Net Zero:Balancing greenhouse gas emissions with removals from the atmosphere.
  • Onshore Income:Interest earned by offshore banking units from loans/investments with residents.

Government Initiatives

  • e-panchayat:Aims to provide updated information online and computerize gram panchayats (village councils).


Chapter-18 : Planning

NITI Aayog: Transforming India’s Development Approach

Established: 2015 (replacing the Planning Commission)

Goal: Be a catalyst for development beyond the public sector, focusing on:

  • Cooperative federalism (collaboration between central & state governments)
  • Knowledge sharing
  • Good governance

Roles and Functions:

  • Think Tank:Provides strategic and technical advice to central and state governments.
  • Policy Monitoring:Tracks progress, suggests improvements, and recommends mid-course corrections.
  • Research & Dissemination:Conducts research, publishes papers, and organizes workshops.


  • Chair:Prime Minister
  • Governing Council:Chief Ministers of states and union territories
  • Special Invitees:Experts and practitioners
  • Members:Full-time and part-time members from universities and research institutions
  • CEO:Appointed by the Prime Minister

Evolution from Planning Commission:

  • Established in 1950 to drive economic growth and social development.
  • Formulated Five-Year Plans with specific socio-economic targets. (Details on plans provided in background section)
  • NITI Aayog replaced the Planning Commission in 2015 to:
    • Create a long-term vision and strategy.
    • Adapt development strategies to a changing economy.

Key Initiatives:

  • Atal Innovation Mission (AIM):Promotes innovation and entrepreneurship.
    • Atal Tinkering Labs (ATLs): Foster innovation among high-school students.
    • Atal Incubation Centres (AICs): Support startups.
    • Atal Community Innovation Centres (ACICs): Encourage grassroots innovation.
  • National Monetisation Pipeline (NMP):Raises funds by monetizing government assets.
    • Unlocks value from underutilized infrastructure.
    • Attracts private investment through InvITs and REITs.
  • Development Monitoring and Evaluation Office (DMEO):
    • Monitors progress and effectiveness of government programs.
    • Advises ministries on resource allocation and adjustments.
  • Science & Technology Vertical:Promotes science and technology.
    • Aims to improve India’s Global Innovation Index (GII) ranking.

Overall, NITI Aayog plays a critical role in guiding India’s development by fostering collaboration, innovation, and evidence-based policymaking.

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