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Private Sector

Businesses owned by individuals or groups rather than the government.

Departmental Undertakings

Public sector organizations that are part of a government department.

Statutory Corporation

A corporation created by an Act of Parliament and governed by its own charter.

Government Companies

Companies formed by the government to undertake commercial activities.

Sole Proprietorship

A business owned and managed by a single individual.

Partnership

A business operation between two or more individuals sharing profits and losses.

Cooperative

An organization owned and operated by a group of individuals for mutual benefit.

Multinational Corporations

Companies that operate in multiple countries beyond their home country.

Industrial Policy Resolution of 1948

The Indian government's approach to economic development initiated in 1948.

Industrial Policy Resolution of 1956

Set goals to accelerate the growth and industrialization of India.

1991 Industrial Policy

Shifted focus towards disinvestment in the public sector and encouraged private sector independence.

Economies of Scale

Cost advantages gained by increasing the level of production.

Import Substitution

Strategy to replace foreign imports with domestic production.

Board of Industrial and Financial Reconstruction

A board set to assess the revival or closure of sick public sector units.

Global Enterprises

Industrial conglomerates that operate across multiple nations.

Foreign Collaborations

Agreements with foreign companies for technology transfer and production.

Advanced Technology

Utilizing cutting-edge technology to enhance production processes.

Product Innovation

The process of improving existing products and creating new ones.

Joint Ventures

A business arrangement where two or more parties work together for mutual goals.

Service Sector

The part of the economy that provides services instead of goods.

Public Private Partnership

A cooperative arrangement between public and private sectors.

Regulatory Framework

A set of guidelines and regulations that govern business practices.

Outsourcing

The practice of hiring external firms to handle certain business activities.

E-commerce

The buying and selling of goods and services over the internet.

Small and Medium Enterprises (SMEs)

Businesses whose personnel numbers fall below certain limits, vital for economic growth.

Franchising

A business model where one party allows another to use its trademark and business model.

Corporate Social Responsibility (CSR)

A business model where companies integrate social and environmental concerns.

Supply Chain Management

The oversight of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer.

Market Regulation

Government or non-governmental policies that affect the supply and demand of goods and services.