Repo Rate is RBI's key monetary policy tool.
It is the rate at which commercial banks borrow money from the Reserve Bank of India for short-term needs. It is crucial for controlling inflation and managing liquidity in the economy.
Goods and Services Tax (GST) is an indirect tax.
Introduced in India on July 1, 2017, GST replaced multiple central and state indirect taxes with a single comprehensive tax. It aims to simplify the tax structure and create a common national market ('One Nation, One Tax').
73rd Amendment Act empowered Panchayati Raj Institutions.
Passed in 1992, this amendment granted constitutional status to Panchayati Raj Institutions (PRIs) in India. It mandated a three-tier structure: Gram Panchayat, Block Panchayat, and District Panchayat, and provided for their regular elections.
NITI Aayog replaced the Planning Commission.
Formed on January 1, 2015, NITI Aayog (National Institution for Transforming India) serves as the premier policy 'Think Tank' of the Government of India. It aims to foster cooperative federalism and provide strategic and technical advice.
ISRO is India's premier space agency.
Established in 1969, the Indian Space Research Organisation (ISRO) is responsible for space-based applications, space exploration, and developing related technologies. Its headquarters are located in Bengaluru.
UN Security Council has five permanent members.
The United Nations Security Council (UNSC) is primarily responsible for maintaining international peace and security. Its five permanent members are China, France, Russia, the United Kingdom, and the United States, each possessing veto power.
Olympic flag has five intertwined rings.
The five rings on the Olympic flag symbolize the five inhabited continents of the world, united by Olympism. The chosen colors (blue, yellow, black, green, and red on a white background) ensure that at least one color from every national flag is included.