Gestation Period : Period of time taken from the
conception or initiation of the project till its final completion production
stage. While small cottage industries may need a few months gestation period, an
industrial steel or energy plant may require quite a few years gestation period.

Industrial License : An industrial license is a written permission
from the government to an industrial unit to manufacture goods specified in the
permission letter.

Market Mechanism : The mechanism by which prices
adjust themselves to the pressure of demand and supply and in their turn operate
to keep demand and supply in balance. This is another name for price mechanism.

Subsidies : A payment by the state to help Industry or Agriculture to
protect the producers’/growers’ interest and thus keep prices down.

Tertiary Sector: In these occupations, only services
are produced as distinct from the primary and secondary sectors in which goods
are produced and therefore, tertiary occupations are commonly known as services
sector.

Regional Planning : It involves coordination of various sectors of the
economy in a specific region, these sectors have to be correlated with certain
natural and economic homogeneities.

Sovereign Socialist Secular Democratic Republic : The
preamble (serving the introduction) to our Constitution declares the ultimate
sovereignty in the hands of the people of India and that the Constitution rests
on their authority. The Constitution envisages that the state representatives
have to be elected by the people. All the religions in the country will have the
equal status, prestige and respect from the state. The Constitution also
envisages a democratic form of government infused with the spirit of justice,
liberty and equality. The words ‘secular’ and ‘socialist’ were inserted in the
preamble of the Constitution by the 42nd Amendment Act, 1976.

Regards
Course Director-Public Administration