How to use this glossary
These terms underpin GS-3 economy questions and the business pages of the newspaper. Learn the macro aggregates, the tax/market terms and the regulators together.
GDP
Output measure
GST
Indirect tax
FDI/FPI
Foreign investment
SEBI
Markets regulator
Macro and national income
| Abbr. | Full form |
|---|---|
| GDP | Gross Domestic Product |
| GNP | Gross National Product |
| NNP | Net National Product |
| GVA | Gross Value Added |
| NDP | Net Domestic Product |
| PPP | Purchasing Power Parity |
| CAD | Current Account Deficit |
| BoP | Balance of Payments |
Tax, investment and markets
| Abbr. | Full form |
|---|---|
| GST | Goods and Services Tax |
| FDI | Foreign Direct Investment |
| FPI | Foreign Portfolio Investment |
| IPO | Initial Public Offering |
| FII | Foreign Institutional Investor |
| ITR | Income Tax Return |
| PAN / TAN | Permanent / Tax Deduction Account Number |
| TDS | Tax Deducted at Source |
Regulators and sectors
| Abbr. | Full form |
|---|---|
| SEBI | Securities and Exchange Board of India |
| IRDAI | Insurance Regulatory and Development Authority of India |
| PFRDA | Pension Fund Regulatory and Development Authority |
| MSME | Micro, Small and Medium Enterprises |
| PLI | Production Linked Incentive (scheme) |
| DGFT | Directorate General of Foreign Trade |
| FSSAI | Food Safety and Standards Authority of India |
| CCI | Competition Commission of India |
UPSC angle
Know the macro aggregates (GDP/GNP/GVA), the FDI-vs-FPI pair, and the regulators (SEBI/IRDAI/PFRDA). These appear in both economy and current-affairs questions.
Frequently asked questions
What is the full form of GDP?
Gross Domestic Product — the total value of goods and services produced within a country in a period.
What is the difference between FDI and FPI full forms?
FDI = Foreign Direct Investment (lasting interest/control); FPI = Foreign Portfolio Investment (financial assets, no control).
What does SEBI stand for?
Securities and Exchange Board of India — the regulator of the securities/capital market.
What is the full form of MSME?
Micro, Small and Medium Enterprises.