ECONOMIC GLOSSARY

Terms and Abbreviations	Meaning
BSE	Bombay Stock Exchange Ltd.: is the largest stock exchange in India having over 6,000 listed stocks - www.bseindia.com
CAGR	Compounded Annual Growth Rate: is the average annual growth rate calculated over a period (either forecast or historical)
CII	The Confederation of Indian Industry: Founded in 1895, CII is an Indian business association, with a direct membership of over 5300 companies from the private as well as public sectors, including SMEs and MNCs and indirect membership of over 80,000 companies from around 300 national and regional sectoral associations - www.ciionline.org
CMIE	The Centre for Monitoring Indian Economy: is an independent economic organisation which specialises in monitoring and researching the Indian economy - www.cmie.com
Economic Survey	A document released annually by the Government of India that provides updated socio-economic information of the Indian Economy
FII	Foreign Institutional Investments: Portfolio Investments by Foreign Asset Management Companies, Pension Funds, Mutual Funds etc., which are registered with the SEBI. FIIs can buy and sell listed as well as unlisted securities
FDI	Foreign Direct Investment: refers to an investment made to acquire lasting interest in enterprises operating outside of the economy of the investor. According to IMF, a minimum of 10% of equity ownership is required to qualify an investor as a foreign direct investor
FICCI	Federation of Indian Chambers of Commerce and Industry: Set up in 1927, it is a business association with over 1,500 corporate members - www.ficci.com
FIPB	Foreign Investment Promotion Board is a specially empowered board, chaired by Secretary, Department of Economic Affairs, which acts as the approving authority for foreign investment not falling under the automatic approval route and as a facilitator/single-window clearance agency for large foreign investment proposals.
FY	Financial Year: Usually April 1 to March 31; e.g. FY 04 would refer to the period, April 1, 2003 to March 31, 2004. Also referred to as 2003-04
GDP	Gross Domestic Product is a measure of the value of economic production of a particular territory in financial capital terms during a specified period
IBEF	India Brand Equity Foundation is a public-private partnership between the Ministry of Commerce and Industry, Government of India and the Confederation of Indian Industry. It collects, collates and disseminates comprehensive and current information on the Indian economy and business - www.ibef.org
Investment Commission	Headed by Mr. Ratan Tata, the Commission advises the Government of India on changes in policies and procedures that will enhance domestic investment. Also recommends projects and investment proposals to be mentored and promotes India as an investment destination.
NASDAQ	National Association of Securities Dealers Automated Quotations (originally): is the largest U.S. electronic stock market with approximately 3,300 companies listed on it
NCAER	National Council of Applied Economic Research: is one of India’s premier economic research institutions - www.ncaer.org
NRI	Non-Resident Indian: an Indian citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad
NYSE	The New York Stock Exchange is the world’s leading equities market with 2,800 world-class companies listed on it with a total global market value of $20 trillion
p.a.	Per annum: per year
PPP	Public Private Partnership
Private Sector Company	A company (majority) owned, managed and run by private entities or individuals, whether Indian or foreign, and not by the government
Public Sector Company (PSU)	Public Sector Undertaking: A company (majority) owned, managed and run by the Government of India
RBI	Reserve Bank of India: is the central bank of India which regulates and supervises the Indian financial system apart from regulating foreign exchange and managing monetary policy - www.rbi.org.in
SEBI	Securities and Exchange Board of India is a regulatory body appointed by the Government of India, which supervises the Indian Debt and Equity markets - www.sebi.gov.in
SEZ	Special Economic Zone: is a geographical region governed by the SEZ Act, 2005 (Please refer page 114) that is deemed to be foreign territory for the purposes of trade operations, duties and tariffs to enhance foreign investment and promote exports from the country
SME	Small and Medium Enterprise as defined by the Draft SME Bill is a company with an investment of less than Rs. 100 million ($2.2 million) for a manufacturing unit and Rs. 50 million (US$1.1 million) for services
SSI	Small-Scale Industry: Unit is an industrial undertaking with an investment of less than Rs.10 million ( $0.2 million) in plant and machinery and an annual turnover of Rs. 10 million to Rs. 100 million
TSMG	Tata Strategic Management Group: is one of the leading management consulting firms in South Asia. - www.tsmg.com