A current account deficit occurs when a country’s imports exceed its exports, indicating an imbalance in trade. This can lead to reduced foreign investment, currency depreciation, and increased inflation, ultimately impacting economic stability and growth by straining financial resources and weakening the country’s overall economic position.

The Public-Private Partnership (PPP) model is a collaborative framework where the government and private sector jointly develop and manage infrastructure and services. This approach shares risks and resources, enhances efficiency, and improves the quality of public services, fostering economic development through innovation and investment.

The prime objective of NITI Aayog is to foster cooperative federalism through the involvement of states in policy-making. It aims to enhance economic growth, develop innovative solutions, and promote sustainable development by providing strategic and technical advice to the government and encouraging partnerships between various stakeholders.

Globalization is an economic, social, and cultural process that connects countries and communities more closely. It occurs through trade, technology, communication, and investment, leading to increased development and cultural exchange. However, globalization can also result in inequality and the erosion of local cultures.

The Human Development Index (HDI) comprises three main components:

1. Life Expectancy: Average lifespan at birth, indicating health standards.
2. Education: Assessed through literacy rates and mean years of schooling.
3. Gross National Income (GNI) per capita: Reflects economic prosperity and living standards.

Together, these components measure overall human well-being.