Wednesday, 11 March 2020

Government in Transition Economies

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Government in Transition Economies


Governments have a major role to play in the economy. It plays the regulatory role, legal
role, entrepreneurial role and planning role. Besides these, it also plays a major role in
infrastructure and human resource development.
The Insurance Regulatory and Development Authority (IRDA) - External website that
opens in a new window) was established by an Act of Parliament known as the IRDA Act,
1999. The mission of the IRDA is to protect the interests of the policyholders, to regulate,
promote and ensure systematic growth of the insurance industry and other connected
matters.
Mutual Fund Association in India was established seeing the increase in mutual fund
players in India. A need for was generated for it to function as a non-profit organisation.
A commodities exchange is an exchange where various commodities and derivatives
products are traded.


Commodity exchange: an exchange for buying and selling commodities for future delivery.
Foreign Direct Investment: investment by a company in a country other than that in which the
company is based.
FOREX: An over-the-counter market where buyers and sellers conduct foreign exchange
transactions.
Licensing: grant a permit to allow the use of something or to allow a business activity to take
place.

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