Open Network for Digital Commerce (ONDC) -It is the initiative of DPIIT and mainly aimed at curbing “digital monopolies”. It has recently launched its beta version; ONDC uses open specifications and open network protocols. It will help in digitization of the entire value chain, standardize operations, promote inclusion of suppliers, derive efficiencies in logistics and enhance value for consumers. It could be problematic for e-commerce companies, which have proprietary processes and technology deployed for these segments of operations, If ONDC is mandated. 

Track One Diplomacy - it is also referred as "first track" or "first tier" diplomacy; In fact, it  refers to official governmental diplomacy and involves a process whereby communications from one government go directly to the decision-making apparatus of another; it may take place bilaterally between two states, or multilaterally when several states interact together, and even regionally or globally through inter-governmental organizations. 

Track Two Diplomacy - it is unofficial and informal interaction between nations that aim to develop strategies and to  help resolve their conflict; it may involve conflict resolution specialists, private citizens, non-governmental organizations (NGOs) etc. 
​Track One and half Diplomacy - it involves a mix of government officials, who participate in an unofficial capacity, and non-governmental experts.

Algorithmic Trading - also known as Algo Trading; it refers to any order which is generated using automated execution logic; with the help of advanced mathematical models automated execution of trade orders are created at superfast speeds. In order to make trading safe and prevent market manipulations, SEBI has proposed a regulatory framework for algorithmic trading by retail investors.

G20 Troika - It consists of Indonesia, Italy, and India - the current, previous and incoming G20 Presidencies, respectively. Its objective is to ensure consistency and continuity of G20’s agenda.

A New ‘Quad’ - India has teamed with United States (US), United Arab Emirates (UAE) and Israel to form a new 'quad'. It comes in the background of the Israel-US-UAE 'Abraham accords' which aims at normalizing Israel-UAE ties. It can also be termed as Indo-Abrahamic Accord. The new QUAD partners held a joint meeting and decided to bolster infrastructure, 5G, ASEAN cooperation, COVID vaccine partnership and announced a new  ‘Quad fellowship’ for STEM. 

Generalized System Of Preferences Trade Privilege - It is U.S. trade preference program that promotes economic growth and development in the developing world. It includes agricultural products including animal husbandry, meat and fisheries and handicraft products. India had this privilege which was withdrawn in June, 2019. India is likely to press US Administration for early restoration of the Generalized System of Preferences (GSP) trade privilege.

'Healthy States, Progressive India' - It is NITI's 'States Health Index' report; ranks states and Union territories innovatively on their year-on-year incremental change in health outcomes( period 2018–19 to 2019–20.) ; The Health Index is a weighted composite Index based on indicators grouped into the domains of Health Outcomes, Governance and Information, and Key Inputs/Processes. The top-ranking states were Kerala and Tamil Nadu (‘Larger States’ categories) , Mizoram and Tripura (‘Smaller States’ categories) and Dadra and Nagar Haveli and Daman and Diu (DH&DD) and Chandigarh among the UTs.

First Dugong Conservation Reserve - to be come up in northern part of Palk Bay in Tamil Nadu; Dugong - it is also known as Sea Cow;   listed as ‘Vulnerable’ on the IUCN Red List of Threatened Species. They are protected in India under Schedule 1 of the Indian Wildlife Act 1972 which bans the killing and purchasing of dugong meat.

SAAR - Smart Cities and Academia towards Action & Research 'Healthy States, Progressive India' - A joint initiative of MoHUA & National Institute of Urban Affairs (NIUA); aims to document landmark projects of Smart Cities Mission -the learnings from best practices, provide opportunities for engagement on urban development projects to students, and enable real-time information flow between urban practitioners and academia. 

Udyog Aadhaar - It is also known as Aadhaar for Business; twelve digit Unique Identification Number provided by the Ministry of Micro, Small and Medium Enterprises, The following business entities are eligible to apply for an Udyog Aadhar card-
Micro Enterprise Upto Rs. 25 lakhs investment in plant & machinery Upto Rs. 10 lakhs investment in equipment
Small Enterprise Upto Rs.5 crore investment in plant & machinery Upto Rs.2 crores investment in equipment
Medium Enterprise Upto Rs.10 crore investment in plant & machinery Upto Rs.5 crores investment in equipment. 
Business Entity can self-certify its existence, bank details, promoter/owner’s Aadhaar details and other needed details. There is no fee applicable for filing the Udyog Aadhaar Memorandum.

Armoured Engineer Reconnaissance Vehicle (AERV) - the first batch of Indigenous AERV was inducted into the Indian Army in December 21; manufactured by BEL at Pune; a versatile BMP-IIK amphibious Infantry Combat Vehicle (ICV) fitted with instruments for water reconnaissance, land reconnaissance, navigation and data backup; capable of measuring soil bearing capacity on riverbanks to find out if they are motorable for military vehicles on Go-No Go basis (important parameters for bridge laying), dry and wet gaps in day and night conditions, slopes and height of river banks or canals.

Firmina - a sub-sea cable network proposed by Google and it will connect the East Coast of the U.S. and Las Toninas, Argentina — with additional landings in Brazil and Uruguay; will be the longest cable in the world capable of running entirely from a single power source at one end of the cable; aims to provide users in South America with improved low-latency access to Google’s portfolio of consumer and cloud services.

Card on File Tokenisation (CoFT) - Tokenisation refers to the technology of substituting sensitive card data with random numbers; RBI has extended the deadline for wiping off card data on merchant sites and applying tokenisation by another six months (upto 30th June, 2022); A tokenised card transaction is considered safer as the actual card details are not shared with the merchant​; In CoF transaction, a cardholder has authorised a merchant to store the cardholder’s Mastercard or Visa payment details.

Ashgabat Agreement - envisages facilitation of transit and transportation of goods between Central Asia and the Persian Gulf. At present, India, Uzbekistan, Turkmenistan, Iran, Oman, Kazakhstan and Pakistan are its members. India Joined it in 2018.

​​SAFAR - “System of Air Quality and Weather Forecasting and Research”. It is developed by Indian Institute of Tropical Meteorology, Pune. It enables greater metropolitan cities of India to provide location specific information on air quality.; SAFAR envisages a research based management system where strategies of air pollution mitigation go along with economic development.

AUSINDEX - Biennial bilateral naval exercise, first held in India in 2015; Objective - is to consolidate shared commitment to regional and global security challenges promoting peace, security and stability in the Indo-Pacific region. The 2021 exercise is held in Australia.  

All-India Quarterly Establishment-based Employment Survey (AQEES)-  It is  an Establishment based Employment Survey , it provides estimates for the demand side conditions of the labour market.; AQEES is done by Labour Bureau and it updates quarterly about the employment and related variables of establishments. It pertains to both organised and unorganised segments of nine selected sectors which are - Manufacturing, Construction, Trade, Transport, Education, Health, Accommodation and Restaurant, IT/ BPO and Financial Services.; These nine sectors account for a majority of the total employment in the non-farm establishments. 

Web 3 - it describes a potential next phase of the internet; it is defined by intelligence; it allows online applications and websites to receive information that’s on the Web and give new information/data to the users.; Semantic Web, Artificial Intelligence, 3D Graphics and Ubiquitous are the four properties of Web 3.0.; The Advantages of the Web 3.0: Its advantages include- Increased information linking, Efficient searching, Effective communication, Better marketing, More efficient web browsing and Change human interaction. The Disadvantages of Web 3.0 are complicated for newcomers to understand, less advanced devices will not be able to handle Web 3.0. etc.

Surety Bonds -  a legally binding contract between the principal, the obligee (generally a state entity) , and the surety; mainly aimed at infrastructure development; Union Budget 2022-23 has permitted the use of surety insurance bonds as a substitute for bank guarantees in case of government procurement and also for gold imports; Insurance companies can launch the much-anticipated surety bonds now as per the new guidelines.

Index of Industrial Production (IIP)- it measures the changes in the volume of production of industrial products; it is a composite indicator that measures the growth rate of industry belonging to Broad sectors- Mining, Manufacturing, and Electricity sectors and€ Use-based sectors, namely Basic Goods, Capital Goods, and Intermediate Goods. 

Blockchain Technology - It was outlined first by Stuart Haber and W. Scott Stornetta; It is a concept or protocol behind the running of the blockchain; The blockchain is an immutable distributed digital ledger; Immutable and distributed are two fundamental blockchain properties;  With the launch of Bitcoin, that blockchain had its first real-world application; Blockchain technology cannot be owned like the internet.

National Land Monetization Corporation - as a wholly owned GOI company which will act as agency to undertake surplus land asset monetisation  and to assist and provide technical advice to the GOI in this regard.