I am new to material design and UI. In the below image what is the highlighted part in red called ?
Its called something but i don't know the exact name, Can anyone help me.
My guess would be, it's what Material Design guidelines call "Chips", or something similar to that:
The description (text) itself is often referred to as a "tag". However, the element name varies depending on what framework you use for design.
In bootstrap, these are called "badges": https://getbootstrap.com/docs/4.0/components/badge/