Indian Economy Current Affairs Updates For UPSC IAS Mains 2024 Examination
On this page you will find articles that falls under subject Indian Economy for UPSC IAS Mains 2024 examination
Efforts to simplify India’s Income Tax Act
Source: The post efforts to simplify India’s Income Tax Act has been created, based on the article “How to reform India’s income tax law” published in “Indian express” on 3rd August 2024 UPSC Syllabus Topic: GS Paper3 – Indian Economy – mobilization of resources. Context: The article discusses efforts to simplify India’s Income Tax Act,… Continue reading Efforts to simplify India’s Income Tax Act
Reasons for the slowdown in private investment in agricultural technologies in India
Source: The post reasons for the slowdown in private investment in agricultural technologies in India has been created, based on the article “Growing rice by direct seeding: Laying a new field” published in “Indian express” on 3rd August 2024 UPSC Syllabus Topic: GS Paper3-Economic development- agriculture Context: The article discusses how private investment in agricultural… Continue reading Reasons for the slowdown in private investment in agricultural technologies in India
Pumped Storage Projects
Source-This post on Pumped Storage Projects has been created based on the article “The relevance of pumped storage projects” published in “The Hindu” on 2 August 2024. UPSC Syllabus-GS Paper-3- Infrastructure: Energy, Ports, Roads, Airports, Railways etc Context-The Union Budget 2024-25 introduced a policy to boost pumped storage projects to help integrate renewable energy into… Continue reading Pumped Storage Projects
Framework for evaluating wealth and spending
Source: The post framework for evaluating wealth and spending has been created, based on the article “An analysis of wealth creation could guide how it’s best spent” published in “Live Mints” on 1st August 2024 UPSC Syllabus Topic: GS Paper3- Economy-mobilisation of resources Context: The article discusses a framework for evaluating wealth and spending based… Continue reading Framework for evaluating wealth and spending
Concerns with Removing Indexation
Source: The post concerns with removing indexation has been created, based on the article “On discarding indexation for LTCG” published in “The Hindu” on 1st August 2024 UPSC Syllabus Topic: GS Paper3- Economy-mobilisation of resources Context: The article discusses Finance Minister Nirmala Sitharaman’s proposal to eliminate indexation for calculating long-term capital gains (LTCG) tax, replacing… Continue reading Concerns with Removing Indexation
New Focus of India’s Fiscal Policy
Source: The post new focus of India’s fiscal policy has been created, based on the article “FRBM rethink: Aim for clarity in India’s fiscal policy framework” published in “Live Mints” on 31st July 2024 UPSC Syllabus Topic: GS Paper3-Economy- mobilization of resources Context: The article discusses India’s shift to a new fiscal policy focused on… Continue reading New Focus of India’s Fiscal Policy
Global Trade Trends and India’s Trade Policy
Source-This post on Global Trade Trends and India’s Trade Policy has been created based on the article “Global trade trends and Budget initiatives” published in “Business Standard” on 31 July 2024. UPSC Syllabus–GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context-The 2024 Union Budget introduced positive trade… Continue reading Global Trade Trends and India’s Trade Policy
Customs Duty Reforms
Source-This post on Customs Duty Reforms has been created based on the article “Boosting Trade: Lower tariffs will improve export competitiveness” published in “Business Standard” on 31 July 2024. UPSC Syllabus–GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context– In 2023, India started 45 anti-dumping investigations, imposed… Continue reading Customs Duty Reforms
Shift Towards Employment Generation
Source-This post on Shift Towards Employment Generation has been created based on the article “Impatience with jobs: On the Budget speech” published in “The Hindu” on 31 July 2024. UPSC Syllabus-GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context –The 2024 Budget speech represented a major shift,… Continue reading Shift Towards Employment Generation
India’s final budget compared to the Interim Budget
Source: The post India’s final budget compared to the Interim Budget has been created, based on the article “Budget 2024: A clear goal, with hazy roadmap” published in “Indian Express” on 30th July 2024 UPSC Syllabus Topic: GS Paper 3- Economy-Government Budgeting. Context: The article discusses the differences between India’s Interim and Final Budgets, focusing… Continue reading India’s final budget compared to the Interim Budget
India Blocking Chinese Experts
Source-This post on India Blocking Chinese Experts has been created based on the article “The problem with India’s blocking of the Chinese” published in “The Hindu” on 30 July 2024. UPSC Syllabus-GS Paper 3 – Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment Context– The article discusses how India… Continue reading India Blocking Chinese Experts
Financing Challenges of MSMEs in India
Source-This post on Financing Challenges of MSMEs in India has been created based on the article “In the works – MSMEs get a helping hand in the Budget but their challenges in financing remain” published in “Business Standard” on 29 July 2024. UPSC Syllabus-GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources,… Continue reading Financing Challenges of MSMEs in India
SEBI’s Proposed New Asset Class for Mutual Funds
Source-This post on Sebi’s Proposed New Asset Class for Mutual Funds has been created based on the article “Filling a gap” published in “Business Standards” on 26 July 2024. UPSC Syllabus-GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context– The Securities and Exchange Board of India (Sebi)… Continue reading SEBI’s Proposed New Asset Class for Mutual Funds
Household sector savings are crucial for financing corporate investment
Source: The post household sector savings are crucial for financing corporate investment has been created, based on the article “The worrying trend in household savings” published in “Business Standard” on 25th July 2024 UPSC Syllabus Topic: GS Paper 3- Economy-mobilisation of resources Context: The article discusses how household sector savings are crucial for financing corporate… Continue reading Household sector savings are crucial for financing corporate investment
Changes in India’s tax regime for capital gains
Source: The post changes in India’s tax regime for capital gains has been created, based on the article “Capital gains: Why deny an inflation adjustment?” published in “Live Mints” on 25th July 2024 UPSC Syllabus Topic: GS Paper 3- Economy-mobilisation of resources Context: The article discusses changes in India’s tax regime for capital gains. It… Continue reading Changes in India’s tax regime for capital gains
Critical mineral strategy
Source-This post on Critical mineral strategy has been created based on the article “Critical mineral strategy: Boost for EV sector but experts flag policy gaps” published in “Business Standard” on 25 July 2024. UPSC Syllabus-GS Paper-3– Infrastructure: Energy, Ports, Roads, Airports, Railways etc. Context– The Ministry of Mines has auctioned more than 50 critical mineral… Continue reading Critical mineral strategy
Government’s new announcements for the labor market
Source: The post government’s new announcements for the labor market has been created, based on the article “Govts have limited impact on jobs: Policy reforms would work better than programmes or projects” published in “Business standard” on 24th July 2024 UPSC Syllabus Topic: GS Paper3- Economy- Employment Context: The article discusses how government programs aimed… Continue reading Government’s new announcements for the labor market
How has India lowered its fiscal deficit estimate to 4.9% of GDP
Source: The post how has India lowered its fiscal deficit estimate to 4.9% of GDP has been created, based on the article “Deficit numbers signal: PRUDENT PATH” published in “Live Mints” on 24th July 2024 UPSC Syllabus Topic: GS Paper3- Indian Economy – Fiscal Consolidation in India Context: The article discusses how Finance Minister Nirmala… Continue reading How has India lowered its fiscal deficit estimate to 4.9% of GDP
Focus of the India’s budget 2024-25
Source: The post focus of the India’s budget 2024-25 has been created, based on the article “An overdue pivot to human capital and employment” published in “Live Mint” on 24th July 2024 UPSC Syllabus Topic: GS Paper3- Economy-budget Context: This article discusses the first of Narendra Modi’s third term. It emphasizes job creation, small business… Continue reading Focus of the India’s budget 2024-25
Research and Development in Agriculture
Source-This post on Research and Development in Agriculture has been created based on the article “Neglect of agriculture R&D in budget risks India’s food security and growth” published in “The Indian Express” on 24 July 2024. UPSC Syllabus-GS Paper-3- Government Budgeting Context – Nearly two-thirds of India’s population resides in rural areas, where agriculture employs… Continue reading Research and Development in Agriculture
Social Sector Allocations in Budget 2024
Source-This post on Social Sector Allocations in Budget 2024 has been created based on the article “For the social sector, it is old wine in an old bottle” published in “The Hindu” on 24 July 2024. UPSC Syllabus-GS Paper-3- Government Budgeting. Context-The Budget 2024 continues the trend of previous years regarding social sector allocations, despite… Continue reading Social Sector Allocations in Budget 2024
India’s Employment Crisis
Source-This post on India’s Employment Crisis has been created based on the article “To measure economic growth, India must look at jobs, not products “published in “The Indian Express” on 23 July 2024. UPSC Syllabus-GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context-This article criticizes official job… Continue reading India’s Employment Crisis
Addressing Myths about Gig-Based Works
Source-This post on Addressing Myths about Gig-Based Works has been created based on the article “A case for regulating gig-based work” published in “The Hindu” on 23 July 2024. UPSC Syllabus-GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context– The Karnataka government’s proposal for legislation to enhance… Continue reading Addressing Myths about Gig-Based Works
Female Employment to Counter Unemployment
Source-This post on Female Employment to Counter Unemployment has been created based on the article “Focus on female employment to counter unemployment” published in “The Hindu” on 22 July 2024. UPSC Syllabus-GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context –The Lokniti-CSDS pre-poll survey highlighted that unemployment… Continue reading Female Employment to Counter Unemployment
Financial Capacity for Infrastructure and Corporate Expansion
Source-This post on Financial Capacity for Infrastructure and Corporate Expansion has been created based on the article “Banks and companies can now fund India’s next growth cycle” published in “The Indian Express” on 22 July 2024. UPSC Syllabus-GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context– In… Continue reading Financial Capacity for Infrastructure and Corporate Expansion
How to read Indian Economy for UPSC
In UPSC IAS preparation, one subject which most of the students find very difficult to start with and understand is Indian Economy. They mostly struggle with the approach, textbooks to follow and how to read Indian Economy related news in the newspaper.
Indian Economy consists of both static as well current affairs. In this subject, textbook will build your basic understanding and help you to solve around 3-5 % of the total questions asked in the UPSC Prelims exam. Students need to refer multiple sources to better understand Indian Economy and fetch good marks in both UPSC Prelims and Mains. Every year around 10-15% questions are asked in UPSC Prelims exam from static portion, current affairs (schemes) and India Year Book. It has even increased up to 30 % in 2018 and 2019 UPSC Prelims exam. So, in any case students cannot avoid this subject as it is as important as History, Polity and Geography.
In this article, we will discuss in detail about the study approach of Indian Economy. This article would be very helpful for those who are scared of this subject and always try to run away from this. Once you will understand the basic concepts of Indian Economy, you will start enjoying this subject and eventually you will have a good command over this subject.
Before starting any subject in UPSC IAS preparation, it is advisable for all the students to see the past year trend of both UPSC Prelims and Mains questions. Indian Economy is part of both UPSC IAS Prelims Syllabus and UPSC Mains Syllabus. Hence, it becomes very important for the students to study this subject with right approach and have a good understanding over the topics asked in the exam.
In the following table, we will see the total number of questions asked in the UPSC Prelims exam in last 6 years from Indian Economy:
prelims 2021 – 14
2022 – 18
2023 – 12
| Year | Total number of questions asked |
| 2020
| 14
|
| 2019
| 28
|
| 2018
| 29
|
| 2017
| 14
|
| 2016
| 15
|
| 2015
| 21
|
Overview of the UPSC IAS syllabus for Indian Economy:
| Phase | Syllabus |
| UPSC Prelims- General Studies (Paper I)
| Economic and Social Development – Sustainable Development, Poverty, Inclusion, Demographics, Social Sector initiatives, etc.
|
| UPSC Mains- General Studies (Paper III)
| Economic Development
|
Study approach of Indian Economy subject for UPSC IAS:
- Read the syllabus: Students need to go through the syllabus of Indian Economy for both UPSC Prelims and Mains. It will give them a detailed guideline about what they have to read and what they have to leave. Print the syllabus and stick that in that in your study table.
- Start with the basic NCERT textbooks: To understand the basic concepts. One should start the preparation of Indian Economy with NCERT textbooks. One simply read the book, highlight the important point and revise them. Notes making is not much important here. Following are the NCERT textbooks which one need to read:
- Class IX NCERT textbook ‘Economics’
- Class X NCERT textbook ‘Understanding Economic Development’.
- class XI NCERT textbook ‘Indian Economic Development’.
- Class XII NCERT textbook ‘Introductory Microeconomics’.
- class XII NCERT textbook ‘Introductory Macroeconomics’ (Most important).
- Take a step forward with advance book: To cover each topic thoroughly and understand everything in detail, students need to refer one advance book for Indian Polity. ‘Indian Economy’ by Ramesh Singh is simple and good book to understand the topics. Here also, one should not run behind taking notes of each topic. Highlighting the things and multiple revision would be helpful for students.
- Current Affairs: Indian Economy is totally linked with current affairs. Topics like SLR, RR, GDP are current based. One must refer monthly current affairs magazine to cover current based issues. One thing is very important to note that, no current affairs magazine can substitute the Newspapers. To cover Indian Economy related news, “Economic Times or Business Standards” would be recommendable.
- Refer other miscellaneous materials: After reading Economic Survey and Budget, your preparation will be complete. Economy Survey and Budget will give you basic idea about How our country is developing. What is growth, what is the expenditure and revenue? This will help you in both UPSC Prelims and Mains. One can also refer Economic and Political Weekly (EPW) magazine. This is completely optional and will only be helpful when you have completed and revised the other things.
- Focus more on Government Schemes and some important topics of Indian Economy: UPSC every year ask lots of questions on Government Schemes related to Indian Economy. Students must cover every schemes thoroughly and they can also make short notes on them and revise them. Some important topics of Indian Economy on which students need to focus more are:
- National income accounting, GDP, GNP, inflation, balance of payment, fiscal policy, monetary policy, RBI, PSL, NBFC.
- Finance commission – terms of references, themes.
- International organizations – World Bank, IMF, WTO, UNCTAD, WEF and their reports. Bodies like G-15, G-7, G-33, etc.
- Basic economic terms, demographic dividend, inclusive growth.
- Taking help of online sources: Students should utilize the benefits of integration of technology in education. Topics which they find difficult to understand, can easily get command over those topics with the help of You tube, online classes etc. On these platforms, they can read and revise the topics multiple times.
- Refer Previous year UPSC Prelims and Mains questions: Analyzing the past year papers will help students to have a clear understanding of which types of questions are asked by UPSC. On these lines, students should give the second reading to the advance book and NCERTs.
- Practice mock tests: After completing the syllabus once, students need to give mock tests. Firstly, they can solve MCQs topic wise. After that, weekly they can solve MCQs based on complete syllabus of Indian Economy. It will help them to reduce their fear and also build their logic on solving MCQS.
- Answer writing practice: After completing the whole syllabus once, students must start answer writing practice on Previous Years Question of UPSC Mains. They should also practice daily/weekly answer writing based on their capacity.
- Revision is the key: Revision is the key to Success. Students need to revise each and every topic multiple times. Revision will boost their preparation and help to make a blueprint of everything in the back of the mind. It will reduce the time taken in the final exam (Prelims and Mains) to solve the questions.
Indian Economy is an interesting and concept-based subject. One cannot understand the subject if will try to simply mug up the things like in History they do. Understanding the things and solving MCQs with logic will help them a lot.
