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
India’s Rs 1,000 crore venture capital fund for the space sector
Source: The post India’s Rs 1,000 crore venture capital fund for the space sector has been created, based on the article “Space, India’s final frontier and through the government, a gateway to the stars” published in “Indian Express” on 19th November 2024 UPSC Syllabus Topic: GS paper3- Economy and Science and Technology- developments and their… Continue reading India’s Rs 1,000 crore venture capital fund for the space sector
RBI’s likely decision to keep interest rates unchanged
Source: The post RBI’s likely decision to keep interest rates unchanged has been created, based on the article “For RBI, a choice: Vegetable prices, growth or currency” published in “Indian Express” on 19th November 2024 UPSC Syllabus Topic: GS paper3-Economy- inflation Context: The article discusses the RBI’s likely decision to keep interest rates unchanged due… Continue reading RBI’s likely decision to keep interest rates unchanged
Need to value care work in India
Source: The post need to value care work in India has been created, based on the article “The consumer economy cannot afford to disregard the care economy of unpaid labour” published in “Indian Express” on 11th November 2024 UPSC Syllabus Topic: GS Paper 3- Economy-growth, development and employment. Context: The article emphasizes the need to… Continue reading Need to value care work in India
Issue with Women Gig Workers in India
Source: The post Issue with Women Gig Workers in India has been created, based on the article “Calling out exploitative labour dynamics on platforms” published in “The Hindu” on 11th November 2024. UPSC Syllabus Topic: GS Paper3- Economy-Employment Context: The article highlights women gig workers’ exploitation in India, focusing on their “Black Diwali” digital strike… Continue reading Issue with Women Gig Workers in India
Changed in the RBI’s Currency Policy
Source: The post Changed in the RBI’s Currency Policy has been created, based on the article “Unshackling the Indian Rupee” published in “Indian Express” on 9th November 2024 UPSC Syllabus Topic: GS Paper3- Indian Economy Context: The article discusses the Reserve Bank of India’s recent decision to actively intervene in the foreign exchange market, which… Continue reading Changed in the RBI’s Currency Policy
India’s Stock Growth vs. China’s Wage Rise: A Comparative Analysis
Source: The post India’s Stock Growth vs. China’s Wage Rise: A Comparative Analysis has been created, based on the article “India could not create mass prosperity. It’s not too late” published in “Indian Express” on 4th November 2024 UPSC Syllabus Topic: GS Paper 3 – Economy-growth, and development Context: The article discusses why China grew… Continue reading India’s Stock Growth vs. China’s Wage Rise: A Comparative Analysis
India’s concerns related to low levels of investment
Source: The post India’s concerns related to low levels of investment has been created, based on the article “Pratap Bhanu Mehta writes: India’s economic credibility challenge” published in “Indian Express” on 30th October 2024 UPSC Syllabus Topic: GS paper3- Economy-mobilisation of resources, growth, and development. Context: The article critiques India’s economic situation, noting that despite… Continue reading India’s concerns related to low levels of investment
EAC-PM Report about state-wise economic performance
Source: The post EAC-PM report reveal about state-wise economic performance has been created, based on the article “A picture of a growing economic divide in India” published in “The Hindu” on 30th October 2024 UPSC Syllabus Topic: GS paper3 -Economic- growth, development and employment; Inclusive growth and issues arising from it. Context: The article discusses… Continue reading EAC-PM Report about state-wise economic performance
How solar energy decentralizes power generation
Source: The post how solar energy decentralizes power generation has been created, based on the article “Solar, a game changer in women’s empowerment” published in “The Hindu” on 29th October 2024 UPSC Syllabus Topic: GS Paper 3- infrastructure and GS1-Society-Role of women Context: This article discusses how solar energy decentralizes power generation, benefiting communities, especially… Continue reading How solar energy decentralizes power generation
High vegetable inflation makes it hard for the RBI to lower interest rates
Source: The post high vegetable inflation makes it hard for the RBI to lower interest rates has been created, based on the article “TOP crops, price volatility and RBI” published in “Indian Express” on 28th October 2024 UPSC Syllabus Topic: GS Paper 3-Indian Economy-Inflation Context: The article explains that high vegetable inflation, especially from tomatoes,… Continue reading High vegetable inflation makes it hard for the RBI to lower interest rates
Desire for Upward Mobility Declining
Source: The post desire for upward mobility declining has been created, based on the article “Harish Damodaran writes: Why aspiration is dead in India” published in “Indian Express” on 26th October 2024 UPSC Syllabus Topic: GS paper3- Economy-growth, development and employment. Context: The article discusses how people’s desire for social and economic advancement is fading… Continue reading Desire for Upward Mobility Declining
Criticisms of Nobel laureates AJR’s views
Source: The post criticisms of Nobel laureates AJR’s views has been created, based on the article “A Nobel in hand, but where AJR’s model falls short” published in “The Hindu” on 26th October 2024 UPSC Syllabus Topic: GS paper3- Growth and Development Context: The article discusses the 2024 Nobel Prize winners, Daron Acemoğlu, Simon Johnson,… Continue reading Criticisms of Nobel laureates AJR’s views
Issue with India’s job market
Source: The post issue with India’s job market has been created, based on the article “The job crisis undermines state legitimacy” published in “The Hindu” on 23rd October 2024 UPSC Syllabus Topic: GS Paper 3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context: The article discusses India’s lack… Continue reading Issue with India’s job market
How is India adopting High-Performance Buildings (HPBs)?
Source: The post how is India adopting HPBs has been created, based on the article “How policies shape high-performance building standards and climate goals” published in “The Hindu” on 22nd October 2024 UPSC Syllabus Topic: GS Paper 3- Infrastructures Context: The article discusses High-Performance Buildings (HPBs), which reduce energy use and emissions while improving occupant… Continue reading How is India adopting High-Performance Buildings (HPBs)?
How can businesses worldwide promote inclusive growth and development?
Source: The post how businesses worldwide can promote inclusive growth and development has been created, based on the article “Essential business priorities in a changing world” published in “The Hindu” on 21st October 2024 UPSC Syllabus Topic: GS Paper 3 – Economy-growth and development And Inclusive growth Context: The article highlights how businesses worldwide can… Continue reading How can businesses worldwide promote inclusive growth and development?
The issue around satellite spectrum allocation in India
Source: The post the issue around satellite spectrum allocation in India has been created, based on the article “Satellite spectrum, a high stakes game” published in “Indian Express” on 19th October 2024 UPSC Syllabus Topic: GS Paper 3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context: The article… Continue reading The issue around satellite spectrum allocation in India
Benefits and Criticisms of Universal Transfers
Source: The post benefits and criticisms of Universal Transfers has been created, based on the article “A modified UBI policy may be more feasible” published in “The Hindu” on 18th October 2024 UPSC Syllabus Topic: GS Paper 3 – Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context: The… Continue reading Benefits and Criticisms of Universal Transfers
How western industrialization led to political and economic advantages over the East
Source: The post how western industrialization led to political and economic advantages over the East has been created, based on the article “Spotlighting the work of the Economics Nobel winners” published in “The Hindu” on 17th October 2024 UPSC Syllabus Topic: GS Paper 3-Indian Economy Growth and Development Context: The article discusses the Great Divergence,… Continue reading How western industrialization led to political and economic advantages over the East
India’s electronics manufacturing goal
Source: The post India’s electronics manufacturing goal has been created, based on the article “India’s $500 billion opportunity — and how not to lose it” published in “Indian Express” on 17th October 2024 UPSC Syllabus Topic: GS Paper 3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context: The… Continue reading India’s electronics manufacturing goal
How different types of institutions impact a country’s prosperity
Source: The post how different types of institutions impact a country’s prosperity has been created, based on the article “A Nobel for explaining why nations fail” and “ The Economics Nobel for 2024 underlines the connection between wealth of nations and democracy“ published in “The Hindu” on 16th October 2024 and in “Indian Express” on… Continue reading How different types of institutions impact a country’s prosperity
Concerns about the Indian economy amid global uncertainties
Source: The post concerns about the Indian economy amid global uncertainties has been created, based on the article “Two big risks and two challenges for India” published in “Business Standards” on 11th October is 2024 UPSC Syllabus Topic: GS Paper 3 – Economy-growth and development Context: The article discusses concerns about the Indian economy amid… Continue reading Concerns about the Indian economy amid global uncertainties
Strategies to escape the middle-income trap
Source: The post strategies to escape the middle-income trap has been created, based on the article “Can India escape middle-income trap?” published in “The Hindu” on 11th October is 2024 UPSC Syllabus Topic: GS Paper 3 – Indian Economy and issues relating to growth. Context: The article explains how some countries escaped the middle-income trap… Continue reading Strategies to escape the middle-income trap
The RBI decided to maintain interest rates but change its policy stance
Source: The post the RBI decided to maintain interest rates but change its policy stance has been created, based on the article “RBI’s shift to neutral and open doors for a trim in rates” published in “Indian Express” on 10th October is 2024 UPSC Syllabus Topic: GS Paper 3– Economy- inflation Context: The article… Continue reading The RBI decided to maintain interest rates but change its policy stance
Challenges faced by India’s textile and apparel industry
Source: The post challenges faced by India’s textile and apparel industry has been created, based on the article “Why is the textile industry struggling to perform better?” published in “The Hindu” on 9th October is 2024 UPSC Syllabus Topic: GS Paper 3- Economy- Growth and Development Context: The article discusses challenges faced by India’s textile… Continue reading Challenges faced by India’s textile and apparel industry
Importance of high-performance buildings (HPBs)
Source: The post importance of high-performance buildings (HPBs) has been created, based on the article “How high-performance buildings are the next step towards a sustainable future” published in “The Hindu” on 8th October is 2024 UPSC Syllabus Topic: GS Paper 3- Infrastructures Context: The article discusses the importance of high-performance buildings (HPBs) in reducing energy… Continue reading Importance of high-performance buildings (HPBs)
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.
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