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
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)
PM Internship Scheme
Source: The post PM Internship Scheme has been created, based on the article “A learning curve: The outcomes of the PM Internship Scheme’s pilot project need monitoring” published in “The Hindu” on 7th October is 2024 UPSC Syllabus Topic: GS Paper 3- Economy- Employment Context: The article discusses the launch of the PM Internship Scheme… Continue reading PM Internship Scheme
Rising temperatures have a stronger correlation with food inflation than rains
Source: The post rising temperatures have a stronger correlation with food inflation than rains has been created, based on the article “Why heat, not rain, matters more for inflation and rural demand” published in “Indian Express” on 5th October is 2024 UPSC Syllabus Topic: GS Paper 3- Economy- inflation And Environment- climate change Context: The… Continue reading Rising temperatures have a stronger correlation with food inflation than rains
Circular migration benefits India
Source: The post Circular migration benefits India has been created, based on the article “How circular migration can help meet global skill shortage and lift Indians out of poverty” published in “Indian Express” on 5th October is 2024 UPSC Syllabus Topic: GS Paper3- Economy-growth, development and employment. Context: The article discusses circular migration, where Indian… Continue reading Circular migration benefits India
Technological Solutions Alone Are Not Enough to Address Land Governance Challenges in India
Source: The post technological solutions alone are not enough to address land governance challenges in India has been created, based on the article “Why digitisation is not enough to reform land laws” published in “Indian Express” on 28th September is 2024 UPSC Syllabus Topic: GS Paper 3 – Land reforms in India Context: The article… Continue reading Technological Solutions Alone Are Not Enough to Address Land Governance Challenges in India
Contrasting trends in job growth and unemployment
Source: The post contrasting trends in job growth and unemployment has been created, based on the article “Jobs of the future require upskilling workers” published in “Indian Express” on 26th September is 2024 UPSC Syllabus Topic: GS Paper 3- Economy-employment Context: The article discusses India’s employment challenges, including job growth, unemployment, skill gaps, and the… Continue reading Contrasting trends in job growth and unemployment
Importance of India’s investment in metro rail systems
Source: The post importance of India’s investment in metro rail systems has been created, based on the article “How to enable transit oriented development” published in “The Hindu” on 24th September is 2024 UPSC Syllabus Topic: GS Paper 3 – infrastructure Context: The article discusses the importance of India’s investment in metro rail systems to… Continue reading Importance of India’s investment in metro rail systems
Future of the GST compensation cess
Source: The post future of the GST compensation cess has been created, based on the article “Why a grand GST bargain with states is needed” published in “Indian Express” on 23rd September is 2024 UPSC Syllabus Topic: GS Paper 3 – Government budgeting Context: The article discusses the future of the GST compensation cess, its… Continue reading Future of the GST compensation cess
Concerns about using GST data for GDP estimates
Source: The post concerns about using GST data for GDP estimates has been created, based on the article “On the pitfalls of estimating GDP” published in “The Hindu” on 23rd September is 2024 UPSC Syllabus Topic: GS Paper 3- Indian Economy – Issues relating to mobilization of resources. Context: The article discusses concerns about using… Continue reading Concerns about using GST data for GDP estimates
Impact of U.S. Federal Reserve interest rate cut on emerging economies
Source: The post Impact of U.S. Federal Reserve interest rate cut on emerging economies has been created, based on the article “Pivot to watch: The U.S. Fed’s rate reduction could spell relief for developing economies” published in “The Hindu” on 21st September is 2024 UPSC Syllabus Topic: GS Paper3- Economy Context: The article discusses the… Continue reading Impact of U.S. Federal Reserve interest rate cut on emerging economies
US Federal Reserve cut interest rates
Source: The post US Federal Reserve cut interest rates has been created, based on the article “Why US Fed cut interest rates, how India could be impacted” published in “Indian Express” on 20th September is 2024 UPSC Syllabus Topic: GS Paper 3- Economy Context: The article explains that the US Federal Reserve cut interest rates… Continue reading US Federal Reserve cut interest rates
India’s economic growth shaped by its demographics
Source: The post India’s economic growth shaped by its demographics has been created, based on the article “Demographic advantage, Indian economy’s sweet spot” published in “The Hindu” on 18th September is 2024 UPSC Syllabus Topic: GS Paper3- Economy-growth, development, and employment Context: The article discusses India’s economic growth and demographic advantages, emphasizing the need for… Continue reading India’s economic growth shaped by its demographics
Concerns about manpower shortages in Indian Railways
Source: The post concerns about manpower shortages in Indian Railways has been created, based on the article “Railway Board Chairman flags shortage of manpower” published in “The Hindu” on 14th August 2024 UPSC Syllabus Topic: GS Paper 3- Infrastructures Context: The article discusses how Satish Kumar, the new Chairman of the Railway Board, raised concerns… Continue reading Concerns about manpower shortages in Indian Railways
Issues in India’s infrastructure projects
Source: The post issues in India’s infrastructure projects has been created, based on the article “The shock of crumbling infrastructure and the solution” published in “The Hindu” on 14th August 2024 UPSC Syllabus Topic: GS Paper 3- infrastructure Context: The article highlights issues in India’s infrastructure projects, such as delays, cost overruns, and quality control… Continue reading Issues in India’s infrastructure projects
Whether India should introduce a Universal Basic Income (UBI)
Source: The post whether India should introduce a Universal Basic Income (UBI) has been created, based on the article “Is it time for India to introduce a Universal Basic Income?” published in “The Hindu” on 13th August 2024 UPSC Syllabus Topic: GS Paper 3 – Indian Economy and issues relating to Planning, Mobilization of Resources,… Continue reading Whether India should introduce a Universal Basic Income (UBI)
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.
