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
Changes in India’s job market before and after the COVID-19 pandemic
Source: The post changes in India’s job market before and after the COVID-19 pandemic has been created, based on the article “India’s employment paradox of the 21st century: An explanation” published in “Live mints” on 26th April 2024. UPSC Syllabus Topic: GS Paper 3 – Indian Economy – Employment News: The article discusses changes in… Continue reading Changes in India’s job market before and after the COVID-19 pandemic
Claims that solar and wind energy are the cheapest forms of electricity are misleading
Source: The post claims that solar and wind energy are the cheapest forms of electricity are misleading has been created, based on the article “Why solar and wind energy are still far from winning” published in “Live mints” on 26th April 2024. UPSC Syllabus Topic: GS Paper 3- Economy-Infrastructure (renewable energy) News: The article discusses… Continue reading Claims that solar and wind energy are the cheapest forms of electricity are misleading
RBI draft rules for payment aggregators
Source- This post on RBI draft rules for payment aggregators has been created based on the article “RBI’s draft rules for payment aggregators” published in “The Hindu” on 24 April 2024. Why in the news? The Reserve Bank of India is proposing new regulations for offline payment aggregators (PAs) to enhance safety. About the payment aggregators:… Continue reading RBI draft rules for payment aggregators
Universal Basic Income
Source-This post on Universal Basic Income has been created based on the article “Universal Basic Income can’t end Indian poverty” published in “Live Mint” on 25 April 2024. UPSC Syllabus-GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context– The article discusses the feasibility of implementing UBI in… Continue reading Universal Basic Income
New EV policy of government
Source: The post new EV policy of government has been created, based on the article “How is India planning to boost EV production?” published in “The Hindu” on 24 April 2024. UPSC Syllabus Topic: GS Paper 3 -Economy-Changes in Industrial Policy and their Effects on Industrial Growth. News: The article discusses a new Indian government… Continue reading New EV policy of government
Status of household savings in India: On the fall in household savings
Source: The post status of household savings in India has been created, based on the article “On the fall in household savings” published in “The Hindu” on 22nd April 2024. UPSC Syllabus Topic: GS Paper 3-Indian economy – Mobilisation of resource News: The article discusses how household savings in India have decreased, mainly because people… Continue reading Status of household savings in India: On the fall in household savings
Impacts of Elon Musk’s plan for his visit to India: Musk set to arrive: potential win-win for Tesla and India, some challenges too
Source: The post impacts of Elon Musk’s plan for his visit to India has been created, based on the article “Musk set to arrive: potential win–win for Tesla and India, some challenges too” published in “Indian express” on 20th April 2024. UPSC Syllabus Topic: GS paper 3-Indian economy-changes in industrial policy and their effects on… Continue reading Impacts of Elon Musk’s plan for his visit to India: Musk set to arrive: potential win-win for Tesla and India, some challenges too
Impact of climate change on banking institutions
Source-This post on Impact of climate change on banking institution has been created based on the article “Climate change’s ‘physical risks’ are increasingly catching up with banks” published in “Business Standard” on 20 April 2024. UPSC Syllabus-GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context– The Basel… Continue reading Impact of climate change on banking institutions
Issues with the sugarcane cultivation
Source-This post on Issues with the sugarcane cultivation has been created based on the article “A bitter sweet story” published in “The Indian Express” on 20 April 2024. UPSC Syllabus-GS Paper-3- Major Crops – Cropping Patterns in various parts of the country Context- Sugarcane growers in India are facing extreme uncertainty. With the new sugar… Continue reading Issues with the sugarcane cultivation
Implications of Implementing Labour laws in IT/ITeS Sector
Source: This post is created based on the article “Implications of Implementing Labour laws in IT/ITeS Sector”, published in the Business Standard on 19th April 2024. UPSC Syllabus: GS Paper 3 – Indian Economy – Changes to industrial policies News: A new workers’ union called Karnataka State IT/ITeS Employees Union (KITU) has demanded the removal… Continue reading Implications of Implementing Labour laws in IT/ITeS Sector
Challenges of Demographic dividend in India
Source: This post challenges of Demographic dividend in India has been created based on the article “India’s youth can give the country an edge — if they get the jobs they desire”, published in Indian Express on 19th April 2024. UPSC Syllabus Topic: GS paper 3 – Indian Economy – Growth, development and employment Context:… Continue reading Challenges of Demographic dividend in India
Increased tax collections in Northeast India: GST adoption gave north-eastern states a big developmental push
Source: The post increased tax collections in Northeast India has been created, based on the article “GST adoption gave north-eastern states a big developmental push” published in “Live mints” on 18th April 2024. UPSC Syllabus Topic: GS Paper 3-Indian economy-mobilisation of resources, News: The article discusses how the introduction of the Goods and Services Tax… Continue reading Increased tax collections in Northeast India: GST adoption gave north-eastern states a big developmental push
Difference in rural and urban consumption: Not as big as it seems
Source-This post on Difference in rural and urban consumption: Not as big as it seems has been created based on the article “Rural-urban consumption disparity: Less than it looks” published in “Live Mint” on 17 April 2024. UPSC Syllabus-GS Paper-3-Indian economy Context-As per the government’s latest data on household consumption expenditure, the per-person monthly spending… Continue reading Difference in rural and urban consumption: Not as big as it seems
India’s strong economic growth, focusing on renewable energy, digital technology, and female empowerment
Source: The post India’s strong economic growth, focusing on renewable energy, digital technology, and female empowerment has been created, based on the article “Lessons from India’s alternate development plan” published in “Indian express” on 17th April 2024. UPSC Syllabus Topic: GS Paper 3 – Indian Economy – Growth, development and employment. News: The article discusses… Continue reading India’s strong economic growth, focusing on renewable energy, digital technology, and female empowerment
India’s food inflation
Source: The post on India’s food inflation has been created, based on the article “Climate change is driving food prices up. This can no longer be ignored” published in “Indian express” on 17th April 2024. UPSC Syllabus Topic: GS Paper3-Indian economy-Inflation News: The article discusses India’s food inflation since 2019, highlighting that high food prices… Continue reading India’s food inflation
Significance of Decentralized industrialization model
Source-This post on Significance of Decentralized industrialization model has been created based on the article “Explained: Tamil Nadu’s decentralized industrialization model” published in “The Indian Express” on 16 April 2024. UPSC syllabus-GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context-The article highlights the reason behind Tamil Nadu’s… Continue reading Significance of Decentralized industrialization model
Beekeeping in India: The increasing profitability of apiculture
Source: The post Beekeeping in India has been created, based on the article “The increasing profitability of apiculture” published in “Business standard” on 15th April 2024. UPSC Syllabus Topic: GS Paper 3-economy-agriculture News: This article discusses the growth and potential of India’s beekeeping industry, highlighting its significance in agriculture and exports. The increasing profitability of… Continue reading Beekeeping in India: The increasing profitability of apiculture
Recent SC judgement on Jim Corbett National Park
Source: The post recent SC judgement on Jim Corbett National Park has been created, based on the article “Decoding the judgment on Jim Corbett” published in “The Hindu” on 15th April 2024. UPSC Syllabus Topic: GS Paper 3 – Ecology, and environment- conservation News: The Supreme Court of India recently ruled against the illegal cutting… Continue reading Recent SC judgement on Jim Corbett National Park
Reforming GST
Source-This post on Reforming GST has been created based on the article “Reforming GST: It should be a priority after the elections” published in “The Business Standards” on 15 April 2024. UPSC Syllabus-GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context– One major reform in the last… Continue reading Reforming GST
Improving Agri food space in India
Source-This post on Improving Agri food space in India has been created based on the article “New government must fix India’s food systems” published in “The Indian Express” on 15 April 2024. UPSC Syllabus–GS Paper-3– Issues related to Direct and Indirect Farm Subsidies and Minimum Support Prices; Public Distribution System – Objectives, Functioning, Limitations, Revamping;… Continue reading Improving Agri food space in India
Concerns related to India’s interest rates: Last-mile transmission a big hurdle to policy rate cut
Source: The post concerns related to India’s interest rates has been created, based on the article “Last-mile transmission a big hurdle to policy rate cut” published in “Live mints” on 13th April 2024. UPSC Syllabus Topic: GS Paper 3- Indian economy – mobilisation of resources News: The article discusses why India’s central bank, the RBI,… Continue reading Concerns related to India’s interest rates: Last-mile transmission a big hurdle to policy rate cut
Solutions for job creation: India’s missing jobs
Source: The post solutions for job creation has been created, based on the article “India’s missing jobs — and where the next government can find them” published in “Indian express” on 13th April 2024. UPSC Syllabus Topic: GS Paper 3 – Indian Economy – Issues related to Growth and employment News: The article discusses India’s… Continue reading Solutions for job creation: India’s missing jobs
Significance of making rules simple to boost export
Source-This post on Significance of making rules simple to boost export has been created based on the article “Policymakers must simplify trade rules to boost exports” published in “The Hindu” on 13 April 2024. UPSC Syllabus-GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context– The Asian Development… Continue reading Significance of making rules simple to boost export
Unemployment situation in India: THE SKILL HANDICAP
Source: The post unemployment situation in India has been created, based on the article “THE SKILL HANDICAP: It is not really a case of jobless growth, just that job creation is more for the low-skilled” published in “Business standard” on 12th April 2024. UPSC Syllabus Topic: GS Paper 3- Economy- Employment News: The article discusses… Continue reading Unemployment situation in India: THE SKILL HANDICAP
Concerns related to savings in India: Borrowing to consume
Source: The post concerns related to savings in India has been created, based on the article “Borrowing to consume” published in “Business standard” on 12th April 2024. UPSC Syllabus Topic: GS Paper 3 – Indian economy – Mobilisation of resource Context: The article discusses how India saves a lot of money, but most is not… Continue reading Concerns related to savings in India: Borrowing to consume
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.
