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
Firms in a tough global environment
Source-This post on Firms in a tough global environment has been created based on the article “Firms in a tough global environment” published in “Business Standard” on 1 April 2024. UPSC Syllabus-GS Paper-3-Ecomomy- Effects of Liberalization on the Economy, Changes in Industrial Policy and their Effects on Industrial Growth. Context-The article highlights the need for… Continue reading Firms in a tough global environment
Issue with India’s GDP calculation: Is India’s growth rate overestimated?
Source: This post on issue with India’s GDP calculation has been created, based on the article “Is India’s growth rate overestimated?” published in “Indian express” on 30th March 2024. UPSC Syllabus Topic: GS Paper 3-Indian economy-mobilisation of resources, growth, development. News: This article explains that India’s method of calculating GDP growth has issues, making the… Continue reading Issue with India’s GDP calculation: Is India’s growth rate overestimated?
Managing Pilot Fatigue: Flight from fatigue
Source: This post on Managing Pilot Fatigue has been created, based on the article “Flight from fatigue” published in “The Hindu” on 30th March 2024. UPSC Syllabus Topic: GS Paper 3-Economy-infrastructure News: The article discusses how India’s aviation authority has delayed implementing flight duty time limitations (FDTL) rules. The FDTL rules are meant to reduce… Continue reading Managing Pilot Fatigue: Flight from fatigue
Impact of artificial intelligence on interest rates
Source-This post on Impact of artificial intelligence on interest rates has been created based on the article “AI could have a surprising effect on interest rates” published in “Business Standards” on 30 March 2024. UPSC Syllabus-GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment & Awareness in the… Continue reading Impact of artificial intelligence on interest rates
Reasons for an electricity shortage in India: Understanding India’s coal imports
Source: The post reasons for an electricity shortage in India has been created, based on the article “Understanding India’s coal imports” published in “The Hindu” on 29th March 2024. UPSC Syllabus Topic: GS Paper 3-economy-infrastructure (electricity) News: The article discusses electricity shortages in India due to coal supply issues. It explains that the problem is… Continue reading Reasons for an electricity shortage in India: Understanding India’s coal imports
Challenges of implementing a wealth tax: Piketty’s wealth tax: An idea that just can’t work
Source: The post challenges of implementing a wealth tax has been created, based on the article “Piketty’s wealth tax: An idea that just can’t work” published in “Live mints” on 28th March 2024. UPSC Syllabus Topic: GS Paper 3 – Indian Economy – Inclusive growth and issues News: This article discusses the rise in billionaires… Continue reading Challenges of implementing a wealth tax: Piketty’s wealth tax: An idea that just can’t work
Better utilization of fertilizer and food subsidies: Basic subsidies can be climate focused and aimed better
Source: The post better utilization of fertilizer and food subsidies has been created, based on the article “Basic subsidies can be climate focused and aimed better” published in “Live mint” on 27th March 2024. UPSC Syllabus Topic: GS Paper 3-economy- Issues related to direct and indirect farm subsidies and minimum support prices. News: The article… Continue reading Better utilization of fertilizer and food subsidies: Basic subsidies can be climate focused and aimed better
Unified Metropolitan Transport Authority (UMTA): Indian cities cry out for UMTA
Source: The post Unified Metropolitan Transport Authority (UMTA) has been created, based on the article “Indian cities cry out for UMTA” published in “Business standard” on 27th March 2024. UPSC Syllabus Topic: GS Paper 3- economy- infrastructure News: The article discusses the need for Indian cities to create a Unified Metropolitan Transport Authority (UMTA). This… Continue reading Unified Metropolitan Transport Authority (UMTA): Indian cities cry out for UMTA
India’s Goal for 2047: Sustaining rapid growth is challenging
Source: The post India’s Goal for 2047 has been created, based on the article “Sustaining rapid growth is challenging” published in “Business standard” on 22nd March 2024. UPSC Syllabus Topic: GS Paper 3- economy- growth and development News: The article discusses India’s goal of becoming a developed country by 2047. It explains the challenges and… Continue reading India’s Goal for 2047: Sustaining rapid growth is challenging
Different aspects of blockchain: Blockchains can solve the problem of Big Tech’s power
Source: The post different aspects of blockchain has been created, based on the article “Blockchains can solve the problem of Big Tech’s power” published in “Live mints” on 20th March 2024. UPSC Syllabus Topic: GS Paper 3-Indian Economy, Money and banking News: This article discusses how blockchain, the technology behind Bitcoin, is more than just… Continue reading Different aspects of blockchain: Blockchains can solve the problem of Big Tech’s power
Need for reforms in India’s Unified Payments Interface (UPI) system
Source: The post need for reforms in India’s Unified Payments Interface (UPI) system has been created, based on the article “Reform UPI: We need sustainable digital payments infrastructure” published in “Live mints” on 20th March 2024. UPSC Syllabus Topic: GS Paper 3- economy- mobilisation of resources News: The article discusses the need for reforms in… Continue reading Need for reforms in India’s Unified Payments Interface (UPI) system
India’s manufacturing sector relies on foreign countries: It’s time to put a figure on India’s exposure to global value chains
Source: The post India’s manufacturing sector relies on foreign countries has been created, based on the article “It’s time to put a figure on India’s exposure to global value chains” published in “Live mints” on 19th March 2024. UPSC Syllabus Topic: GS Paper 3- economy-Effects of liberalisation on the economy, changes in industrial policy and… Continue reading India’s manufacturing sector relies on foreign countries: It’s time to put a figure on India’s exposure to global value chains
Significance of Financial inclusion for India
Source: The post Significance of financial inclusion for India has been created, based on the article “A BANK ACCOUNT OF HER OWN.” published in “Indian express” on 19th March 2024. UPSC Syllabus Topic: GS Paper 3 – Indian Economy- Inclusive growth and issues arising from it. News: The article discusses how increasing financial inclusion, especially… Continue reading Significance of Financial inclusion for India
Trade Puzzle
Source-This post on Trade Puzzle has been created based on the article “The uptick in goods exports is heartening, but difficult to sustain” published in “The Hindu” on 18 March 2024. UPSC Syllabus–GS Paper 3-Indian economy Context-India’s goods export has increased in last few months despite concerns about disruptions in the Red Sea and the… Continue reading Trade Puzzle
EV import policy can face execution challenges
Source-This post on Electric Vehicle has been created based on the article “Electric mobility – EV import policy can face execution challenges” published in “Business Standard” on 19 March 2024. UPSC Syllabus-GS Paper-3– Changes in Industrial Policy and their Effects on Industrial Growth. News– The government has recently announced the reduction on import duties on… Continue reading EV import policy can face execution challenges
New scheme for EVs – This may put global majors in fast lane
Source-This post on new scheme for EVs-This may put global majors in fast lane has been created based on the article “New scheme for EVs may put global majors in fast lane” published in “Business Standards” on 16 March 2024. UPSC Syllabus-GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development… Continue reading New scheme for EVs – This may put global majors in fast lane
Celebration of Happiness
Source-This post on celebration of Happiness has been created based on the article “Celebrating happiness: Are we all so unhappy? published in “Live Mint” on 15 March 2024. UPSC Syllabus – GS Paper 3 – Indian Economy and issues relating to Growth, Development and Employment. Context– United Nations General Assembly passed a resolution 12 years… Continue reading Celebration of Happiness
Shift from “Make in India” to “Make Products in India”
Source-This post on Shift from “Make in India” to “Make Products in India” has been created based on the article “Embracing ‘Make Products in India’ published in “Business Standards” on 15 March 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 need… Continue reading Shift from “Make in India” to “Make Products in India”
External stability – new challenges can emerge in currency management
Source-This post on External stability – new challenges can emerge in currency management has been created based on the article “External stability” published in ‘Business Standard” on 14 March 2024. UPSC Syllabus- GS Paper-3-Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context- India’s economic management has witnessed stability on… Continue reading External stability – new challenges can emerge in currency management
Problems faced by Gig workers
Source-This post on Problems faced by Gig workers has been created based on the article “Unstable platforms – Gig work urgently needs a legal framework” published in “Business Standard” on 14 March 2024. UPSC Syllabus-GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context– The survey titled“Prisonerson Wheels”… Continue reading Problems faced by Gig workers
India’s Telecom Spectrum Auction: Predictable Frequency
Source: The post India’s Telecom Spectrum Auction has been created, based on the article “Predictable frequency: Annual spectrum auction will help telcos” published in “Business Standard” on 13th March 2024. UPSC Syllabus Topic: GS Paper 3 – Indian Economy – Mobilization of Resources News: The Indian government is organizing a telecom spectrum auction on May… Continue reading India’s Telecom Spectrum Auction: Predictable Frequency
Challenges with nuclear waste: How is nuclear waste generated?”
Source: The post challenges with nuclear waste has been created, based on the article “How is nuclear waste generated?” published in “The Hindu” on 13th March 2024. UPSC Syllabus Topic: GS 3 – Economy – infrastructure (nuclear energy) and Environment – Conservation, environmental pollution and degradation Context: This article discusses how nuclear waste is created… Continue reading Challenges with nuclear waste: How is nuclear waste generated?”
Right to Apprenticeship law
Source – This post on Right to Apprenticeship law has been created based on the article “Express View on Right to Apprenticeship law: Training ground” published in “The Indian Express” on 9 March 2024. UPSC Syllabus – GS Paper-3 – Indian Economy and issues relating to Growth, Development and Employment News-The article presents a critical… Continue reading Right to Apprenticeship law
India’s suboptimal use of its labour power
Source-This post on India’s suboptimal use of its labour power has been created based on the article “India’s suboptimal use of its labour power” published in “The Hindu” on 7 March 2024. UPSC Syllabus–GS Paper- 3 – Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. News – The article… Continue reading India’s suboptimal use of its labour power
RBI and the net-zero transition
Source-This post on RBI and the net-zero transition has been created based on the article “RBI and the net-zero transition — A roadmap for green India” published in “The Indian Express” on 8 March 2024. UPSC Syllabus-GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. News-The article discusses… Continue reading RBI and the net-zero transition
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.
