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
Challenges with India’s service-driven growth – Why India needs deep industrialization
Source: The post challenges with India’s service-driven growth has been created, based on the article “Why India needs deep industrialization” published in “The Hindu” on 14th February 2024. UPSC Syllabus Topic: GS Paper 3 – Indian Economy- changes in industrial policy and their effects on industrial growth. News: The article discusses India’s struggle with industrial… Continue reading Challenges with India’s service-driven growth – Why India needs deep industrialization
On Issues with PLI Scheme in the Textiles Sector – Deeper reforms
Source: This post on Issues with PLI Scheme in Textile Sector has been created based on the article “Deeper reforms – PLI alone will not bring in investment” published in “Business Standard” on 14th February 2024. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Changes in industrial policy and their effects on industrial growth.… Continue reading On Issues with PLI Scheme in the Textiles Sector – Deeper reforms
El-nino: Impact on food inflation in India
Source-This post on El-nino and its impact on India has been created based on the article “A receding El Niño could help ease food inflation” published in “Mint” on 13 February. UPSC Syllabus Topic: GS paper 1- Geophysical Phenomena such as earthquakes, Tsunami, Volcanic activity, cyclone etc. GS paper 3- Indian Economy and issues relating… Continue reading El-nino: Impact on food inflation in India
Avoiding the Middle-Income Trap
Source: This post has been created based on the article “Avoiding the middle-income trap” published in “Business Standard” on 10th February 2024. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Indian Economy and issues relating to growth. News: The article discusses the reasons for countries getting stuck in the Middle-Income Trap. It also highlights… Continue reading Avoiding the Middle-Income Trap
On Building a Robust Manufacturing Sector – India’s True Manufacturing Rival is Vietnam not China
Source: This post on Building a Robust Manufacturing Sector has been created based on the article “India’s true manufacturing rival is Vietnam, not China” published in “Business Standard” on 10th February 2024. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Changes in industrial policy and their effects on industrial growth. News: The article discusses… Continue reading On Building a Robust Manufacturing Sector – India’s True Manufacturing Rival is Vietnam not China
On the Positive Signs for Indian Economy – India is well on its way to becoming Viksit Bharat
Source: This post on the Positive Signs for Indian Economy has been created based on the article “India is well on its way to becoming Viksit Bharat” published in “Indian Express” on 9th February 2024. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Indian Economy and issues relating to planning, mobilization of resources, growth,… Continue reading On the Positive Signs for Indian Economy – India is well on its way to becoming Viksit Bharat
On the Issues with Services-led Export Strategy
Source: This post on the Issues with Services-led Export Strategy has been created based on the article “A services-led export strategy holds appeal only up to a point” published in “Live Mint” on 9th February 2024. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Indian Economy and issues relating to planning, mobilization of resources,… Continue reading On the Issues with Services-led Export Strategy
Land in India causing inequality
Source: The post land in India causing inequality has been created, based on the article “Land and the problem of inequity” published in “Business standard” on 9th February 2024. UPSC Syllabus Topic: GS paper3-economy-Land reforms in India. News: The article discusses how land in India is unfairly used, causing more inequality. It talks about three… Continue reading Land in India causing inequality
Increasing rice prices in India
Source: The post increasing rice prices in India has been created, based on the article “What are the regulations with respect to rice prices?” published in “The Hindu” on 9th February 2024. UPSC Syllabus Topic: GS paper3- Indian Economy-Major cropping patterns in various parts of the country, transport and marketing of agricultural produce and issues… Continue reading Increasing rice prices in India
India’s Dependence on External Oil Suppliers -Ensuring Energy Security
Source: The post India’s dependence on external oil suppliers has been created, based on the article “Ensuring energy security: India must explore both domestic reform and foreign outreach” published in “Business standard” on 8th February 2024. UPSC Syllabus Topic: GS paper3- Infrastructure-Energy News: The article explains that the International Energy Agency (IEA) predicts a… Continue reading India’s Dependence on External Oil Suppliers -Ensuring Energy Security
PLI Scheme to Manufacture India’s Mobile Phone Industry
Source: The post India’s mobile phone industry has been created, based on the article “Mobile PLI: Only the long-game matters” published in “Business standard” on 8th February 2024. UPSC Syllabus Topic: GS paper 3 – economy-changes in industrial policy and their effects on industrial growth. News: This article discusses the growth of India’s mobile phone… Continue reading PLI Scheme to Manufacture India’s Mobile Phone Industry
On Disinvestment – Not by Cosmetic Changes Alone
Source: This post on Disinvestment has been created based on the article “Not by cosmetic changes alone” published in “Business Standard” on 7th February 2024. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Indian Economy and issues relating to planning, mobilization of resources. News: The article discusses the slow progress of disinvestment in India.… Continue reading On Disinvestment – Not by Cosmetic Changes Alone
On the Need to Increase Government Expenditure – Wages of inequality
Source: This post on the Need to Increase Government Expenditure has been created based on the article “Wages of inequality: The income-growth gap” published in “Indian Express” on 7th February 2024. UPSC Syllabus Topic: GS Paper 3 Indian Economy and issues relating to planning, mobilization of resources, growth, and employment; Government Budgeting. News: The article… Continue reading On the Need to Increase Government Expenditure – Wages of inequality
Issues with Iron Ore Production – Iron ore faces challenges of sustainability and fairness
Source: This post on Issues with Iron Ore Production has been created based on the article “Iron ore faces challenges of sustainability and fairness” published in “Live Mint” on 5th February 2024. UPSC Syllabus Topic: GS Paper 3 – Indian Economy – Changes in industrial policy. News: Issues with Iron Ore Production, The article discusses the… Continue reading Issues with Iron Ore Production – Iron ore faces challenges of sustainability and fairness
Restrictions on Paytm Payments Bank
Source: The post restrictions on Paytm Payments Bank Ltd has been created, based on the article “Trust is key: Paytm bank’s repeated compliance issues pose big questions” published in “Times of India” on 3rd February 2024. UPSC Syllabus Topic: GS Paper3 -Indian economy- mobilization of resources News: Restrictions On Paytm Payments Bank, The article discusses… Continue reading Restrictions on Paytm Payments Bank
Significance and Challenges of International Government Bonds
Source: The post incorporating government bonds into global indices has been created, based on the article “Exposing India’s financial markets to the vultures” published in “The Hindu” on 3rd February 2024. UPSC Syllabus Topic: GS Paper 3 – Indian economy- mobilization of resources News: Significance and Challenges of International Government Bonds, In September 2023, J.P.… Continue reading Significance and Challenges of International Government Bonds
Agricultural sector in India
Source: The post about the agricultural sector in India has been created, based on the article “Ignoring an agricultural sector in distress” published in “The Hindu” and the article “Ashok Gulati and Purvi Thangaraj write: The Interim Budget 2024 neglects the farm sector” published in “Indian Express” on 2nd February 2024. UPSC Syllabus Topic: GS… Continue reading Agricultural sector in India
On Bilateral Investment Treaties (BITs) – A turning point for investment treaties
Source: This post on Bilateral Investment Treaties (BITs) has been created based on the article “A turning point for investment treaties” published in “Business Standard” on 2nd February 2024. UPSC Syllabus Topic: GS Paper 3 Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment. News: The article discusses the importance… Continue reading On Bilateral Investment Treaties (BITs) – A turning point for investment treaties
On Issues with India’s Public Finance – Strategic thinking in public finance
Source: This post on issues with India’s public finance has been created based on the article “Strategic thinking in public finance” published in “Business Standard” on 2nd February 2024. UPSC Syllabus Topic: GS Paper 3 Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment. News: The article discusses the issues… Continue reading On Issues with India’s Public Finance – Strategic thinking in public finance
Higher tax-to-GDP ratio needed
Source: This post has been created based on the article “Higher tax-to-GDP ratio needed” published in “Business Standard” on 2nd February 2024. UPSC Syllabus Topic: GS Paper 3 Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment. News: The article discusses the need for maintaining a higher Tax-to-GDP ratio. It… Continue reading Higher tax-to-GDP ratio needed
Capex in the Indian Economy
Source: The post capex in the Indian Economy has been created, based on the article “A case of capex under the ‘macroscope’” published in “The Hindu” on 2nd February 2024. UPSC Syllabus Topic: GS Paper3-Indian economy- growth and development; infrastructure News: The article discusses India’s economic recovery after COVID-19, focusing on increased government spending on… Continue reading Capex in the Indian Economy
success of Indian banks-Indian banks can make 2024-25 a year to remember: Here’s how
Source: The post success of Indian banks has been created, based on the article “Indian banks can make 2024-25 a year to remember: Here’s how” published in “Live mints” on 1st February 2024. UPSC Syllabus Topic: GS Paper3- Indian economy-mobilisation of resources, growth, development. News: The article discusses the recent success of Indian banks, their… Continue reading success of Indian banks-Indian banks can make 2024-25 a year to remember: Here’s how
disinvestment in India-Has disinvestment lost priority or got held up?
Source: The post disinvestment in India has been created, based on the article “Has disinvestment lost priority or got held up?” published in “Live mints” on 1st February 2024. UPSC Syllabus Topic: GS Paper3-Indian economy- resource mobilisation News: The article discusses India’s slow progress in selling government-owned business shares, known as disinvestment. Despite plans to… Continue reading disinvestment in India-Has disinvestment lost priority or got held up?
Concerns related to India’s income tax system – Wanted: An income tax system for India that’s fairer and simpler
Source: The post concerns related to India’s income tax system has been created, based on the article “Wanted: An income tax system for India that’s fairer and simpler” published in “Live mint” on 31st January 2024. UPSC Syllabus Topic: GS Paper 3 – Indian Economy – mobilization of resources. News: The article discusses the need… Continue reading Concerns related to India’s income tax system – Wanted: An income tax system for India that’s fairer and simpler
Growth Mania Can be Injurious to Society
Source: The post inequality in India has been created, based on the article “Growth mania can be injurious to society” published in “The Hindu” on 30th January 2024. UPSC Syllabus Topic: GS Paper3- Economy-growth, development and employment. Growth Mania Can be Injurious to Society, The article discusses India’s economic growth and increasing inequality. Despite ambitions… Continue reading Growth Mania Can be Injurious to Society
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.
