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
Understanding GST revenue performance
Source: This post has been created based on the article “Understanding GST revenue performance” published in “Business Standard” on 2nd January 2024. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Issues relating to mobilization of resources. News: The article discusses the GST revenue performance, while suggesting reforms in the current GST regime to boost… Continue reading Understanding GST revenue performance
Challenges of India’s Shipbuilding Industry – India’s stationary course in the shipping value chain
Source: This post on Challenges of India’s Shipbuilding Industry has been created based on the article “India’s stationary course in the shipping value chain” published in The Hindu on 29th December, 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Infrastructure News: Despite having a strong maritime foundation, India has lagged behind China in… Continue reading Challenges of India’s Shipbuilding Industry – India’s stationary course in the shipping value chain
On An Alternate Model of Development – The quest for ‘happiness’ in the Viksit Bharat odyssey
Source: This post on an Alternate Model of Development has been created based on the article “The quest for ‘happiness’ in the Viksit Bharat odyssey” published in “The Hindu” on 28th December 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Issues relating to growth and development. News: The article discusses the flaws with… Continue reading On An Alternate Model of Development – The quest for ‘happiness’ in the Viksit Bharat odyssey
On Renewable Energy Storage
Source: The post on renewable energy storage has been created on the article “Storage: New challenge for renewables” published in “Business Standard” on 28th December 2023. UPSC Syllabus Topic: GS paper 3- Indian Economy- infrastructure (Energy) News: The article discusses India’s plans to increase renewable energy use by investing in energy storage technologies like batteries… Continue reading On Renewable Energy Storage
On Make in India – There is no substitute for an industrial policy
Source: The post on Make in India has been created on the article “There is no substitute for an industrial policy” published in “Indian express” on 27th December 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Changes in industrial policy and their effects on industrial growth. News: The article discusses the Make in… Continue reading On Make in India – There is no substitute for an industrial policy
On Private Investment – Crowd-in must not start crowding investors out
Source: This post on Private Investment has been created based on the article “Crowd-in must not start crowding investors out” published in “Live Mint” on 27th December 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Indian Economy and issues relating to mobilization of resources, growth. News: The article discusses the optimistic indicators in… Continue reading On Private Investment – Crowd-in must not start crowding investors out
Labour mobility
Source: This post on Labour mobility has been created based on the article “Labour mobility” published in “Business Standard” on 27th December 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Issues relating to employment. News: The article discusses the recent overseas demand of Indian labour due to shortage in developed countries. It highlights… Continue reading Labour mobility
On the Overseas Demand for Indian Labour
Source: This post on the Overseas Demand for Indian Labour has been created based on the article “Developed nations look to India amid labour crunch” published in “Business Standard” on 26th December 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Issues relating to employment. News: The article discusses the recent developments regarding the… Continue reading On the Overseas Demand for Indian Labour
Green Industrial strategy – No alternative to green industrial strategy
Source: The post Green Industrial strategy has been created based on the article “No alternative to green industrial strategy” published in “Business standard” on 23rd December 2023. UPSC Syllabus Topic: GS paper3- Economy- changes in industrial policy and their effects on industrial growth. News: The article discusses the need for a comprehensive Green Industrial Strategy.… Continue reading Green Industrial strategy – No alternative to green industrial strategy
Issue related to Credit rating – CEA’s concerns apart, India needs better data
Source: The post is based on the article “CEA’s concerns apart, India needs better data” published in “Indian Express” on 23rd December 2023. UPSC Syllabus Topic: GS Paper 3 – Economy – Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. News: India has experienced substantial economic growth in recent years. However, credit rating agencies (CRAs) have not… Continue reading Issue related to Credit rating – CEA’s concerns apart, India needs better data
IMF’s annual report on India’s Economy
Source: The post IMF’s annual report on India’s economy has been created on the article “IMF’s message” published in Indian Express on 22nd December 2023. UPSC Syllabus Topic: GS paper 3 – Economy – Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment News: The article discusses the IMF’s annual… Continue reading IMF’s annual report on India’s Economy
The fall and fall of the country’s logistics cost
Source: The post is based on the article “The fall and fall of the country’s logistics cost” published in “Mint” on 22nd December 2023. UPSC Syllabus Topic: GS Paper 3 – Infrastructure – Improvements in the Logistics Costs News: Recently, a study was conducted by the National Council for Applied Economic Research (NCAER) commissioned by the Ministry of Commerce and Industry on… Continue reading The fall and fall of the country’s logistics cost
Positive outlook – High public debt remains a risk
Source: The post is based on the article “Positive outlook – High public debt remains a risk” published in “Business Standard” on 22nd December 2023. UPSC Syllabus Topic: GS Paper 3 – Economy – Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. News: The International Monetary Fund (IMF) has recently released ‘Article IV Consultation Report’. The report provides… Continue reading Positive outlook – High public debt remains a risk
findings in the RBI bulletin on inflation-What causes inflation in India: Demand or supply issues?
Source: The post findings in the RBI bulletin on inflation has been created on the article “What causes inflation in India: Demand or supply issues?” published in “The Hindu” on 21st December 2023. UPSC Syllabus Topic: GS paper 3- Indian economy- inflation News: The article discusses the December bulletin from the Reserve Bank of India,… Continue reading findings in the RBI bulletin on inflation-What causes inflation in India: Demand or supply issues?
Evergreening” loans in India-Evergreening of loans still remains a bane of banking
Source: The post evergreening” loans in India has been created on the article “Evergreening of loans still remains a bane of banking” published in “Live min” on 21st December 2023. UPSC Syllabus Topic: GS paper 3-Indian economy (banking) News: This article discusses the issue of “evergreening” loans in India, where banks give new loans to… Continue reading Evergreening” loans in India-Evergreening of loans still remains a bane of banking
Exchange rate flexibility is a key shock absorber for India: IMF
Source: The post is based on the article “Exchange rate flexibility is a key shock absorber for India: IMF” published in “The Indian Express” on 20th December 2023. 454285671 UPSC Syllabus Topic: GS Paper 3 – Economy – Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment News: The International… Continue reading Exchange rate flexibility is a key shock absorber for India: IMF
ToT for Indian agriculture -How terms of trade have moved for agriculture
Source: The post ToT for Indian agriculture has been created on the article “How terms of trade have moved for agriculture” published in “Indian express” on 18th December 2023. UPSC Syllabus Topic: GS paper 3- Indian economy- Employment & changes in industrial policy and their effects on industrial growth. News: The article explains the changes… Continue reading ToT for Indian agriculture -How terms of trade have moved for agriculture
inconsistent policies on agriculture-Avoid sending out mixed signals on farm reforms
Source: The post inconsistent policies on agriculture, has been created on the article “Avoid sending out mixed signals on farm reforms” published in “Live mints” on 19th December 2023. UPSC Syllabus Topic: GS paper 3- Economy- changes in industrial policy and their effects on industrial growth. News: The article discusses the Indian government’s inconsistent policies… Continue reading inconsistent policies on agriculture-Avoid sending out mixed signals on farm reforms
Social Capital Challenges faced by MSMEs in Accessing finances – We must bank on social capital
Source: The post Social Capital Challenges faced by MSMEs in Accessing finances has been created based on the article “We must bank on social capital” published in “Business Standard” on 18th December 2023. Syllabus Topic: GS Paper 3, Indian Economy, Industries and Industrial policies News: The article provides historical context to the present finance challenges faced by the Indian… Continue reading Social Capital Challenges faced by MSMEs in Accessing finances – We must bank on social capital
On Benefits of Cryptocurrency for India: Bitcoin gains acceptance India needs clear rules on cryptos
Source: The post On Benefits of Cryptocurrency for India has been created based on the article “Bitcoin gains acceptance India needs clear rules on cryptos” published in “Live Mint” on 18th December 2023. Syllabus Topic: GS Paper 3, Indian Economy, Money and banking News: The status of Bitcoin and other cryptocurrencies is evolving, as they edge closer to mainstream… Continue reading On Benefits of Cryptocurrency for India: Bitcoin gains acceptance India needs clear rules on cryptos
Digitization of land Records
Source: The post digitization of land records has been created on the article “Record digitization will spell landmark progress” published in “Live mints” on 15th December 2023. UPSC Syllabus Topic: GS paper3- Indian economy- Land reform & GS paper2- governance – e-governance News: The article discusses India’s project to digitize land records for better infrastructure… Continue reading Digitization of land Records
India’s informal sector
Source: This post on India’s informal sector has been created based on the article “India’s informal sector could be adding more value than we know” published in “Live Mint” on 14th December 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Issues relating to growth, development and employment. News: The article discusses the procedure… Continue reading India’s informal sector
On ethanol blending scheme of government – Food versus Fuel
Source: The post on ethanol blending scheme of government has been created based on the article “Food versus Fuel: What’s happening with Centre’s ethanol blending scheme” published in “Business standard” on 13th December 2023. UPSC Syllabus Topic: GS Paper 3- Indian economy- Food processing and related industries in India. News: The Indian government directed mills… Continue reading On ethanol blending scheme of government – Food versus Fuel
Madras HC decision on Section 3 of the Indian Patent Act- Patent exclusions
Source: The post Madras HC decision on Section 3 of the Indian Patent Act has been created on the article “Patent exclusions” published in The Hindu on 13th December 2023. UPSC Syllabus Topic: GS Paper 3- Indian Economy- Trade (patent issue) News: This article discusses two recent court decisions in India about what can and… Continue reading Madras HC decision on Section 3 of the Indian Patent Act- Patent exclusions
Odisha’s successful agricultural transformation-Harvest the Odisha story to ensure food security
Source: The post Odisha’s successful agricultural transformation has been created on the article “Harvest the Odisha story to ensure food security” published in “The Hindu” on 12th December 2023. UPSC Syllabus Topic: GS paper 3- Indian Economy- food security News: The article discusses Odisha’s successful agricultural transformation model, which can be useful in resolving the… Continue reading Odisha’s successful agricultural transformation-Harvest the Odisha story to ensure food security
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.
