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
On Rural Economic Distress – RBI governor’s growth optimism masks rural distress
Source: The post on rural economic distress is based on the article “RBI governor’s growth optimism masks rural distress” published in Live Mint on 6th November 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Growth and employment. GS Paper 3 Agriculture – Marketing of agricultural produce and issues and related constraints. News: The… Continue reading On Rural Economic Distress – RBI governor’s growth optimism masks rural distress
On demands for reservation – Maratha reservation: Why everyone wants a ‘sarkari naukri’
Source: The post is on the demands for reservations is based on the article “Maratha reservation: Why everyone wants a ‘sarkari naukri’ in New India” published in “Indian Express” on 2nd November 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Issues relating to Employment. GS Paper 2 Social Justice – Mechanisms, laws, institutions… Continue reading On demands for reservation – Maratha reservation: Why everyone wants a ‘sarkari naukri’
On NITI Aayog’s Vision @2047 – India in 2047
Source: The post On NITI Aayog’s Vision @2047 is based on the article “India in 2047- Policy adjustments can enable higher growth” published in “Business standard” on 31st October 2023. UPSC Syllabus Topic: GS Paper 3 Indian economy – Issues relating to Growth and Development. News: This article discusses the NITI Aayog’s goal for India’s… Continue reading On NITI Aayog’s Vision @2047 – India in 2047
On India’s disinvestment policy- Learnings from LIC must guide PSU stake selloffs
Source: The post on India’s disinvestment policy is based on the article “Learnings from LIC must guide PSU stake selloffs” published in “Live mint” on 31st October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Mobilization of resources (Disinvestment) News: The article discusses LIC’s share price drop after its initial sale. It highlights… Continue reading On India’s disinvestment policy- Learnings from LIC must guide PSU stake selloffs
Putting the ‘70-hour work week’ idea into perspective; Narayana Murthy just gave some very bad advice
Source: This post has been created based on the articles “Putting the ‘70-hour work week’ idea into perspective” published in The Hindu and “Narayana Murthy just gave some very bad advice” published in The Indian Express on 31st October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Indian Economy and issues relating to… Continue reading Putting the ‘70-hour work week’ idea into perspective; Narayana Murthy just gave some very bad advice
On increasing Indian Railways’ revenue – Easing the transport of cargo by Railways
Source: This post on increasing Indian Railways’ share in cargo has been created based on the article “Easing the transport of cargo by Railways” published in The Hindu on 31st October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Infrastructure: Energy, Ports, Roads, Airports, Railways etc. News: This article discusses the actions taken by… Continue reading On increasing Indian Railways’ revenue – Easing the transport of cargo by Railways
On merger of railway budget and union budget – The Indian Railways’ revenue problem
Source: The post on Indian Railways is based on the article “The Indian Railways’ revenue problem” published in “The Hindu” on 30th October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Infrastructure (Railway) News: The article discusses the issue of the declining revenues of Indian Railways and the various reasons which have led… Continue reading On merger of railway budget and union budget – The Indian Railways’ revenue problem
On challenges of Renewable Energy – Solving intermittency of renewables
Source: The post on issues of Renewable Energy generation is based on the article “Solving intermittency of renewables- Emphasise the path to discovery, not a design” published in “Business standard” on 30th October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Infrastructure (Energy) News: The article discusses the challenges of India’s electricity system… Continue reading On challenges of Renewable Energy – Solving intermittency of renewables
On Inequality – The world must fight inequality to safeguard ideals of democracy
Source: The post on Inequality is based on the article “The world must fight inequality to safeguard ideals of democracy” published in “Live mint” on 30th October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Inclusive growth and issues arising from it. News: The article discusses how recent crises have highlighted the growing… Continue reading On Inequality – The world must fight inequality to safeguard ideals of democracy
On Labour Productivity in India- NRN Gets It Wrong
Source: The post on labour productivity in India is based on the article “NRN Gets It Wrong- Working long hours doesn’t increase productivity” published in “The Times of India” on 28th October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy – Employment and labour productivity. News: The article discusses India’s low productivity as highlighted… Continue reading On Labour Productivity in India- NRN Gets It Wrong
On Inflation – No policy for troubled times
Source: This post on inflation has been created based on the article “No policy for troubled times” published in Business Standard on 28th October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy and issues relating to planning. News: This article discusses the various reasons which have led to the current inflation scenario in the world.… Continue reading On Inflation – No policy for troubled times
On Digital Lending – RBI should step up efforts to control illegal loan apps
Source: The post on Digital Lending is based on the article “RBI should step up efforts to control illegal loan apps” published in “Live mint” on 27th October 2023. Syllabus: GS Paper 3 Indian Economy – RBI and banking system. News: The article discusses the problem of illegal loan apps in India. The government and… Continue reading On Digital Lending – RBI should step up efforts to control illegal loan apps
On ESG framework- This Notion Asks Us To Think Beyond Nation
Source: This post on ESG framework has been created based on the article “This Notion Asks Us To Think Beyond Nation” published in The Times of India on 26th October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy — Indian Economy and issues relating to mobilization of resources. GS Paper 4 Ethics — Corporate… Continue reading On ESG framework- This Notion Asks Us To Think Beyond Nation
A green transition, but not without the coal-rich states
Source: The post is based on the article “A green transition, but not without the coal-rich states” published in “Indian Express” on 26th October 2023. UPSC Syllabus Topic: GS3 Indian Economy – infrastructure (Energy) News: The article discusses India’s energy transition from coal to renewable energy (RE). India has seen waves of power plant constructions.… Continue reading A green transition, but not without the coal-rich states
There is no easy escape from the middle-income trap
Source: This post on middle income trap is based on the article “There is no easy escape from the middle-income trap” published in “Live mint” on 26th October 2023. UPSC Syllabus Topic: GS3 – Indian Economy News: The article discusses the challenges of countries trying to move from middle-income to developed status. The World Bank’s… Continue reading There is no easy escape from the middle-income trap
On FRBM Act – Either repeal or revise the country’s fiscal law
Source: The post is based on the article “Either repeal or revise the country’s fiscal law” published in “Live mint” on 25th October 2023. UPSC Syllabus: GS3: Economy- Fiscal policy News: The article discusses India’s fiscal position and its deviation from the Fiscal Responsibility and Budget Management (FRBM) Act’s 3% deficit cap. Despite exceeding this… Continue reading On FRBM Act – Either repeal or revise the country’s fiscal law
On Migration from India – Movers Are Shakers
Source: The post on the topic migration from India is based on the article “Movers Are Shakers- OECD data shows Indians continue to be world champion economic migrants. Good for West and good for us” published in “The Times of India” on 25th October 2023. UPSC Syllabus: GS3- Economy- migration News: This article discusses the… Continue reading On Migration from India – Movers Are Shakers
A Damocles sword hangs above laptop importers
Source: The post is based on the article “A Damocles sword hangs above laptop importers” published in “Live mint” on 23rd October 2023. Syllabus: GS3- Economy- Effects of liberalisation on the economy News: The Indian government has changed its policy on importing laptops, mainly from China. Instead of licenses, an “import management system” will quickly… Continue reading A Damocles sword hangs above laptop importers
Mind The Gap, It’s Quickly Narrowing
Source: This post has been created based on the article “Mind The Gap, It’s Quickly Narrowing” published in The Times of India on 21st October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy Times of India— Indian Economy and issues relating to employment. News: This article discusses the trends in of female labour force participation and… Continue reading Mind The Gap, It’s Quickly Narrowing
The evolving process of RE
Source: The post is based on the article “’The evolving process of RE” published in Business standard on 21st October 2023. Syllabus: GS3- Economy- infrastructure (Energy) News: The article discusses the growing interest in renewable energy due to fossil fuel supply concerns. Solar power is becoming cheaper, making it more popular. However, challenges like technology… Continue reading The evolving process of RE
Why we need norms on government spending
Source: The post is based on the article “Why we need norms on government spending” published in “Indian express” on 20th October 2023. Syllabus: GS3- Economy- Government Budgeting. News: The article discusses the challenges democracies face in deciding where to spend public money. Governments often prioritize “freebies” for citizens to gain votes, even though these… Continue reading Why we need norms on government spending
Tax uncertainty- SC ruling will increase uncertainty in telecom
Source: The post is based on the article “’Tax uncertainty- SC ruling will increase uncertainty in telecom” published in “Business standard” on 20th October 2023. Syllabus: GS3- Economy- infrastructure (telecommunication) News: The Supreme Court ruled that telecom companies’ licence fees after July 1999 are capital expenses, not revenue expenses. What is the recent Supreme Court… Continue reading Tax uncertainty- SC ruling will increase uncertainty in telecom
Citius, Altius, Fortius’: Save it for the economy
Source: The post is based on the article “’Citius, Altius, Fortius’: Save it for the economy” published in “Live mint” on 20th October 2023. Syllabus: GS3- Economy- mobilisation of resources News: India wants to host the 2036 Olympics. Historically, rich countries hosted these games. Hosting often costs more than the benefits gained. India should focus… Continue reading Citius, Altius, Fortius’: Save it for the economy
Tackling urban poverty
Source: This post has been created based on the article “Tackling urban poverty” published in Business Standard on 19th October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy — Indian Economy and issues relating to employment. GS Paper 2 Social Justice — Issues relating to poverty and hunger. News: This article discusses the recent findings… Continue reading Tackling urban poverty
India’s war on informal labour is turning out bad for workers
Source: The post is based on the article “India’s war on informal labour is turning out bad for workers” published in “Live mint” on 19th October 2023. Syllabus: GS3- Economy- Employment News: The article discusses India’s struggle to move its workforce from informal to formal jobs. Despite economic growth, many remain in precarious, informal positions.… Continue reading India’s war on informal labour is turning out bad for workers
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.
