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
Our labour survey data is far from satisfactory
Source: The post is based on the article “Our labour survey data is far from satisfactory” published in “Live mint” on 19th October 2023. Syllabus: GS3- Economy- Employment News: The article discusses India’s recent labor report. While initial data shows low unemployment, deeper analysis reveals job distress, falling wages, and higher joblessness among educated people.… Continue reading Our labour survey data is far from satisfactory
A glimmer of hope for radio
Source: The post is based on the article “A glimmer of hope for radio” published in “Business standard” on 18th October 2023. Syllabus: GS3- Economy- infrastructure (Communication network) News: The article discusses the decline of radio in India due to heavy licensing fees and digital competition. However, recent recommendations from Trai, including allowing news on… Continue reading A glimmer of hope for radio
The world economy is slowing even as India’s provides hope
Source: The post is based on the article “The world economy is slowing even as India’s provides hope” published in “Live mint” on 18th October 2023. Syllabus: GS3- Economy- economic growth News: The IMF reports a global economic slowdown, but India is growing fast. India aims to be a developed nation by 2047, needing a… Continue reading The world economy is slowing even as India’s provides hope
The e-rupee is like wine: It’ll take time to mature
Source: The post is based on the article “The e-rupee is like wine: It’ll take time to mature” published in “Live mint” on 18th October 2023. Syllabus: GS3- Economy- currency News: The article discusses the slow adoption of India’s Central Bank Digital Currency (CBDC) compared to the popular Unified Payments Interface (UPI). UPI’s ease of… Continue reading The e-rupee is like wine: It’ll take time to mature
The materiality and morality of Net Zero should go hand in hand
Source: This post has been created based on the article “The materiality and morality of Net Zero should go hand in hand” published in LiveMint on 17th October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy — Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. GS Paper 3… Continue reading The materiality and morality of Net Zero should go hand in hand
A new beginning- Freight corridors should improve logistics position
Source: The post is based on the article “A new beginning- Freight corridors should improve logistics position” published in “Business standard” on 17th October 2023. Syllabus: GS3- Economy- Infrastructure News: The article discusses the Eastern Dedicated Freight Corridor (EDFC) in India, which will speed up freight transport. Despite benefits, it faced delays, cost overruns, and… Continue reading A new beginning- Freight corridors should improve logistics position
The puzzles of defence economics
Source: This post is created based on the article ‘The puzzles of defence economics’, published in Business Standard on 16th October 2023. UPSC syllabus Topic: GS Paper 3, Issues associated with Industrial policies News: The article discusses the impact of recent conflicts, such as the Israeli action in Gaza and the war in Ukraine, on… Continue reading The puzzles of defence economics
The economic mosaic
Source: The post is based on the article “The economic mosaic” published in Business Standard on 14th October 2023. Syllabus: GS 3 – Indian Economy – Growth & Development Relevance: Findings of the RBI survey on key economic sector News: The RBI has recently conducted a survey of consumer and business opinions, offering insights beyond just… Continue reading The economic mosaic
Will bankers ever learn? – On proposed changes to Basel-III norms
Source: The post is based on the article “Will bankers ever learn?” published in Business Standard on 13th October 2023. Syllabus: GS 3 – Indian Economy – Money & Banking Relevance: About proposed changes to Basel-III norms. News: US regulators are proposing some changes to capital requirements under Basel-III norms. Contents1 What are the proposed changes?2… Continue reading Will bankers ever learn? – On proposed changes to Basel-III norms
Labour force participation is up, unemployment is down. What about the quality of work?
Source: This post has been created based on the article “Labour force participation is up, unemployment is down. What about the quality of work?” published in The Indian Express on 13th October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy — Indian Economy and issues relating to planning, mobilization of resources, growth, development and… Continue reading Labour force participation is up, unemployment is down. What about the quality of work?
The EU’s CBAM has lent urgency to fair carbon prices
Source: The post is based on the article “The EU’s CBAM has lent urgency to fair carbon prices” published in “Live mint” on 12th October 2023. Syllabus: GS3- Ecology and environment- Pollution (carbon trading) News: The article discusses the European Union’s Carbon Border Adjustment Mechanism (CBAM), which affects imports by considering their carbon emissions and… Continue reading The EU’s CBAM has lent urgency to fair carbon prices
Freebies: A zero-sumgame
Source: The post is based on the article “Freebies: A zero-sumgame” published in “Business standard” on 12th October 2023. Syllabus: GS3- Economy- Issues related to direct and indirect farm subsidies News: The article discusses the negative impacts of government subsidies and policies on farmers in India, especially in Punjab, Haryana, and Uttar Pradesh. It highlights… Continue reading Freebies: A zero-sumgame
The lucky cohort- Unlike those born in the 1940s and 50s
Source: The post is based on the article “The lucky cohort- Unlike those born in the 1940s and 50s, the current generation can no longer take global peace and lifelong economic progress for granted” published in “Business standard” on 12th October 2023. Syllabus: GS3- Economy- growth and development News: The article discusses significant global progress… Continue reading The lucky cohort- Unlike those born in the 1940s and 50s
Good, Do Better – For India, to be the fastest growing major economy isn’t enough
Source: The post is based on the article “Good, Do Better – For India, to be the fastest growing major economy isn’t enough. Real change needs 8% growth” published in The Times of India on 12th October 2023. Syllabus: GS 3 – Indian Economy – Growth & Development Relevance: measures needed for India to increase… Continue reading Good, Do Better – For India, to be the fastest growing major economy isn’t enough
Spring cleaning – Fixing grey areas is good, but the GST regime needs a broader reform plan
Source: The post is based on the article “Spring cleaning – Fixing grey areas is good, but the GST regime needs a broader reform plan” published in The Hindu on 12th October 2023. Syllabus: GS 3 – Indian Economy – Fiscal Policy Relevance: About the recent decision of the GST Council and associated challenges. News:… Continue reading Spring cleaning – Fixing grey areas is good, but the GST regime needs a broader reform plan
India needs to go nuclear
Source: This post has been created based on the article “India needs to go nuclear” published in The Indian Express on 12th October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy — Infrastructure: Energy, Ports, Roads, Airports, Railways, etc. News: This article discusses the need for an expansion of nuclear energy in emerging economies, especially… Continue reading India needs to go nuclear
Lessons from 2016 demonetisation
Source: The post is based on the article “Lessons from 2016 demonetisation” published in Business Standard on 11th October 2023. Syllabus: GS 3 – Indian Economy – Money & Banking Relevance: reasons behind the success of the withdrawal of 2,000-rupee currency notes. News: The Reserve Bank of India (RBI) announced to withdrew all 2,000-rupee currency notes in… Continue reading Lessons from 2016 demonetisation
The impact of Claudia Goldin’s work
Source: This post has been created based on the article “The impact of Claudia Goldin’s work” published in The Hindu on 11th October 2023. UPSC Syllabus Topic: GS Paper 2 Indian Economy — Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment. News: This article discusses the work of Claudia Goldin… Continue reading The impact of Claudia Goldin’s work
Tragedy in Sikkim- The catastrophe underlines big dam weaknesses
Source: The post is based on the article “Tragedy in Sikkim- The catastrophe underlines big dam weaknesses” published in “Business standard” on 10th October 2023. Syllabus: GS3- Ecology and environment & disaster management News: The article discusses the dangers and issues associated with big dams in India, particularly in the Himalayas. It connects recent flooding… Continue reading Tragedy in Sikkim- The catastrophe underlines big dam weaknesses
Beyond the bond market’s message
Source: The post is based on the article “Beyond the bond market’s message” published in Business Standard on 9th October 2023. Syllabus: GS 3 – Indian Economy – Growth & Development Relevance: Economic challenges for India arising from shifts in the US economy. News: The article discusses ongoing developments in the US economy and their potential… Continue reading Beyond the bond market’s message
Building an India for manufacturers
Source: This post has been created based on the article “Building an India for manufacturers” published in The Indian Express on 9th October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy — Indian Economy and issues relating to growth, development and employment News: This article discusses the changing scenario of India’s services sector, its bright… Continue reading Building an India for manufacturers
Revisiting the rail gauge debate
Source: This post has been created based on the article “Revisiting the rail gauge debate” published in The Hindu on 9th October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy — Infrastructure: Energy, Ports, Roads, Airports, Railways, etc. News: This article discusses the advantages and disadvantages of the Broad-Gauge railway network vis-à-vis the Standard Gauge… Continue reading Revisiting the rail gauge debate
With food inflation limited to dal roti, why govt policy may need changes
Source: The post is based on the article “With food inflation limited to dal roti, why govt policy may need changes” published in “Indian express” on 9th October 2023. Syllabus: GS 3 – Indian Economy- inflation News: The article discusses rising food prices in India, particularly in cereals and pulses, and how this inflation is… Continue reading With food inflation limited to dal roti, why govt policy may need changes
Our inflation fight calls for a fiscal pullback too
Source: The post is based on the article “Our inflation fight calls for a fiscal pullback too” published in “Live mint” on 9th October 2023. Syllabus: GS3- Economy- inflation News: The article discusses the Reserve Bank of India’s strategies under Governor Shaktikanta Das to control inflation, keeping it at 4%, and its impact on the… Continue reading Our inflation fight calls for a fiscal pullback too
How China grabbed pole
Source: This post is created based on the article ‘How China grabbed pole’, published in Business Standard on 7th October 2023. UPSC Syllabus Topic: GS Paper 3, Economy, Changes in Industrial Policies News: China has made many strategic moves to dominate crucial sectors, like renewable energy. China capitalized on the global shift towards renewable energy… Continue reading How China grabbed pole
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.
