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
RBI’s Monetary Policy and the art of letting it be — on recent monetary policy decisions
Source: This post has been created based on the article “RBI’s Monetary Policy and the art of letting it be” published in the Indian Express on 7th October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy — issues relating to planning, mobilization of resources, growth, development and employment. News: The article discusses the reasoning behind… Continue reading RBI’s Monetary Policy and the art of letting it be — on recent monetary policy decisions
The banking sector is leading the journey towards an Atmanirbhar Bharat
Source: This post has been created based on the article “The banking sector is leading the journey towards an Atmanirbhar Bharat” published in the Indian Express on 6th October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy — Indian Economy and issues relating to mobilization of resources. News: The article discusses the growth, emerging changes… Continue reading The banking sector is leading the journey towards an Atmanirbhar Bharat
Counting rural women’s labour — on female labour force participation in rural India
Source: This post has been created based on the article “Counting rural women’s labour” published in the Indian Express on 6th October 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy — Inclusive growth and issues relating to employment. News: The article discusses the state of Labour Force Participation (LFP) of women, especially rural women, its… Continue reading Counting rural women’s labour — on female labour force participation in rural India
Investment: The Dog That Didn’t Bark – On investment level in India
Source: This post has been created based on the article “Investment: The Dog That Didn’t Bark” published in the Times of India on 5th October 2023. UPSC Syllabus Topic: GS Paper 3, Indian Economy – Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. News: The article discusses the growth… Continue reading Investment: The Dog That Didn’t Bark – On investment level in India
India’s metro rail systems should become financially sustainable
Source: The post is based on the article “India’s metro rail systems should become financially sustainable” published in “Live mint” on 5th October 2023. Syllabus: GS3- Economy- infrastructure (metro rail systems) News: The article discusses the financial challenges faced by India’s expanding metro rail networks. It emphasizes the necessity for sustainable funding, regular fare adjustments,… Continue reading India’s metro rail systems should become financially sustainable
The narrative of development and populism
Source: The post is based on the article “The narrative of development and populism” published in The Hindu on 3rd October 2023. Syllabus: GS 3 – Indian Economy – Growth & Development Relevance: About populism and large-scale development News: In the upcoming state elections, political parties are making announcements and inaugurating a variety of projects and… Continue reading The narrative of development and populism
India’s rise is the big story. So where’s the FDI?
Source: The post is based on the article “India’s rise is the big story. So where’s the FDI?” published in “Indian express” on 3rd October 2023. Syllabus: GS3- Indian economy- Foreign direct investment (FDI) News: The article discusses the drop in foreign direct investment (FDI) in India despite its strong economic growth and positive forecasts.… Continue reading India’s rise is the big story. So where’s the FDI?
Why India can’t live without dirty coal
Source: The post is based on the article “WHY INDIA CAN’T LIVE WITHOUT DIRTY COAL- Despite the bad optics, India needs to keep burning coal and open up more mines” published in “Live Mint” on 3rd October 2023. Syllabus: GS3- Economy- Infrastructure (energy) News: The author talks about India’s struggle to balance between using clean… Continue reading Why India can’t live without dirty coal
40th…Now What? India’s Innovation Index 2023
Source: This post is created based on the article ‘40th…Now What?’ published in The Times of India on 30th Sep, 2023. Syllabus Topic: GS Paper 3 – Indian Economy – India’s Industrial Policies News: India’s innovation rank in 2023 index is still too low. India’s rise to 40th position in the World Intellectual Property Organisation’s… Continue reading 40th…Now What? India’s Innovation Index 2023
KEEPING Small Finance Bank (SFBs) AFLOAT
Source– The post is based on the article “KEEPING SFBs AFLOAT” published in “The Business Standard” on 29th September 2023. Syllabus: GS3- Economy Relevance- Issues related to banking sector News– The article explains the issues related to Small finance banks (SFBs). What are some facts about Small Finance Banks (SFBs)? They are designed to promote… Continue reading KEEPING Small Finance Bank (SFBs) AFLOAT
We should join the WTO’s investment facilitation talks
Source– The post is based on the article “We should join the WTO’s investment facilitation talks” published in the “mint” on 28th September 2023. Syllabus: GS3- Economy Relevance- Issues related to WTO News– On 6 July 2023, over 110 of the WTO 164 members concluded text-based negotiations on the Agreement on Investment Facilitation for Development… Continue reading We should join the WTO’s investment facilitation talks
What does a drop in household financial savings imply for India?
Source– The post is based on the article “What does a drop in household financial savings imply for India?” published in “The Hindu” on 28th September 2023. Syllabus: GS3 – Economy Relevance- Issues related to savings and investment in the economy News– The household financial savings data recently published in the latest issue of the… Continue reading What does a drop in household financial savings imply for India?
GDP doesn’t mean much for economy
Source– The post is based on the article “GDP doesn’t mean much for economy” published in “The Hindu” on 28th September 2023. Syllabus: GS3- Indian Economy – Indian economy and growth News– The article explains the issues of overemphasis on growth for measuring the economic well-being of the population. What are issues related to overemphasis… Continue reading GDP doesn’t mean much for economy
Let us not resurrect the ghost of retro taxation
Source: The post is based on the article “Let us not resurrect the ghost of retro taxation” published in Live Mint on 28th September 2023. Syllabus: GS 3 – Indian Economy – Growth & Development, Taxation Relevance: concerns with high GST on online casinos and gaming platforms. News: The government’s decision to impose 28% GST on online… Continue reading Let us not resurrect the ghost of retro taxation
Experts weigh in on criticism of GDP methodology
Source: The post is based on the article “Experts weigh in on criticism of GDP methodology” published in Business Standard on 27th September 2023. Syllabus: GS 3 – Indian Economy – Growth & Development Relevance: Flaws in India’s GDP calculation method. News: Critics have pointed out flaws in India’s GDP calculation method since the 2011-12 base year revision… Continue reading Experts weigh in on criticism of GDP methodology
Green Hydrogen push will need to counter challenges
Source: The post is based on the article “Green Hydrogen push will need to counter challenges” published in “Indian express” on 27th September 2023. Syllabus: GS3- Economy- Infrastructure (renewable energy) News: The article discusses India’s efforts to use green hydrogen, a clean fuel, for buses. The government aims to make India a hub for this… Continue reading Green Hydrogen push will need to counter challenges
Our chip-making game shows welcome realism
Source– The post is based on the article “Our chip-making game shows welcome realism” published in the “mint” on 26th September 2023. Syllabus: GS3- Economy Relevance- Semiconductor manufacturing News– Recently, India’s electronics and infotech minister Ashwini Vaishnaw talked about focus on the emerging segment that remains largely unexploited in semiconductor manufacturing What are some facts… Continue reading Our chip-making game shows welcome realism
ExplainSpeaking: What’s the link between GDP growth and employment in India
Source: The post is based on the article “ExplainSpeaking: What’s the link between GDP growth and employment in India” published in “Indian express” on 26th September 2023. Syllabus: GS3- Economy- growth, development and employment. News: The article discusses the concern that India’s focus on growing GDP isn’t leading to enough job creation, particularly quality jobs.… Continue reading ExplainSpeaking: What’s the link between GDP growth and employment in India
There is a better way to capture the growth picture
Source: The post is based on the article “There is a better way to capture the growth picture” published in “Indian express” on 26th September 2023. Syllabus: GS3- Economy- Indian economy News: The author discusses India’s goal to become a $5 trillion economy and the need for accurate GDP measurement. The article emphasizes updating the… Continue reading There is a better way to capture the growth picture
Managing flows – Govt’s dependence on foreign funds should be limited
Source: The post is based on the article “Managing flows – Govt’s dependence on foreign funds should be limited” published in Business Standard on 25th September 2023. Syllabus: GS 3 – Indian Economy – Capital Market Relevance: About JP Morgan’s decision to include Government of India (GoI) bonds. News: JP Morgan’s recent announcement about including Government of… Continue reading Managing flows – Govt’s dependence on foreign funds should be limited
The Job Question – on unemployment data
Source: The post is based on the article “The Job Question– An extensive study finds troubling facts hidden in good headline employment numbers” published in “Times of India” on 25th September 2023. Syllabus: GS3- Economy- Employment News: This article says India’s economy recovered well after the pandemic with a 9.1% rise in GDP. But, jobs,… Continue reading The Job Question – on unemployment data
Ethanol – a saviour that gives savings
Source– The post is based on the article “Ethanol – a saviour that gives savings” published in the “The Indian Express” on 22nd September 2023. Syllabus: GS3- Indian Economy – Energy News– The article explains the case of ethanol blending in India Contents1 Why are biofuels the need of the day?2 What are efforts made… Continue reading Ethanol – a saviour that gives savings
A light-bulb moment for the Indian fan market
Source– The post is based on the article “A light-bulb moment for the Indian fan market” published in “The Hindu” on 22nd September 2023. Syllabus: GS3- Indian Economy – Industries and industrial policies News– The article explain the issue of energy efficiency of ceiling fans for sustainable energy transition Why ceiling fans are crucial for… Continue reading A light-bulb moment for the Indian fan market
Unlocking MSME potential- Digital tools are crucial for expanding their reach and unleashing growth
Source: The post is based on the article “Unlocking MSME potential- Digital tools are crucial for expanding their reach and unleashing growth” published in “Business standard” on 22nd September 2023. Syllabus: GS3- Economy- Industries (MSMEs) & GS3- Science and Technology- developments and their applications and effects in everyday life. News: The article discusses the challenges… Continue reading Unlocking MSME potential- Digital tools are crucial for expanding their reach and unleashing growth
Navigating the evolving trade landscape
Source: The post is based on the article “Navigating the evolving trade landscape” published in Business Standard on 21st September 2023. Syllabus: GS 3 – Indian Economy – Industrial Policy Relevance: About changing Industrial policy News: World trade is changing significantly, with the US and EU governments shifting their focus from traditional trade policies to industrial policies.… Continue reading Navigating the evolving trade landscape
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.
