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
India is facing three macroeconomic puzzles
Source: The post India is facing three macroeconomic puzzles has been created, based on the article “Three macro puzzles and policy implications” published in “Business standard” on 20th July 2024 UPSC Syllabus Topic: GS Paper3- Economy-growth, development, and employment Context: The article discusses three main issues: weak consumption, low employment growth, and low core inflation.… Continue reading India is facing three macroeconomic puzzles
The conflicting reports on job creation in India
Source: The post the conflicting reports on job creation in India has been created, based on the article “Living in denial about unemployment” published in “The Hindu” on 20th July 2024 UPSC Syllabus Topic: GS Paper3- Economy-employment Context: The article discusses the conflicting reports on job creation in India. Prime Minister Modi cites a report… Continue reading The conflicting reports on job creation in India
The Upcoming Union Budget
Source-This post on The Upcoming Union Budget has been created based on the article “Will a changed political landscape affect the budget?” published in “The Indian Express” on 20 July 2024. UPSC Syllabus-GS Paper-3- Government Budgeting. Context- The article discusses how the upcoming Union Budget must navigate between political pressures and economic challenges. In uncertain… Continue reading The Upcoming Union Budget
Electronics Manufacturing Revolution
Source-This post on Electronics Manufacturing Revolution has been created based on the article “Elevating India’s capital goods for a global electronics revolution” published in “The Hindu” on 20 July 2024. UPSC Syllabus-GS Paper-3- Effects of Liberalization on the Economy, Changes in Industrial Policy and their Effects on Industrial Growth. Context– India’s electronics production has reached… Continue reading Electronics Manufacturing Revolution
Arguments against Immediate Fed Rate Cut
Source-This post on Arguments against Immediate Fed Rate Cut has been created based on the article “The Fed should not cut interest rates yet” published in “Business Standard” on 20 July 2024. UPSC Syllabus-GS Paper-3- issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context- The article suggests caution for the Federal Reserve… Continue reading Arguments against Immediate Fed Rate Cut
The analysis of FRBM Act in India
Source: This post ‘The analysis of FRBM Act in India’ is created based on the article A call for greater focus on revenue side, published in Business Standard on 19th July 2024. UPSC Syllabus: GS Paper 3 – Indian Economy – Fiscal Consolidation in India Context: The article highlights India’s journey of Fiscal Responsibility and… Continue reading The analysis of FRBM Act in India
Recent Trends in India’s Trade
Source: The post recent trends in India’s trade has been created, based on the article “Trade tact: More support and greater certainty in trade policy can bolster exports” published in “The Hindu” on 18th July 2024 UPSC Syllabus Topic: GS Paper3- Economy-mobilisation of resources Context: The article discusses India’s trade figures for June. Exports increased… Continue reading Recent Trends in India’s Trade
Present status of employment in India
Source: This post Present status of employment in India has been created based on the article in search of jobs published in The Hindu on 18th July 2024. UPSC Syllabus Topic: GS Paper 3 – Indian Economy – Employment Context: Employment generation will remain a major challenge before the present government. Present status of employment… Continue reading Present status of employment in India
Annual Survey of Unincorporated Enterprises (ASUSE)
Source: The post Annual Survey of Unincorporated Enterprises (ASUSE) has been created, based on the article “Explained: The state of India’s informal economy, what the numbers say on jobs” published in “Indian Express” on 18th July 2024 UPSC Syllabus Topic: GS Paper3- Economy -employment Context: The article discusses the challenges faced by India’s informal sector,… Continue reading Annual Survey of Unincorporated Enterprises (ASUSE)
Intergenerational and Intragenerational Fiscal Equity in India
Source: The post intergenerational and intragenerational fiscal equity in India has been created, based on the article “Intergenerational equity as tax devolution criterion” published in “The Hindu” on 18th July 2024 UPSC Syllabus Topic: GS Paper3- Economy- mobilization of resources Context: The article discusses how tax revenue from the central government is distributed among states… Continue reading Intergenerational and Intragenerational Fiscal Equity in India
Debate on Billionaire Consumption
Source: The post debate on billionaire consumption has been created, based on the article “The problem with billionaire consumption” published in “The Hindu” on 17h July 2024 UPSC Syllabus Topic: GS Paper3- Economy- growth, development and employment; Inclusive growth and issues arising from it. Context: The article discusses the ethical and economic impacts of wealthy… Continue reading Debate on Billionaire Consumption
Challanges in India’s Spice Exports
Source-This post on Challanges in India’s Spice Exports has been created based on the article “Spice route: Tackle barriers faced by turmeric exports published in “Live Mint” on 17 July 2024. UPSC Syllabus-GS Paper-3- Transport and Marketing of Agricultural Produce and Issues and Related Constraints Context- India, known as the “Spice Bowl of the World,”… Continue reading Challanges in India’s Spice Exports
Macroeconomic differences between India and China
Source: The post macroeconomic differences between India and China has been created, based on the article “Public spending must pivot to building human capital” published in “Live Mints” on 16th July 2024 UPSC Syllabus Topic: GS Paper3- Economy-growth, and development Context: The article discusses China’s growth driven by exports and state investments, leading to issues… Continue reading Macroeconomic differences between India and China
Need for Regulatory Balance
Source-This post on Need for Regulatory Balance has been created based on the article “Maintaining regulatory balance” published in “Business Standards” on 15 July 2024. UPSC Syllabus – GS Paper 3 – Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment Context– The article stresses the need for balanced bank… Continue reading Need for Regulatory Balance
Issues faced by Gig workers
Source-This post on Issues faced by Gig workers has been created based on the article “The problem with the Karnataka gig workers Bill” published in “The Hindu” on 15 July 2024. UPSC Syllabus-GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context -The Karnataka government has introduced the… Continue reading Issues faced by Gig workers
Impacts of PDS on household spending
Source: The post Impacts of PDS on household spending has been created, based on the article “The PDS impact on household expenditure” published in “The Hindu” on 13th July 2024 UPSC Syllabus Topic: GS Paper3- Economy-Public Distribution System objectives, functioning, limitations, revamping; issues of buffer stocks and food security. Context: The article discusses the impact… Continue reading Impacts of PDS on household spending
Challenges faced by the new Union Minister of Agriculture and Farmer Welfare in India
Source: The post challenges faced by the new Union Minister of Agriculture and Farmer Welfare in India has been created, based on the article “What India’s new agriculture policy must focus on” published in “Indian express” on 12th July 2024 UPSC Syllabus Topic: GS Paper3-Indian economy-agriculture Context: The article discusses the challenges faced by Shivraj… Continue reading Challenges faced by the new Union Minister of Agriculture and Farmer Welfare in India
Factors that contributed to the stability of India’s banking sector
Source: The post factors that contributed to the stability of India’s banking sector has been created, based on the article “Banking sector continues to confound” published in “Business standard” on 12th July 2024 UPSC Syllabus Topic: GS Paper3 -Indian Economy -Indian Economy and issues relating to mobilization of resources. Context: The article discusses the strong… Continue reading Factors that contributed to the stability of India’s banking sector
Key Findings of the ASUSE 2022-23
Source: The post Key Findings of the ASUSE 2022-23 has been created, based on the article “The unorganized sector needs a revival to tackle unemployment” published in “Live mints” on 12th July 2024 UPSC Syllabus Topic: GS Paper3- Indian Economy- Issues relating to growth, development and employment. Context: The article discusses the challenges faced by… Continue reading Key Findings of the ASUSE 2022-23
Factors affecting food production and its price outlook
Source: The post factors affecting food production and its price outlook has been created, based on the article “The stubborn food inflation problem” published in “Indian express” on 11th July 2024 UPSC Syllabus Topic: GS Paper3-Indian Economy-Inflation Context: The article discusses how India’s high food prices keep overall inflation high, making it hard for the… Continue reading Factors affecting food production and its price outlook
India’s GST system needs further reform
Source: The post India’s GST system needs further reform has been created, based on the article “Towards a good and simple tax” published in “Business standard” on 11th July 2024 UPSC Syllabus Topic: GS Paper3- Indian Economy – Issues relating to mobilization of resources. Context: The article discusses the need for further reforms in India’s… Continue reading India’s GST system needs further reform
India Need to Improve its Manufacturing Sector
Source: The post India need to improve its manufacturing sector has been created, based on the article “The shape of manufacturing 3.0 for Modi 3.0” published in “The Hindu” on 10th July 2024 UPSC Syllabus Topic: GS Paper3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context: The article… Continue reading India Need to Improve its Manufacturing Sector
Implications of Angel Tax for Startups and Investment
Source-This post on Implications of Angel Tax for Startups and Investment has been created based on the article “Drop the angel tax: Stop taxing startup investments as income” published in “Live Mint” on 10 July 2024. UPSC Syllabus-GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context– The… Continue reading Implications of Angel Tax for Startups and Investment
India’s urgent need for good-quality jobs
Source: The post India’s urgent need for good-quality jobs has been created, based on the article “Welfarism is not the solution for India’s job problem, skill creation is” published in “Indian express” on 9th July 2024 UPSC Syllabus Topic: GS Paper3- Economy -employment Context: The article discusses India’s urgent need for good-quality jobs. It highlights… Continue reading India’s urgent need for good-quality jobs
India’s Stance on Expanding the WTO’s Agenda and Its Impacts
Source: The post India’s stance on expanding the WTO’s agenda and its impacts has been created, based on the article “Why India needs to reset its trade policy” published in “Indian express” on 9th July 2024 UPSC Syllabus Topic: GS Paper3- Economy Context: The article discusses India’s resistance to expand the WTO’s agenda, highlighting the… Continue reading India’s Stance on Expanding the WTO’s Agenda and Its Impacts
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.
