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
PM Internship Scheme
Source: The post PM Internship Scheme has been created, based on the article “A learning curve: The outcomes of the PM Internship Scheme’s pilot project need monitoring” published in “The Hindu” on 7th October is 2024 UPSC Syllabus Topic: GS Paper 3- Economy- Employment Context: The article discusses the launch of the PM Internship Scheme… Continue reading PM Internship Scheme
Rising temperatures have a stronger correlation with food inflation than rains
Source: The post rising temperatures have a stronger correlation with food inflation than rains has been created, based on the article “Why heat, not rain, matters more for inflation and rural demand” published in “Indian Express” on 5th October is 2024 UPSC Syllabus Topic: GS Paper 3- Economy- inflation And Environment- climate change Context: The… Continue reading Rising temperatures have a stronger correlation with food inflation than rains
Circular migration benefits India
Source: The post Circular migration benefits India has been created, based on the article “How circular migration can help meet global skill shortage and lift Indians out of poverty” published in “Indian Express” on 5th October is 2024 UPSC Syllabus Topic: GS Paper3- Economy-growth, development and employment. Context: The article discusses circular migration, where Indian… Continue reading Circular migration benefits India
Technological Solutions Alone Are Not Enough to Address Land Governance Challenges in India
Source: The post technological solutions alone are not enough to address land governance challenges in India has been created, based on the article “Why digitisation is not enough to reform land laws” published in “Indian Express” on 28th September is 2024 UPSC Syllabus Topic: GS Paper 3 – Land reforms in India Context: The article… Continue reading Technological Solutions Alone Are Not Enough to Address Land Governance Challenges in India
Contrasting trends in job growth and unemployment
Source: The post contrasting trends in job growth and unemployment has been created, based on the article “Jobs of the future require upskilling workers” published in “Indian Express” on 26th September is 2024 UPSC Syllabus Topic: GS Paper 3- Economy-employment Context: The article discusses India’s employment challenges, including job growth, unemployment, skill gaps, and the… Continue reading Contrasting trends in job growth and unemployment
Importance of India’s investment in metro rail systems
Source: The post importance of India’s investment in metro rail systems has been created, based on the article “How to enable transit oriented development” published in “The Hindu” on 24th September is 2024 UPSC Syllabus Topic: GS Paper 3 – infrastructure Context: The article discusses the importance of India’s investment in metro rail systems to… Continue reading Importance of India’s investment in metro rail systems
Future of the GST compensation cess
Source: The post future of the GST compensation cess has been created, based on the article “Why a grand GST bargain with states is needed” published in “Indian Express” on 23rd September is 2024 UPSC Syllabus Topic: GS Paper 3 – Government budgeting Context: The article discusses the future of the GST compensation cess, its… Continue reading Future of the GST compensation cess
Concerns about using GST data for GDP estimates
Source: The post concerns about using GST data for GDP estimates has been created, based on the article “On the pitfalls of estimating GDP” published in “The Hindu” on 23rd September is 2024 UPSC Syllabus Topic: GS Paper 3- Indian Economy – Issues relating to mobilization of resources. Context: The article discusses concerns about using… Continue reading Concerns about using GST data for GDP estimates
Impact of U.S. Federal Reserve interest rate cut on emerging economies
Source: The post Impact of U.S. Federal Reserve interest rate cut on emerging economies has been created, based on the article “Pivot to watch: The U.S. Fed’s rate reduction could spell relief for developing economies” published in “The Hindu” on 21st September is 2024 UPSC Syllabus Topic: GS Paper3- Economy Context: The article discusses the… Continue reading Impact of U.S. Federal Reserve interest rate cut on emerging economies
US Federal Reserve cut interest rates
Source: The post US Federal Reserve cut interest rates has been created, based on the article “Why US Fed cut interest rates, how India could be impacted” published in “Indian Express” on 20th September is 2024 UPSC Syllabus Topic: GS Paper 3- Economy Context: The article explains that the US Federal Reserve cut interest rates… Continue reading US Federal Reserve cut interest rates
India’s economic growth shaped by its demographics
Source: The post India’s economic growth shaped by its demographics has been created, based on the article “Demographic advantage, Indian economy’s sweet spot” published in “The Hindu” on 18th September is 2024 UPSC Syllabus Topic: GS Paper3- Economy-growth, development, and employment Context: The article discusses India’s economic growth and demographic advantages, emphasizing the need for… Continue reading India’s economic growth shaped by its demographics
Concerns about manpower shortages in Indian Railways
Source: The post concerns about manpower shortages in Indian Railways has been created, based on the article “Railway Board Chairman flags shortage of manpower” published in “The Hindu” on 14th August 2024 UPSC Syllabus Topic: GS Paper 3- Infrastructures Context: The article discusses how Satish Kumar, the new Chairman of the Railway Board, raised concerns… Continue reading Concerns about manpower shortages in Indian Railways
Issues in India’s infrastructure projects
Source: The post issues in India’s infrastructure projects has been created, based on the article “The shock of crumbling infrastructure and the solution” published in “The Hindu” on 14th August 2024 UPSC Syllabus Topic: GS Paper 3- infrastructure Context: The article highlights issues in India’s infrastructure projects, such as delays, cost overruns, and quality control… Continue reading Issues in India’s infrastructure projects
Whether India should introduce a Universal Basic Income (UBI)
Source: The post whether India should introduce a Universal Basic Income (UBI) has been created, based on the article “Is it time for India to introduce a Universal Basic Income?” published in “The Hindu” on 13th August 2024 UPSC Syllabus Topic: GS Paper 3 – Indian Economy and issues relating to Planning, Mobilization of Resources,… Continue reading Whether India should introduce a Universal Basic Income (UBI)
Dissolution of Standing Committee on Statistics (SCoS)
Source: The post dissolution of Standing Committee on Statistics (SCoS) has been created, based on the article “What does dissolution of SCoS entail?” published in “The Hindu” on 13th August 2024 UPSC Syllabus Topic: GS Paper 3- Indian Economy and issues relating to planning Context: The article discusses the government’s dissolution of the 14-member Standing… Continue reading Dissolution of Standing Committee on Statistics (SCoS)
Factor contributed to India’s economic growth
Source: The post factor contributed to India’s economic growth has been created, based on the article “Making India a start-up nation” published in “Indian Express” on 12th August 2024 UPSC Syllabus Topic: GS Paper 3 – Economy- growth, development, and employment Context: The article discusses India’s economic growth driven by digital payments, affordable data, and… Continue reading Factor contributed to India’s economic growth
Current Economic Divide Between Indian States
Source: The post current economic divide between Indian states has been created, based on the article “Why inequality between South and West India, and North and East could grow – and the dangers that carries” published in “Indian Express” on 12th August 2024 UPSC Syllabus Topic: GS Paper 3 – Indian Economy – Growth, and… Continue reading Current Economic Divide Between Indian States
Role of Citizen Stack
Source: The post role of Citizen Stack has been created, based on the article “What we mean by good digital public infrastructure” published in “Indian Express” on 9th August 2024 UPSC Syllabus Topic: GS Paper 3- Economy (financial inclusion) and GS paper 2-Governance- e-governance Context: The article discusses India’s success in achieving financial inclusion through… Continue reading Role of Citizen Stack
World Bank’s growth forecast for India
Source: The post World Bank’s growth forecast for India has been created, based on the article “Trading up: World Bank’s growth prognosis for India moots some policy shifts” published in “The Hindu” on 5th August 2024 UPSC Syllabus Topic: GS paper 3 – Indian Economy -growth, development and employment Context: The article discusses India’s revised… Continue reading World Bank’s growth forecast for India
Indian businesses are held back by an irrational fear of worker strikes
Source: The post Indian businesses are held back by an irrational fear of worker strikes has been created, based on the article “Do It The French Way” published in “ The Times of India” on 31st August 2024 UPSC Syllabus Topic: GS Paper 3- Economy Context: The article argues that India’s private sector is hindered… Continue reading Indian businesses are held back by an irrational fear of worker strikes
Mismatch between India’s GDP growth and employment growth
Source: The post mismatch between India’s GDP growth and employment growth has been created, based on the article “How to deal with the country’s growth-employment paradox” published in “Live Mint” on 30th August 2024 UPSC Syllabus Topic: GS Paper 3 – Indian Economy – Employment Context: The article discusses India’s economic growth and the mismatch… Continue reading Mismatch between India’s GDP growth and employment growth
“Right to Disconnect” law Introduced in Australia
Source: The post Australia has introduced the “Right to Disconnect” law has been created, based on the article “The right to log off from work: Is it a good idea?” published in “Live Mint” on 30th August 2024 UPSC Syllabus Topic: GS Paper 3- Economy-employment And GS paper 2- Governance-Government policies and interventions for development… Continue reading “Right to Disconnect” law Introduced in Australia
Need to raise India’s tax-to-GDP ratio
Source: The post there is a need to raise India’s tax-to-GDP ratio has been created, based on the article “Tax reform dilemmas” published in “Business Standard” on 30th August 2024 UPSC Syllabus Topic: GS Paper 3- Economy- mobilization of resources Context: The article discusses the need to raise India’s tax-to-GDP ratio for economic growth. It… Continue reading Need to raise India’s tax-to-GDP ratio
Women-Led Development and Budget Allocations
Source-This post on Women-Led Development and Budget Allocations has been created based on the article “Analysing the Gender Budget of 2024-25″ published in “The Hindu” on 30 August 2024. UPSC Syllabus-GS Paper 3- Government Budgeting. Context– This year’s Budget emphasizes women-led development with increased funding for women-focused programs. The Gender Budget Statement (GBS) for 2024-25… Continue reading Women-Led Development and Budget Allocations
India’s Inflation Targeting Framework
Source-This post on India’s Inflation Targeting Framework has been created based on the article “Inflation targeting: Defending the status quo” published in “Business Standard” on 29 August 2024. UPSC Syllabus–GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context– In September 2016, India set a 4% inflation target… Continue reading India’s Inflation Targeting Framework
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.
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