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
Let’s not conflate microfinance with self-help group financing
Source– The post is based on the article “Let’s not conflate microfinance with self-help group financing” published in the “Live Mint” on 21st September 2023. Syllabus: GS 3 – Indian Economy Relevance – Issue related to financial sector News – The Reserve Bank of India made regulatory changes to the microfinance sector in March 2022.… Continue reading Let’s not conflate microfinance with self-help group financing
R S Sharma on PM-WANI’s potential to transform India’s digital public infrastructure
Source– The post is based on the article “R S Sharma on PM-WANI’s potential to transform India’s digital public infrastructure” published in “The Indian Express” on 19th September 2023. Syllabus: GS3- Infrastructure – Digital Infrastructure News– The article explains the PM-WANI scheme of Indian government Contents1 How has the state of connectivity has undergone a… Continue reading R S Sharma on PM-WANI’s potential to transform India’s digital public infrastructure
A chocolate nudge can serve a public purpose
Source: The post is based on the article “A chocolate nudge can serve a public purpose” published in “Live mint” on 19th September 2023. Syllabus: GS3- Economy- Banking News: The State Bank of India (SBI) is using behavioral cues and AI technology to detect potential loan defaulters. It is employing a friendly approach, like home… Continue reading A chocolate nudge can serve a public purpose
Empowering MSMEs for export success
Source: The post is based on the article “Empowering MSMEs for export success” published in Business standard on 19th September 2023. Syllabus: GS3- Economy- industrial policy and their effects on industrial growth. News: The article discusses the potential of India’s MSMEs in global trade, highlighting their challenges in scaling and exporting. It suggests reforms, like… Continue reading Empowering MSMEs for export success
Flight to self-sufficiency-AF orders are increasing domestic production
Source: The post is based on the article “Flight to self-sufficiency-AF orders are increasing domestic production” published in “Business standard” on 19th September 2023. Syllabus: GS3- Economy- investment model News: Airbus gave the first C-295 plane to the Indian Air Force (IAF). India will make 40 more with Tata’s help. This will create many jobs… Continue reading Flight to self-sufficiency-AF orders are increasing domestic production
India’s tea industry needs policy liberalization for rejuvenation
Source– The post is based on the article “India’s tea industry needs policy liberalization for rejuvenation” published in the “mint” on 18th September 2023. Syllabus: GS3 – Indian Economy – Issues related to industrial policies News– The article explains the status of the tea industry in India and issues faced by it. What are some… Continue reading India’s tea industry needs policy liberalization for rejuvenation
Why is the government pushing for regulatory mechanisms for OTT services?
Source: The post is based on the article “Why is the government pushing for regulatory mechanisms for OTT services?” published in “The Hindu” on 18th September 2023. Syllabus: GS3-Economy – infrastructure (information and communication network) News: The Telecom Regulatory Authority of India (TRAI) is considering whether to regulate or ban certain online communication services like… Continue reading Why is the government pushing for regulatory mechanisms for OTT services?
Being people-centric – on government spending
Source: The post is based on the article “Being people-centric” published in “Business standard” on 16th September 2023. Syllabus: GS3- Economy- Indian Economy and issues relating to planning, mobilization of resources. News: The article discusses how, despite India’s government spending a significant percentage of its GDP, it doesn’t always achieve better outcomes in areas like… Continue reading Being people-centric – on government spending
With an increase in taxpayer base, closing the tax gap
Source– The post is based on the article “With an increase in taxpayer base, closing the tax gap” published in “The Indian Express” on 16th September 2023. Syllabus: GS3- Government budgeting Relevance- Issues related to taxation News– The article explains the changes in Indian tax policy landscape in recent years Which significant developments have occurred… Continue reading With an increase in taxpayer base, closing the tax gap
Changing the way the postman knocks
Source: The post is based on the article “Changing the way the postman knocks” published in “The Hindu” on 15th September 2023. Syllabus: GS3- Economy- infrastructure (Communication) News: The new Post Office Bill (2023) revises the old 1898 Act, granting the postal department increased pricing and service autonomy. It also permits the interception of items… Continue reading Changing the way the postman knocks
Disentangling the 2030 global renewable energy target
Source: The post is based on the article “Disentangling the 2030 global renewable energy target” published in “The Hindu” on 15th September 2023. Syllabus: GS3- Economy- infrastructure (energy) News: The article addresses the challenges and consequences of the global target set at COP28, which aims to triple renewable energy capacity by 2030. It highlights the… Continue reading Disentangling the 2030 global renewable energy target
Banking investments – New norms will impart stability
Source: The post is based on the article “Banking investments – New norms will impart stability” published in Business Standard on 14th September 2023. Syllabus: GS 3 – Indian Economy – Banking Sector Relevance: RBI’s new guidelines for investment in the banking sector. News: The Reserve Bank of India (RBI) has recently released updated investment norms for the banking… Continue reading Banking investments – New norms will impart stability
Our inflation index lens is hazy but clear enough
Source– The post is based on the article “Our inflation index lens is hazy but clear enough” published in the “mint” on 14th September 2023. Syllabus: GS3- Indian economy News– In the latest official release for August, it was reported that inflation had eased to 6.8% year-on-year from the previous 15-month high of 7.4% in… Continue reading Our inflation index lens is hazy but clear enough
India’s unemployment challenge can’t be tackled by doles as usual
Source– The post is based on the article “India’s unemployment challenge can’t be tackled by doles as usual” published in the “mint” on 14th September 2023. Syllabus: GS3 – Indian Economy – Employment News– The article explains the issues of higher unemployment rate among the youth population. What does the statistics say about the employment… Continue reading India’s unemployment challenge can’t be tackled by doles as usual
A new direction for direct taxes
Source: This post is based on the article “A new direction for direct taxes”, published in Business Standard, on 13th Sep 2023. Syllabus Topic: GS Paper 3 – Economy – Mobilisation of Resources News: The latest data shows a decline in the government’s direct tax collections. The government’s direct tax collections declined by 0.91% in… Continue reading A new direction for direct taxes
Sunny Side Up – on India-Saudi Arabia MoU
Source: This post is based on the article “Sunny Side Up”, published in The Times of India, on 13th Sep 2023. Syllabus Topic: GS Paper 3 – Economy – Energy – renewable Energy News: India and Saudi Arabia have signed a Memorandum of Understanding (MoU) to cooperate in the field of energy. The focus of… Continue reading Sunny Side Up – on India-Saudi Arabia MoU
May the twain meet: Look East as much as West for Indian exports
Source– The post is based on the article “May the twain meet: Look East as much as West for Indian exports” published in the “mint” on 13th September 2023. Syllabus: GS3- Indian economy Relevance- Issues related to trade News– India’s goods exports printed 14.5% lower for the April-July period, having contracted for the sixth month… Continue reading May the twain meet: Look East as much as West for Indian exports
The signals from this ‘Made in China’ smartphone story
Source– The post is based on the article “The signals from this ‘Made in China’ smartphone story” published in “The Hindu” on 12th September 2023. Syllabus: GS3- Indian Economy News– Huawei has created ripples within the strategic and business community with its newly unveiled Mate 60 Pro which houses the Kirin 9000 processor. The chipset… Continue reading The signals from this ‘Made in China’ smartphone story
Laptop Decision Doesn’t Compute
Source: The post is based on the article “Laptop Decision Doesn’t Compute– If creating a domestic industry for computers is the goal, tariffs would have been a better policy instrument than reimposing Nehru-Gandhi era licensing” published in “Times of India” on 12th September 2023. Syllabus: GS3- Economy- Effects of liberalization on the economy, changes in… Continue reading Laptop Decision Doesn’t Compute
Nuclear energy is clean but too risky to rely on
Source: The post is based on the article “Nuclear energy is clean but too risky to rely on” published in “Live Mint” on 12th September 2023. Syllabus: GS3- Economy- infrastructure (nuclear energy) News: The article discusses India’s desire to expand its nuclear energy to achieve climate goals. It also highlights challenges such as global politics,… Continue reading Nuclear energy is clean but too risky to rely on
Developing best practices – SRO for fintechs will be a first step
Source: The post is based on the article “Developing best practices – SRO for fintechs will be a first step” published in Business Standard on 11th September 2023. Syllabus: GS 3 – Indian Economy – Banking Sector Relevance: About regulating fintech News: The RBI has suggested fintech to establish a self-regulatory organization (SRO), which is a step in the… Continue reading Developing best practices – SRO for fintechs will be a first step
Do subsidies and safety nets take focus away from generating jobs?
Source– The post is based on the article “Do subsidies and safety nets take focus away from generating jobs?” published in “The Hindu” on 8th September 2023. Syllabus: GS3- Inclusive growth News– With five States going to the polls at the end of the year, political parties have been announcing several promises, largely to address… Continue reading Do subsidies and safety nets take focus away from generating jobs?
Impact of RBI’s lending guidelines
Source– The post is based on the article “Impact of RBI’s lending guidelines” published in “The Hindu” on 8th September 2023. Syllabus: GS3- Indian economy and mobilisation of resources Relevance- Issues related to banking sector News– On August 18, the Reserve Bank of India issued guidelines enabling a borrower to transition from a floating interest… Continue reading Impact of RBI’s lending guidelines
How to curb government’s fiscal irresponsibility
Source: The post is based on the article “How to curb government’s fiscal irresponsibility” published in “The Indian express” on 8th September 2023. Syllabus: GS3- Economy- Fiscal policy News: The article discusses how India’s Fiscal Responsibility Law (FRBM Act, 2003) aimed to control government borrowing has been regularly bypassed. Due to a provision in the… Continue reading How to curb government’s fiscal irresponsibility
GDP: It All Comes Down To Demand
Source: The post is based on the article “GDP: It All Comes Down To Demand– Growth is being driven by booming public investment. Private firms are still unsure. For them to invest, consumption needs to grow faster” published in “The Times of India” on 7th September 2023. Syllabus: GS3- Economy- Indian economy News: The article… Continue reading GDP: It All Comes Down To Demand
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.
