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
How unemployment is measured?
Source: The post is based on the article “How unemployment is measured” published in “The Hindu” on 7th September 2023. Syllabus: GS3- Economy – employment News: The article talks about challenges and methods for measuring unemployment in India. It points out differences with developed countries due to India’s informal economy. It also mentions that varying… Continue reading How unemployment is measured?
Use financial inclusion to reduce inequality and speed up growth
Source– The post is based on the article “Use financial inclusion to reduce inequality and speed up growth” published in the “Live Mint” on 6th September 2023. Syllabus: GS3 – Indian Economy – Inclusive growth News– The article expalain the contribution of B20 grouping for promoting financial inclusion and challenges in prompting financial inclusion. What… Continue reading Use financial inclusion to reduce inequality and speed up growth
RBI’s e-rupee could use UPI for a reformist leap
Source– The post is based on the article “RBI’s e-rupee could use UPI for a reformist leap” published in the “mint” on 6th September 2023. Syllabus: GS3 – Indian Economy – Mobilisation of resources Relevance- issues related to digitalisation of banking system News– Recently, State Bank of India has integrated UPI with e-rupee wallets designed… Continue reading RBI’s e-rupee could use UPI for a reformist leap
The tax base is growing – government shouldn’t waste the opportunity
Source: The post is based on the article “The tax base is growing – government shouldn’t waste the opportunity” published in “The Indian express” on 6th September 2023. Syllabus: GS3- Indian economy- Mobilization of resources News: The author discusses the growth in India’s tax base, with more individuals and companies paying taxes, even during slow… Continue reading The tax base is growing – government shouldn’t waste the opportunity
Rethinking growth – Economic growth policies
Source– The post is based on the article “Rethinking growth” published in the “Business Standard” on 5th September 2023. Syllabus: GS3 – Indian Economy Relevance- Issues related to growth and development News– The article explains the issues with the current paradigm of economic policymaking. Why should economic growth not be the central focus of economic… Continue reading Rethinking growth – Economic growth policies
Spare a thought for our food delivery personnel
Source: The post is based on the article “Spare a thought for our food delivery personnel” published in Live Mint on 31st August 2023. Syllabus: GS3- Indian Economy – Employment News: In this article, the author talks about challenges for India’s food delivery workers in the gig economy. They mention issues like not enough work,… Continue reading Spare a thought for our food delivery personnel
Ahead of GDP data release today, growth trends, outlook
Source: The post is based on the article “Ahead of GDP data release today, growth trends, outlook” published in The Indian Express on 31st August 2023. Syllabus: GS 3 – Indian Economy – Growth & Development Relevance: About GDP forecast of the first quarter for FY 2023-24 News: The National Statistical Office (NSO) will release the official… Continue reading Ahead of GDP data release today, growth trends, outlook
Jan Dhan 2.0: Consider a universal basic income
Source– The post is based on the article “Too Few Seats For The Kotas” published in the “mint” on 30th August 2023. Syllabus: GS3 – Indian Economy – Inclusive growth. GS2- Government policies and interventions Relevance: Issues related to social safety net and financial inclusion News– The article explains the successful implementation of Jan Dhan… Continue reading Jan Dhan 2.0: Consider a universal basic income
Rethink the dynamics of India’s fiscal federalism
Source– The post is based on the article “Rethink the dynamics of India’s fiscal federalism” published in “The Hindu” on 26th August 2023. Syllabus: GS3- Government budgeting. GS2- Issues pertaining to federalism News– The article explains the need for relook at the present system of fiscal federalism. Contents1 Why do emerging dynamics of India’s fiscal… Continue reading Rethink the dynamics of India’s fiscal federalism
How infrastructure investments may be slowing job creation
Source– The post is based on the article “How infrastructure investments may be slowing job creation” published in “The Indian Express” on 25th August 2023. Syllabus Topic: GS 3- Indian Economy – Employment and unemployment News- In this article the author discusses lopsided development policies which have resulted in fewer job creation for millions of… Continue reading How infrastructure investments may be slowing job creation
Rajasthan’s Gig and Platform Workers Welfare Act: empowering the young worker
Source: The post is based on the article “Rajasthan’s Gig and Platform Workers Welfare Act: empowering the young worker” published in “Indian Express” on 24th August 2023. Syllabus: GS3- Indian Economy; growth, development and employment. News: The author talks about Rajasthan Gig and Platform Workers Act, which benefits gig workers in India. It tackles problems… Continue reading Rajasthan’s Gig and Platform Workers Welfare Act: empowering the young worker
The promise of our goods and services tax is unfulfilled
Source: The post is based on the article “The promise of our goods and services tax is unfulfilled” published in “Live Mint” on 24th August 2023. Syllabus: GS3- Indian economy News: The author discusses the shortcomings of India’s Goods and Services Tax (GST) system, highlighting that it hasn’t met its promised benefits in revenue growth… Continue reading The promise of our goods and services tax is unfulfilled
India has an opportunity to lead the fourth industrial revolution
Source– The post is based on the article “India has an opportunity to lead the fourth industrial revolution” published in the “mint” on 24th August 2023. Syllabus: GS3- Indian economy Relevance: Manufacturing sector News– The article explains the issues related to fourth industrial revolution in India. What are some facts about fourth industrial revolution? Fourth… Continue reading India has an opportunity to lead the fourth industrial revolution
Nurturing capex- With foreign investments declining, it is necessary to maintain growth in government capital expenditure
Source: The post is based on the article “Nurturing capex- With foreign investments declining, it is necessary to maintain growth in government capital expenditure” published in “Business Standard” on 23rd August 2023. Syllabus: GS3- Indian economy, mobilisation of resources News: In this article, the author discusses the Indian government’s new projects and their potential impact… Continue reading Nurturing capex- With foreign investments declining, it is necessary to maintain growth in government capital expenditure
The laptop error
Source– The post is based on the article “The laptop error” published in “The Times of India” on 23rd August 2023. Syllabus: GS3- Indian economy Relevance: Issues related to manufacturing and trade News– Recently, India banned the import of personal computers, laptops and tablets. A licence would be needed to import a computer. What are… Continue reading The laptop error
Easing credit flow: On the Reserve Bank of India’s Public Tech Platform for Frictionless Credit
Source: The post is based on articles “Easing credit flow: On the Reserve Bank of India’s Public Tech Platform for Frictionless Credit” published in The Hindu on 23rd August 2023. Syllabus: GS 3 – Indian Economy – Mobilization of Resources, Growth & Development Relevance: About Public Tech Platform for Frictionless Credit News: Recently, the RBI has announced… Continue reading Easing credit flow: On the Reserve Bank of India’s Public Tech Platform for Frictionless Credit
How India is becoming a young country but with an ageing workforce
Source– The post is based on the article “How India is becoming a young country but with an ageing workforce” and “Express View on CMIE data: A dissonant note” published in “The Indian Express” on 23rd August 2023. Syllabus: GS3- Indian economy and employment Relevance: Employment statisticss of Indian economy News– While addressing the nation… Continue reading How India is becoming a young country but with an ageing workforce
“On smartphone manufacturing in India”
Source: The post is based on the article “On smartphone manufacturing in India” published in “The Hindu” on 22nd August 2023. Syllabus: GS3- Effects of liberalisation on the economy, changes in industrial policy and their effects on industrial growth. News: The article discusses a debate between former RBI governor Raghuram Rajan and Minister Rajeev Chandrasekhar… Continue reading “On smartphone manufacturing in India”
How to fix holes in the financial safety net
Source– The post is based on the article “How to fix holes in the financial safety net” published in “The Indian Express” on 22nd August 2023. Syllabus: GS3- Economy Relevance: Global financial system News– The article explains the evolution of the global financial system and challenges faced by current financial architecture. It also explains the… Continue reading How to fix holes in the financial safety net
When VVIPs Leave – on the issue of beautification of cities during VVIP visits
Source: The post is based on the article “When VVIPs Leave” published in The Times of India on 21st August 2023. Syllabus: GS3 – infrastructure development News: The author discusses how cities in India temporarily improve infrastructure for G20 meetings, which highlights the year-round poor conditions. He also emphasizes the need for local government power… Continue reading When VVIPs Leave – on the issue of beautification of cities during VVIP visits
Dollar Today, Rupee Tomorrow
Source: The post is based on the article “Dollar Today, Rupee Tomorrow” published in The Times of India on 21st August 2023. Syllabus: GS 3 – Indian economy – Money and Currency News: In this article author discusses the challenges and implications of making the Indian rupee an international currency, comparing it to dominant currencies… Continue reading Dollar Today, Rupee Tomorrow
Where prices are hurting
Source– The post is based on the article “Where prices are hurting” published in “The Indian Express” on 19th August 2023. Syllabus: GS3- Indian economy Relevance: Issues related to inflation News– As the Reserve Bank of India has released its August monthly bulletin. What are the inflation prospects of the country? The inflation for July… Continue reading Where prices are hurting
Express View on RBI studies: Carrying hope
Source: The post is based on the article “Express View on RBI studies: Carrying hope” published in “The Indian Express” on 19th August 2023. Syllabus: GS3- Indian economy News: The National Statistical Office will soon release GDP growth estimates for the first quarter (April-June). The RBI predicts an 8% growth. Despite global slowdowns and a… Continue reading Express View on RBI studies: Carrying hope
How To Bottle Inflation Genie
Source: The post is based on the article “How To Bottle Inflation Genie” published in “Times of India” on 17th August 2023. Syllabus: GS3 – Indian Economy Relevance: Inflation News: Consumer price index (CPI)-based inflation, which appeared to have peaked at the beginning this fiscal, spiked to 7. 4% in July, decisively above the Reserve… Continue reading How To Bottle Inflation Genie
Express View on export data: Global headwinds
Source: The post is based on the article “Global headwinds” published in “Indian Express” on 17th August 2023. Syllabus: GS3 – Indian Economy Relevance: Exports from India News: Recently released trade data by the Ministry of Commerce and Industry points towards a continuing weakness in India’s exports. What does the data say? In July, merchandise… Continue reading Express View on export data: Global headwinds
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.
