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
Learning from the CHIPS Act of the U.S.
Source: The post is based on the article “Learning from the CHIPS Act of the U.S.” published in The Hindu on 9th August 2023. Syllabus: GS 3 – Science & Technology, Industrial Policy Relevance: comparison between India’s and the US semiconductor policy News: The United States’ Creating Helpful Incentives to Produce Semiconductors and Science Act of 2022… Continue reading Learning from the CHIPS Act of the U.S.
15 years after 2008, developed countries still making mistakes
Source: The post is based on the article “Sajjid Z Chinoy writes: 15 years after 2008, developed countries still making mistakes” published in “The Indian express” on 8th August 2023. Syllabus: GS3- Indian Economy and issues relating to planning, mobilisation of resources, growth, development and employment. & Effects of liberalisation on the economy, News: In… Continue reading 15 years after 2008, developed countries still making mistakes
India’s mining policy shift
Source– The post is based on the article “India’s mining policy shift” published in “The Hindu” on 8th August 2023. Syllabus: GS3- Economy Relevance: Issues related to mining sector News– Recently, Parliament passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2023, in a bid to attract private sector investment in the exploration of… Continue reading India’s mining policy shift
Critical Minerals in India and Mines and Minerals (Development & Regulation) Amendment Bill, 2023 : Explained, pointwise
For 7 PM Editorial Archives click HERE → Contents1 Introduction2 What are critical Minerals?3 Present status of critical minerals in India4 What are the Challenges of critical minerals supply?5 What is the Need of Critical Minerals?6 What is the need of the Mines and Minerals Amendment Bill, 2023?7 How Mines and Minerals Amendment Bill, 2023 aims to tackle… Continue reading Critical Minerals in India and Mines and Minerals (Development & Regulation) Amendment Bill, 2023 : Explained, pointwise
Opaque subsidies – Govt control returns to the oil sector
Source: The post is based on the article “Opaque subsidies – Govt control returns to the oil sector” published in Business Standard on 7th August 2023. Syllabus: GS 2 – Government Policies and Interventions for Development in various sectors and Issues arising out of their Design and Implementation. Relevance: concerns with state regulating oil prices News: Previously, the… Continue reading Opaque subsidies – Govt control returns to the oil sector
Why gig work matters – Its rise can help improve labour force participation
Source: The post is based on the article “Why gig work matters – Its rise can help improve labour force participation” published in Business Standard on 7th August 2023. Syllabus: GS 3 – Indian Economy – Employment Relevance: benefits of gig work News: Gig works are often seen as insecure kind of job in India. However, given the number of… Continue reading Why gig work matters – Its rise can help improve labour force participation
Express View on restrictions on laptop imports: Licence raj dot com
Source: The post is based on the article “Express View on restrictions on laptop imports: Licence raj dot com” published in The Indian express on 5th August 2023. Syllabus: GS2- Indian Economy and issues relating to planning, mobilisation of resources, growth, development and employment. & Effects of liberalisation on the economy, News: The Indian government… Continue reading Express View on restrictions on laptop imports: Licence raj dot com
Menaka Guruswamy writes on GST on online gaming: Taxing luck, not skill
Source: The post is based on the article “Menaka Guruswamy writes on GST on online gaming: Taxing luck, not skill” published in The Indian express on 5th August 2023. Syllabus: GS3- Indian economy (taxation) News: The article discusses a court case where Gameskraft, an online gaming company, challenges a large tax demand. The main issue… Continue reading Menaka Guruswamy writes on GST on online gaming: Taxing luck, not skill
Import restrictions: Explained, pointwise
For 7 PM Editorial Archives click HERE → Contents1 Introduction2 What are some recent instances of import restrictions? 3 What are the WTO rules on import licensing? 4 What are the positive impacts of import restrictions? 5 What are the negative impacts of import restrictions? 6 What should be the way forward? Introduction The government has recently imposed restrictions on the import… Continue reading Import restrictions: Explained, pointwise
Six years of GST: Compensation cess still needs to be sorted out
Source– The post is based on the article “Six years of GST: Compensation cess still needs to be sorted out” published in the “mint” on 4th August 2023. Syllabus: GS3- Government budgeting Relevance: Issues related to GST News– The article explains the issues related to GST compensation cess. What are some facts related to GST… Continue reading Six years of GST: Compensation cess still needs to be sorted out
Chawal Is The New Oil
Source: The post is based on the article “Chawal Is The New Oil” published in The Times of India on 4th August 2023. Syllabus: GS 3 – Indian Economy –Growth & Development Relevance: About ban on the export of rice News: Russia’s decision to abandon the Black Sea grain deal is contributing to the global food price… Continue reading Chawal Is The New Oil
Electricity: Getting the timing right
Source: The post is based on the article “Electricity: Getting the timing right” published in “Business standard” on 3rd August 2023. Syllabus: GS3- infrastructure (energy) News: In this article author is discussing a new electricity pricing system in India called Time-of-Day (ToD) tariff. This system changes prices based on demand, encouraging less use during peak… Continue reading Electricity: Getting the timing right
The trajectory of progress must change
Source– The post is based on the article “The trajectory of progress must change” published in the “The Hindu” on 3rd August 2023. Syllabus: GS3- Economy Relevance: Issues related to global economic development News– The article explains the challenges faced by the global community and potential solutions to these challenges. What are the challenges faced… Continue reading The trajectory of progress must change
The contours of India’s ‘formal jobs’ crisis
Source– The post is based on the article “The contours of India’s ‘formal jobs’ crisis” published in the “The Hindu” on 3rd August 2023. Syllabus: GS3- Indian economy and employment Relevance: Statistics on employment News– The article explains the EPF numbers on employment in India. It also explains the issues related to employment and employment… Continue reading The contours of India’s ‘formal jobs’ crisis
Core comfort – On Infrastructure development in India
Source– The post is based on the article “Core comfort” published in the “The Hindu” on 2nd August 2023. Syllabus: GS3- Infrastructure Relevance: Core sector of economy News– Output at India’s eight core sectors strengthened in June. What are some facts and statistics related to core sector output? The overall year-on-year growth in production estimated… Continue reading Core comfort – On Infrastructure development in India
What the data hides and shows
Source: The post is based on the article “Madan Sabnavis writes: What the data hides and shows” published in The Indian express on 2nd August 2023. Syllabus: GS3- Indian Economy and issues relating to planning. News: In this article author discusses the reliability of economic indicators in India. The Purchasing Managers Indices (PMI) and other… Continue reading What the data hides and shows
Digital public infrastructure ought to girdle the globe
Source: The post is based on the article “Digital public infrastructure ought to girdle the globe” published in Mint on 2nd August 2023. Syllabus: GS 3 – Infrastructure Relevance: About Digital Public Infrastructure (DPI) News: Last year, India and the US jointly stated that Digital Public Infrastructure (DPI) like UPI could establish a new norm for public-private… Continue reading Digital public infrastructure ought to girdle the globe
Axe the oil windfall tax: It’s outlived its rationale
Source: The post is based on the article “Axe the oil windfall tax: It’s outlived its rationale” published in Live Mint on 2nd August 2023. Syllabus: GS 3 – Growth & Development Relevance: concerns with windfall tax News: According to a recent government notification, India’s windfall tax on petroleum crude has increased significantly to ₹4,250 per tonne from ₹1,600,… Continue reading Axe the oil windfall tax: It’s outlived its rationale
Success with chips will take much more effort
Source: The post is based on articles “Success with chips will take much more effort” published in Live Mint on 1st August 2023 and “Chip tactics: on India’s bid to attract major global chip manufacturers” published in The Hindu on 1st August 2023. Syllabus: GS 3 – Industrial Policy Relevance: challenges associated with establishing semiconductor industry in… Continue reading Success with chips will take much more effort
The debate on data
Source: The post is based on the article “The debate on data” published in “The Hindu” on 1st August 2023. Syllabus: GS3 – Indian Economy and issues relating to planning, mobilization of resources, growth development and employment. News: The author discusses concerns over India’s statistical system and the accuracy of its data. Once admired globally,… Continue reading The debate on data
Recalibrating India’s clean cooking strategy
Source– The post is based on the article “Recalibrating India’s clean cooking strategy” published in “The Hindu” on 1st August 2023. Syllabus: GS3- Infrastructure: Energy Relevance: Issues related to cooking fuels News- The article explains the issues related to LPG adoption in India and need for alternate clean cooking fuels. What are efforts by the… Continue reading Recalibrating India’s clean cooking strategy
Express View on India’s economy: Sweet and sour
Source– The post is based on the article “Express View on India’s economy: Sweet and sour” published in the “The Indian Express” on 1st August 2023. Syllabus: GS3- Indian economy and growth Relevance: Growth prospects of Indian economy News- The article explains the present economic scenario Which indicators show a favourable economic situation? The IMF… Continue reading Express View on India’s economy: Sweet and sour
Incentivising fiscal prudence for states
Source: The post is based on an article “Incentivising fiscal prudence for states” published in Business Standard on 31st July 2023. Syllabus: GS 3 – Indian Economy – Public Finance Relevance: measures needed to reduce debt of states. News: The article explains the increasing debt of state governments and measures needed to reduce it. Contents1 What is… Continue reading Incentivising fiscal prudence for states
Semicon India 2023: How government’s support and will built the semiconductor industry
Source: The post is based on the article “Semicon India 2023: How government’s support and will built the semiconductor industry” published in “The Indian express” on 29th July 2023. Syllabus: GS3- Effects of liberalisation on the economy, changes in industrial policy and their effects on industrial growth. News: In this article author discusses India’s past… Continue reading Semicon India 2023: How government’s support and will built the semiconductor industry
Growth Is Everything
Source– The post is based on the article “Growth Is Everything” published in “The Times of India” on 28th July 2023. Syllabus: GS3- Indian economy and growth News- As per PM Modi, India will almost certainly become the third largest economy in the next few years. What is the important contribution of the Modi government… Continue reading Growth Is Everything
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.
