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
Need for De-dollarization
Source-This post on Need for De-dollarization has been created based on the article“Uncle Sam’s dollar Ponzi scheme” published in “Business Standards” on 3 July 2024. UPSC Syllabus- GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context- The article critically examines India’s dollar-denominated economic targets and advocates for… Continue reading Need for De-dollarization
Issues in Indian Labor Market
Source-This post on Issues in Indian Labor Market has been created based on the article “A digital public platform could boost labour market efficiency” published in “Livemint” on 3 July 2024. UPSC Syllabus–GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context– The article discusses India’s labor market… Continue reading Issues in Indian Labor Market
Risks according to the 29th RBI Financial Stability Report
Source: The post risks according to the 29th RBI Financial Stability Report has been created, based on the article “Improving financial stability: Some areas of concern remain” published in “Business standard” on 2nd July 2024 UPSC Syllabus Topic: GS Paper3- Economy Context: The latest 29th RBI Financial Stability Report shows that India’s financial system is… Continue reading Risks according to the 29th RBI Financial Stability Report
Challenges of India’s Shift to Green Energy
Source: The post challenges of India’s Shift to Green Energy has been created, based on the article “The complexity of green transition” published in “Business standard” on 2nd July 2024 UPSC Syllabus Topic: GS Paper3-economy-infrastructure-energy Context: The article discusses the challenges India faces as it moves away from fossil fuels to greener energy sources. It… Continue reading Challenges of India’s Shift to Green Energy
Concerns related to the “Washington Consensus” approach
Source: The post concerns related to the “Washington Consensus” approach has been created, based on the article “A new paradigm for creating jobs” published in “Business standard” on 29th June 2024 UPSC Syllabus Topic: GS Paper3- Economy Context: The article discusses the need for India to shift its focus from solely aiming for GDP growth… Continue reading Concerns related to the “Washington Consensus” approach
Decision of Recent GST Council
Source: The post decision of recent GST Council has been created, based on the article “A fresh start: The GST Council must not lose sight of broader reforms” published in “The Hindu” on 29th June 2024 UPSC Syllabus Topic: GS Paper3- Economy- mobilisation of resources Context: The article discusses the recent GST Council meeting, which… Continue reading Decision of Recent GST Council
How Duckworth-Lewis method work
Source: The post how Duckworth-Lewis method work has been created, based on the article “Duckworth levelled the cricket field, didn’t he?” published in “Live mints” on 28th June 2024 UPSC Syllabus Topic: GS Paper Context: The article discusses the legacy of Frank Duckworth, a statistician who co-created the Duckworth-Lewis method. This formula helps adjust cricket… Continue reading How Duckworth-Lewis method work
India needs to develop a unique economic strategy
Source: The post India needs to develop a unique economic strategy has been created, based on the article “A new agenda for great power status” published in “Business standard” on 28th June 2024 UPSC Syllabus Topic: GS Paper 3– Economy Context: The article discusses the need for India to develop a unique economic strategy that… Continue reading India needs to develop a unique economic strategy
Benefits of government buffer stocks in stabilizing food prices
Source: The post benefits of government buffer stocks in stabilizing food prices has been created, based on the article “Why govt must create a buffer stock of all main food items” published in “Indian express” on 28th June 2024 UPSC Syllabus Topic: GS Paper 3– minimum support prices; Public Distribution System objectives, functioning, limitations, revamping;… Continue reading Benefits of government buffer stocks in stabilizing food prices
Issues with India’s capital gains tax regime
Source: The post issues with India’s capital gains tax regime has been created, based on the article “Time to overhaul India’s capital gains tax regime” published in “Live mints” on 27th June 2024 UPSC Syllabus Topic: GS Paper 3 – Indian Economy – mobilization of resources. Context: The article discusses the need to simplify India’s… Continue reading Issues with India’s capital gains tax regime
Issues with India’s FTA
Source: The post Issues with India’s FTA has been created, based on the article “Prioritise deep trade agreements” published in “Business standard” on 27th June 2024 UPSC Syllabus Topic: GS Paper 3– Economy Context: The article discusses India’s need to reform its FTA strategy. It suggests focusing on deep trade agreements to integrate with global… Continue reading Issues with India’s FTA
Need to Revive Manufacturing Sector in India
Source-This post on Need to Revive Manufacturing Sector in India has been created based on the article “Forget metros and highways, India needs to revive manufacturing” published in “The Indian Express” on 26 June 2024. UPSC Syllabus–GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context-The article highlights… Continue reading Need to Revive Manufacturing Sector in India
Stocking limits on wheat
Source-This post on Stocking limits on wheat has been created based on the article “Does India really need stocking limits on wheat?” published in “The Indian Express” on 26 June 2024. UPSC Syllabus-GS Paper-3– Issues related to Direct and Indirect Farm Subsidies and Minimum Support Prices; Public Distribution System – Objectives, Functioning, Limitations, Revamping; Issues… Continue reading Stocking limits on wheat
Reasons for the opposition to NITI Aayog’s Great Nicobar Development Project
Source: The post reasons for the opposition to NITI Aayog’s Great Nicobar Development Project has been created, based on the article “The NITI Aayog’s project in Great Nicobar” published in “The Hindu” on 25th June 2024 UPSC Syllabus Topic: GS Paper3- economy- infrastructure, and environment conservation Context: The article discusses opposition to NITI Aayog’s development… Continue reading Reasons for the opposition to NITI Aayog’s Great Nicobar Development Project
Vadhavan Port Project
Source-This post on Vadhavan Port Project has been created based on the article “MEGA PORT OF CALL” published in “Business Standard” on 22 June 2024. UPSC Syllabus-GS Paper-3- Infrastructure: Energy, Ports, Roads, Airports, Railways etc. Context– The Vadhavan port project, recently approved by the Union Cabinet, marks a significant development for India’s maritime infrastructure. Located… Continue reading Vadhavan Port Project
Reasons for the rural-urban inflation gap
Source : The post reasons for the rural-urban inflation gap has been created, based on the article “Rural-urban inflation gap: Can this puzzle be solved?” published in “Live mints” on 21st June 2024 UPSC Syllabus Topic: GS Paper3-Economy (inflation) Context: The article discusses the issue of high inflation rates in rural India compared to urban… Continue reading Reasons for the rural-urban inflation gap
Hybrid vs Electric Vehicles
Source-This post on Hybrid vs Electric Vehicles has been created based on the article “Should not EVs and Hybrids be treated equally for govt. Subsidies?” Published in “The Hindu” on 21 June 20204. UPSC Syllabus-GS Paper-3– Changes in Industrial Policy and their Effects on Industrial Growth. Context– The article provides an overview of the debate… Continue reading Hybrid vs Electric Vehicles
GST Council Meet and way forward
Source-This post on GST Council Meet has been created based on the article “Move ahead – The GST Council must not dither any further on pending reforms” published in “The Hindu” on 20 June 2024. UPSC Syllabus- GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context -GST… Continue reading GST Council Meet and way forward
7 Years of GST
Source-This post on 7 Years of GST has been created based on the article “7 years of GST: Balancing tech & transformation” published in “Business Standard” on 20 June 2024. UPSC Syllabus–GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context– The article discusses the performance of GST… Continue reading 7 Years of GST
India’s Rank on the Global Gender Gap Index 2024
Source: The post India’s rank on the Global Gender Gap Index 2024 has been created, based on the article “Cost of inequality: What India’s 129 rank in Global Gender Gap Index means” published in “Indian express” on 20th June 2024 UPSC Syllabus Topic: GS Paper3- economy-growth, development, and inclusive growth Context: The article discusses India’s… Continue reading India’s Rank on the Global Gender Gap Index 2024
The changing role of the Global South in the global economy
Source: The post the changing role of the Global South in the global economy has been created, based on the article “Developing countries can spur global growth but they need support” published in “Indian express” on 20th June 2024 UPSC Syllabus Topic: GS Paper3- Economy -growth, and development Context: This article discusses the changing role… Continue reading The changing role of the Global South in the global economy
Concerns related to the infrastructure project planned for Great Nicobar.
Source: The post concerns related to the infrastructure project planned for Great Nicobar has been created, based on the article “Strategic imperative and environment concern in Great Nicobar project” published in “Indian express” on 19th June 2024 UPSC Syllabus Topic: GS Paper3- economy- infrastructure, and environment conservation Context: The article discusses the Congress party’s concerns… Continue reading Concerns related to the infrastructure project planned for Great Nicobar.
Impacts of the USA decoupling its economy
Source: The post impacts of the USA decoupling its economy has been created, based on the article “The high cost of a global economic decoupling” published in “The Hindu” on 19th June 2024 UPSC Syllabus Topic: GS Paper3- Economy Context: The article discusses the new tariffs imposed by President Biden on Chinese imports, emphasizing their… Continue reading Impacts of the USA decoupling its economy
Importance of Foreign Trade for India’s Economy
Source-This post on Importance of Foreign Trade for India’s Economy has been created based on the article “A blueprint for boosting exports” published in “Business Standard” on 19 June 2024. UPSC Syllabus-GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context– India’s foreign trade, amounting to $1.63 trillion… Continue reading Importance of Foreign Trade for India’s Economy
Indias Expenditure Path
Source-This post on Indias Expenditure Path has been created based on the article “We need tax reforms to support the country’s expenditure path” published in “Live mint” on 19 June 2024. UPSC Syllabus-GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context-The article discusses the fiscal policy challenges… Continue reading Indias Expenditure Path
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.
