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
The risks associated with this rapid credit expansion
Source: The post the risks associated with this rapid credit expansion has been created, based on the article “India’s looming financial crisis” published in “The Hindu” on 12th June 2024 UPSC Syllabus Topic: GS Paper 3– economy-mobilisation of resources, growth, development and employment Context: The article discusses how rapid growth in lending in India is… Continue reading The risks associated with this rapid credit expansion
Potential focus areas in the upcoming union budget
Source: This article ‘’ has been created based on the article Digital Competition Bill: Its core needs strengthening, published in Business Standard on 12th June 2024. UPSC Syllabus Topic: GS Paper 3– Indian Economy – Mobilisation of Resources News: With Nirmala Sitharaman returning to the finance ministry, the primary focus will shift on preparing the… Continue reading Potential focus areas in the upcoming union budget
The RBI Keeps interest rates unchanged
Source: The post the RBI Keep interest rates unchanged has been created, based on the article “The MPC has done well to keep policy interest rates unchanged” published in “Live mints” on 10th June 2024 UPSC Syllabus Topic: GS Paper3-economy-mobilisation of resources, growth, development Context: The article discusses the Reserve Bank of India’s decision to… Continue reading The RBI Keeps interest rates unchanged
The container ship Dali crashed into the Francis Scott Key Bridge in Baltimore, USA
Source: The post the container ship Dali crashed into the Francis Scott Key Bridge in Baltimore, USA has been created, based on the article “The Baltimore ship accident, the high stakes for India” published in “The Hindu” on 10th June 2024 UPSC Syllabus Topic: GS Paper3-infrastructure-shipping Context: The article discusses a major accident where a… Continue reading The container ship Dali crashed into the Francis Scott Key Bridge in Baltimore, USA
Repo Rate Kept Unchanged
Source-This post on Repo Rate Kept Unchanged has been created based on the article “Sticky inflation: Why is RBI refusing to cut interest rates?” published in “The Indian Express” on 8 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 reasons behind… Continue reading Repo Rate Kept Unchanged
Factors influencing RBI’s monetary policy stand
Source-This post Factors influencing RBI’s monetary policy stand has been created based on the article “MPC’s cautious approach is driven by inflation” published in “The Indian Express” on 8 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 monetary policy stance… Continue reading Factors influencing RBI’s monetary policy stand
Boost to India’s Export
Source-This post on Boost to Indias Export has been created based on the article “A comprehensive approach could boost India’s exports “published in “Live Mint” on 7 June 2024. UPSC Syllabus-GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context-India registered trade deficits with 9 out of its… Continue reading Boost to India’s Export
Concerns with RBI’s Draft Guidelines on infrastructure financing
Source-This post on Concerns with RBI’s Draft Guidelines on infrastructure financing has been created based on the article “RBI’s draft provisions create a flutter” published in “Business Standards” on 7 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 Reserve Bank… Continue reading Concerns with RBI’s Draft Guidelines on infrastructure financing
Issue of Wheat Import by India
Source: The post Issue of Wheat Import by India has been created, based on the article “WILL INDIA IMPORT WHEAT?” published in “Business standard” on 6th June 2024. UPSC Syllabus Topic: GS Paper3-economy- transport and marketing of agricultural produce and issues and related constraints Context: India is considering reducing wheat import duties due to lower… Continue reading Issue of Wheat Import by India
The Employment Crisis in India
Source-This post on The Employment Crisis in India has been created based on the article “Filling public employment vacancies & regularising all workers, especially women, should be new government’s priority” published in “Down to Earth”on 1 June 2024. UPSC Syllabus-GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment.… Continue reading The Employment Crisis in India
Role and Influence of Proxy Advisory Firms in India
Source-This post on Role and Influence of Proxy Advisory Firms in India has been created based on the article “Don’t fear the critic: How proxy advisors improve shareholder decisions in India” published in “The Indian Express” on 6 June 2024. UPSC Syllabus-GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development… Continue reading Role and Influence of Proxy Advisory Firms in India
Strategies for India’s new government to boost economic growth
Source: The post various strategies for India’s new government to boost economic growth has been created, based on the article “As the election results come in, an agenda for the next government” published in “Indian Express” on 5th June 2024. UPSC Syllabus Topic: GS Paper 3 – Indian Economy and issues relating to planning, mobilization… Continue reading Strategies for India’s new government to boost economic growth
GST Data and Private Consumption
Source-This post on GST Data and Private Consumption has been created based on the article “Using GST as consumption proxy” published in the “Business Standard” on 4 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 the strong performance of Goods… Continue reading GST Data and Private Consumption
Challenges in India’s current energy policy
Source: The post Challenges in India’s current energy policy has been created, based on the article “Why the old script can’t work for India’s green transition” published in “Indian express” on 3rd June 2024. UPSC Syllabus Topic: GS Paper 3-economy-infrastructure-energy Context: The article discusses the need for India to update its energy policy to better… Continue reading Challenges in India’s current energy policy
Inequality and Its Impact
Source-This post on Inequality and Its Impact has been created based on the article “Does inequality lead to growth?” published in “The Hindu” on 3 May 2024. UPSC Syllabus–GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context-The leaders of major political parties have sparked discussions on inequality.… Continue reading Inequality and Its Impact
S&P Global Ratings improved India’s economic outlook to “positive.”
Source: The post S&P Global Ratings improved India’s economic outlook to “positive.” has been created, based on the article “Robust performance: Sustained fiscal consolidation will improve ratings” published in “Business standard” on 31st May 2024. UPSC Syllabus Topic: GS Paper 3- Economy-growth, and development Context: The article discusses S&P Global Ratings improving India’s economic outlook… Continue reading S&P Global Ratings improved India’s economic outlook to “positive.”
India’s economic outlook and strategies
Source: The post India’s economic outlook and strategies has been created, based on the article “Unlocking India’s decadal growth” published in “Business standard” on 30th May 2024. UPSC Syllabus Topic: GS Paper 3– growth and development Context: The article discusses India’s economic outlook and strategies. It highlights the importance of reforms, investments, and policy changes… Continue reading India’s economic outlook and strategies
Negative impacts of Minimum wage laws on workers
Source: The post negative impacts of Minimum wage laws on workers has been created, based on the article “Minimum wage: It’s likely to hurt the very workers it aims to help” published in “Live Mint” on 30th May 2024. UPSC Syllabus Topic: GS Paper 3 – Indian Economy – Growth and Employment Context: The article… Continue reading Negative impacts of Minimum wage laws on workers
Factors influence the RBI’s decision on rate cuts
Source: The post factors influence the RBI’s decision on rate cuts has been created, based on the article “Food or the Fed – what will drive the RBI’s monetary policy?” published in “Indian express” on 29th May 2024. UPSC Syllabus Topic: GS Paper 3– Economy- mobilisation of resources Contest: The article discusses the Reserve Bank… Continue reading Factors influence the RBI’s decision on rate cuts
Inflation in Pulse Prices in India
Source-This post on Inflation in Pulse Prices in India has been created based on the article “Why dal imports have hit a seven-year high” published in “The Indian Express” on 28 May 2024. UPSC Syllabus-GS Paper 3 – Major Crops – Cropping Patterns in various parts of the country Context-The article highlights the issues of… Continue reading Inflation in Pulse Prices in India
Rapid Growth of Aquaculture in India
Source: The post rapid growth of aquaculture in India has been created, based on the article “The success story of fish farming” published in “Business standard” on 27th May 2024. UPSC Syllabus Topic: GS Paper 3-Economy Context: The article discusses the rapid growth of aquaculture in India, highlighting the significant increase in fish farming production… Continue reading Rapid Growth of Aquaculture in India
India underperforms its tourism potential
Source-This post on India underperforms its tourism potential has been created based on the article “Making Incredible India work” published in “Business Standards” on 27 May 2024. UPSC Syllabus–GS Paper-3– Changes in Industrial Policy and their Effects on Industrial Growth. Context-The article highlights India’s 39th ranking in the World Economic Forum’s latest biannual Travel and… Continue reading India underperforms its tourism potential
Issue with Indian household savings
Source: The post issue with Indian household savings has been created, based on the article “Rising debt strains household savings” published in “The Hindu” on 24th May 2024. UPSC Syllabus Topic: GS Paper 3-Indian economy – Mobilisation of resource Context: The article discusses a decline in the amount of money Indian households save after paying… Continue reading Issue with Indian household savings
Can gold replace financial assets?
Source-This post on Can gold replace financial assets? Has been created based on the article “Limits of the global gold rush” published in “Business Standards” on 24 May 2024. UPSC Syllabus-GS Paper-3– Indian Economy Context-The article discusses the limitations of gold as a primary reserve asset. The international gold prices have surged by over 30%… Continue reading Can gold replace financial assets?
India’s airline market is growing rapidly but is still underdeveloped
Source: The post India’s airline market is growing rapidly but is still underdeveloped has been created, based on the article “IN SOAR NEED-on India’s aviation sector” published in “Business standard” on 23rd May 2024. UPSC Syllabus Topic: GS Paper 3-economy-infrastructure (Airways) Context: India’s airline market is growing rapidly but is still underdeveloped compared to China… Continue reading India’s airline market is growing rapidly but is still underdeveloped
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.
