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
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
Role of TOP Prices in India’s Inflation
Source-This post on Role of TOP Prices in India’s Inflation has been created based on the article “A vegetable triumvirate, inflation and the takeaway” published in “The Hindu” on 22 May 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 inflation… Continue reading Role of TOP Prices in India’s Inflation
Comparison between India and China’s population growth and consumer spending
Source: The post Comparison between India and China’s population growth and consumer spending has been created, based on the article “India-China consumption comparison” published in “The Hindu” on 21st May 2024. UPSC Syllabus Topic: GS Paper 3-Economy-mobilisation of resources, growth, development. Context: The article compares India and China’s population growth and consumer spending. It notes… Continue reading Comparison between India and China’s population growth and consumer spending
Challenges and debates around the RBI’s approach to controlling inflation
Source: The post challenges and debates around the RBI’s approach to controlling inflation has been created, based on the article “Tweaking the inflation targeting mandate” published in “Business standard” on 21st May 2024. UPSC Syllabus Topic: GS Paper 3 – Indian economy – Mobilization of resources Context: The article discusses the challenges and debates around… Continue reading Challenges and debates around the RBI’s approach to controlling inflation
Importance of providing housing for factory workers
Source: The post importance of providing housing for factory workers has been created, based on the article “Why worker housing is the key to unlocking India’s manufacturing ambitions” published in “Indian express” on 20th May 2024. UPSC Syllabus Topic: GS Paper 3-economy-growth, development and employment. Context: The article emphasizes the importance of providing housing for… Continue reading Importance of providing housing for factory workers
Micro, Small, and Medium Enterprises (MSMEs) in India
Source-This post on Micro, Small, and Medium Enterprises (MSMEs) in India has been created based on the article “MSMEs have not been defined well — and micro enterprises pay the price for this” published in “The Indian Express” on 20 May 2024. UPSC Syllabus-GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources,… Continue reading Micro, Small, and Medium Enterprises (MSMEs) in India
USA’s Trade Barrier
Source-This post on USA’s Trade Barrier has been created based on the article “Biden’s tariffs have dealt free trade a heavy blow” published in “Live mint” on 16 May 2024. UPSC Syllabus-GS Paper-3- Effects of Liberalization on the Economy, Changes in Industrial Policy and their Effects on Industrial Growth. Context-The article criticizes the recent move… Continue reading USA’s Trade Barrier
Revisiting the Poverty Line
Source-This post on Revisiting the Poverty Line has been created based on the article “India’s poverty debate needs to move on- Let’s define new norms” published in “Live Mint” on 16 May 2024. UPSC Syllabus–GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context-The National Sample Survey Office… Continue reading Revisiting the Poverty Line
The new government in India needs to focus on Indian economy
Source: The post the new government in India needs to focus on has been created, based on the article “Five things the next government needs to focus on” published in “Indian express” on 16th May 2024. UPSC Syllabus Topic: GS Paper 3– Indian Economy and issues relating to planning, mobilisation of resources, growth, development and… Continue reading The new government in India needs to focus on Indian economy
U.S. increasing tariffs on Chinese imports, especially electric vehicles
Source: The post U.S. increasing tariffs on Chinese imports, especially electric vehicles has been created, based on the article “New tariff walls: US tariffs will further increase trade friction” published in “Business standards” on 15th May 2024. UPSC Syllabus Topic: GS Paper 2– Economy -Effects of liberalisation on the economy, changes in industrial policy and… Continue reading U.S. increasing tariffs on Chinese imports, especially electric vehicles
Factors responsible for the increase in employment in India
Source: The post factors responsible for the increase in employment in India has been created, based on the article “Why is India seeing a surge in employment? The answer is not simple” published in “Indian express” on 14th May 2024. UPSC Syllabus Topic: GS Paper 3- Economy- Employment Context: The article discusses the growth of… Continue reading Factors responsible for the increase in employment in India
Adopting a living wage approach
Source-This post on Adopting a living wage approach has been created based on the article “It’s time to raise minimum wages or adopt a living wage approach” published in “Live Mint” on 14 May 2024. UPSC Syllabus-GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. News– The Indian… Continue reading Adopting a living wage approach
Indian government’s plans to prioritize addressing unwanted calls and messages
Source: The post Indian government’s plans to prioritize addressing unwanted calls and messages has been created, based on the article “Ineffective Interventions–Spam calls must be stopped” published in “Business standard” on 13th May 2024. UPSC Syllabus Topic: GS Paper 3– Economy-Infrastructure (telecommunication) Context: The article discusses the Indian government’s plans to prioritize addressing unwanted calls… Continue reading Indian government’s plans to prioritize addressing unwanted calls and messages
Consequences of Changes to exchange rate System In India
Source: The post a flexible exchange rate can help absorb economic shocks by adjusting when bad news occurs has been created, based on the article “Lost a shock absorber: The economy would be more stable if the exchange rate fluctuated more” published in “Business standard” on 13th May 2024. UPSC Syllabus Topic: GS Paper 3… Continue reading Consequences of Changes to exchange rate System In India
Factors behind growth of India’s public sector enterprises (PSEs)
Source: The post Factors behind growth of India’s public sector enterprises (PSEs) has been created, based on the article “What we need is a farmer–friendly agri–export policy” published in “Indian express” on 13th May 2024. UPSC Syllabus Topic: GS Paper 3 – Indian Economy – Effects of liberalization on the economy, changes in industrial policy… Continue reading Factors behind growth of India’s public sector enterprises (PSEs)
An Analysis of PLI scheme for Electronics
Source: The post India want to boost the electronics-component manufacturing industry through a PLI scheme has been created, based on the article “Transforming manufacturing: Dependence on PLI should be contained” published in “Business standard” on 9th May 2024. UPSC Syllabus Topic: GS Paper 3-Economy-Changes in industrial policy and their effects on industrial growth. News: The… Continue reading An Analysis of PLI scheme for Electronics
Issue with willful defaulter designations
Source: The post Issue with willful defaulter designations has been created, based on the article “Do we still need the ‘wilful defaulter’ framework?” published in “Indian express” on 9th May 2024. UPSC Syllabus Topic: GS Paper 3- Indian economy and mobilisation of resources Context: The article discusses the Bombay High Court’s decision to strike down… Continue reading Issue with willful defaulter designations
The new RBI draft guidelines for project loans
Source: The post the The new RBI draft guidelines for project loans has been created, based on the article “Infra financing guidelines: Why are banks upset?” published in “Live mints” on 8th May 2024. UPSC Syllabus Topic: GS Paper 3- Economy-mobilisation of resources News: The new RBI draft guidelines are designed to enforce credit discipline… Continue reading The new RBI draft guidelines for project loans
Decline in India’s FDI and an increase in disinvesting
Source: The post Decline in India’s FDI and an increase in disinvesting has been created, based on the article “Rising repatriation: As worrying as the recent decline in gross foreign direct investment is the increasing pace of disinvestment” published in “Business standard” on 8th May 2024. UPSC Syllabus Topic: GS Paper 3- Economy-mobilisation of resources,… Continue reading Decline in India’s FDI and an increase in disinvesting
The globalization of the Indian legal industry
Source-This post on the globalization of the Indian legal industry has been created based on the article “Rules for a new dawn for the Indian legal industry” published in “The Hindu” on 7 May 2024. UPSC Syllabus-GS Paper-3– Effects of Liberalization on the Economy and GS Paper-2- Statutory, Regulatory and various Quasi-judicial Bodies. Context-The article… Continue reading The globalization of the Indian legal industry
India Struggling to become a Global Manufacturing Hub
Source: The post India struggling to become a global manufacturing hub has been created, based on the article “The absence of a quality mindset” published in “Business standard” on 7th May 2024. UPSC Syllabus Topic: GS Paper 3 – Economy – changes in industrial policy and their effects on industrial growth. Context: This article discusses… Continue reading India Struggling to become a Global Manufacturing Hub
Telecom Sector and Spectrum Auctions in India
Source-This post on Telecom Sector and Spectrum Auctions in India has been created based on the article “Why spectrum allocation, tech policy must not be a matter of courts” published in “The Indian Express” on 7 May 2024. UPSC Syllabus-GS Paper-3– Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment.… Continue reading Telecom Sector and Spectrum Auctions in India
Changes made by India’s Securities and Exchange Board (SEBI) for NRIs and OCIs
Source: The post changes made by India’s Securities and Exchange Board (SEBI) for NRIs and OCIs has been created, based on the article “Encouraging investment: New rules aim to improve NRI participation” published in “Business standard” on 6th May 2024. UPSC Syllabus Topic: GS Paper 3-economy-mobilisation of resources News: The article discusses changes made by… Continue reading Changes made by India’s Securities and Exchange Board (SEBI) for NRIs and OCIs
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.
