Indian Economics Notes for UPSC: If you are preparing for the UPSC civil services exam, you would be aware that economics is an inevitable section of the UPSC syllabus – both for the IAS UPSC prelims and the mains. It is also available as an optional subject in the UPSC main exams. This article discusses the Indian Economy Notes for UPSC Prelims exam, UPSC Mains exam, and General Studies economics topics. GeeksforGeeks has brought Important Notes on Economics with the UPSC Economics Syllabus that will help the aspirants to prepare themself for the UPSC Prelims and Mains exam 2024 as well as the optional Indian Economic Papers.
Economics Notes For UPSC Exam 2024
- Importance History Notes for UPSC 2024
- Importance Geography Notes for UPSC 2024
- Importance Ethics Notes for UPSC 2024
- Importance Polity Notes for UPSC 2024
- Importance Science & Technology Notes for UPSC 2024
- Previous Year’s Papers of UPSC Exam
Most Important UPSC Economics Notes for UPSC Exam
Economic growth and development, finance, banking, budget, the balance of payments, poverty and related issues, population composition and related characteristics, social sector initiatives related to education, health, and sanitation, and international financial institutions are some of the important notes in economics for UPSC 2023 Prelims and Mains covered in this article.
- Overview Of Indian Financial System
- Blue Bonds
- SEBI – Objectives, Structure, and Functions
- SIDBI and its Functions
- Khadi and Village Industries Commission
- Primary Agricultural Credit Societies (PACS)
- Toy Industry in India and its Future
- Concept of ‘Greenwashing’
- Impact of GST on Inflation
- Importance of Public Investment for India’s Economic Growth
- Pink Revolution in the Food Processing Industries
- Environmental Impact Assessment
- First Five-Year Plan: Objective and Assessment
- Causes Of Rupee Falling Against US Dollar And Its Effect
- Livestock Insurance Scheme
- Plan Holiday of Five Years Plan
- Five-Year Plan Related To Blue Revolution
- Impact of Digital India Programme on the Economy
- Armed Forces Special Powers Act 1958 (AFSPA)
- GST Revenue Collection
- Right To Information (Amendment) Bill 2019
- Net Non-Performing Assets Ratio (NNPA)
- Main Objective Of The Fifth Five-Year Plan
- Fourth Five-Year Plan: Self-Reliance
- National Family Health Survey (NFHS-1 to NFHS-5)
- Dichotomy of Development
- National Translation Mission
- The Tea Board of India
- RBI And Its Functions
- Tertiary Sector And Its Potential
- The National Cyber Security Policy, 2013
- New Urea Policy 2015
- Climate Action Tracker
- Surrogacy (Regulation) Bill, 2020 India
- Miyawaki Method
- Wardha Scheme of Basic Education 1937
- Fractional Orbital Bombardment System
- Causes of Inflation and Who get Benefits from it?
- Coal Controller Organization
- National Family Health Survey-5
- Cartagena Protocol
- Metal Industry: Current Outlook And Future
- Types of Taxes
- What is Food Subsidy?
- Discuss Supply and Demand Reversal Of Environmental Resources
- Official Reserve Transactions
- Factors Affecting Agriculture In India
- Role Of Rice In Boosting Nourishment
- International Bank of Reconstruction and Development (IBRD)
- Types of Inflation
- Agricultural Produce Market Committee (APMC)
- Feminization Of Agriculture
- Special Economic Zone (SEZ)
- Objectives And Principles Of Taxation
- Role Of Public Sector In Industrial Development During Planning Decades
- Direct And Indirect Farm Subsidies And MSP
- Labour Regulations And Its Effects In India
- Foreign Direct Investment
- Regional Rural Banks in India
- Impact of Repo Rate and Reverse Repo Rate on Economy
- New Industrial Policy 1991
- Govt’s Efforts to Improve Widening of Tax Base
- Food Processing in India: Scope and Significance
- Liberalization of Foreign Trade
- Investment in Infrastructure is Essential for Rapid and Inclusive Economic Growth
- Link Between the Economy and the Environment of a Country
- Money Laundering: Problem and Prevention
- Role of Energy for Economic Development
- Broad Money and Narrow Money
- Capitalist and Socialist Economic Systems
- Inclusive Growth of India
- Public-Private Partnership For Inclusive Growth
- Difference and Relationship Between Foreign Trade and Foreign Investment
- Importance of Efficient and Affordable Urban Mass Transport
- Effect of Autonomous Change in Aggregate Demand on Income and Output
- Challenges of Power Sector of India
- Regional Resource-Based Manufacturing
- Challenges For Indian Women Against Time and Space
- Industrial Corridors in India
- National Population Policy 2000
- Minimum Support Price (MSP)
- Govt’s Initiatives to Make Food Grain Distribution System More Effective
- Difference Between NITI Aayog and Planning Commission
- Role of Cooperatives in Food Security
- Role of Self-Help Groups in Poverty Alleviation
- Role of Foreign Exchange Market in India
- Ex-Ante and Ex-Post Investment
- Potential GDP and its Determinants and Factors
- Role of Supermarkets in the Supply Chain Management
- Open Economy Autonomous Expenditure Multiplier Smaller than Closed Economy
- Educated Unemployed – A Peculiar Problem of India
- Types of Expenditure in Budget
- Role of Micro-Credit in Meeting the Credit Requirements of the Poor
- Women’s Health is a Matter of Great Concern in India
- How Health is Related to the Overall Growth and Development of India?
- Main Characteristics of Capitalist Economy
- Strategies to Improve Health Facility in India
- Microeconomics and Macroeconomics
- Legal Measures Taken by Government to Empower Consumers
- Non-Farming Production Activities and Their Impact on Economy
- Marginal Propensity to Consume and Save – Definition & Relation
- Impact of Natural Disasters on Food Supply
- Effects of Underemployment
- Diversification Towards Animal Husbandry, Fisheries and Horticulture
- Quality of Population
- Trade and Investment Policy Reforms Since 1991
- Importance of Increasing Area Under Irrigation in India
- Policy Tools to Control Money Supply
- Types of Receipts of Union Budget
- Objectives of Government Budget
- Scope and Future of Organic Farming With Sustainable Development
- How to Protect Workers in the Unorganized Sector?
- What is Buffer Stock and its Impact on the Rationing System of India?
- Types of Loans People Obtain From Various Sources
- Future Perspective For Non-Conventional Sources of Energy In India
- Activities of 3 Main Sectors of the Indian Economy
- Pros and Cons of Globalization
- Factors Caused For Rapid Growth in Economic Development in China
- How Public Sector Contributes to the Economic Development of a Nation?
- Why Modern Farming Methods Required More Inputs?
- 4 Major Sectors of an Economy
- Economic Reforms in India in the Light of Social Justice and Welfare
- Achievements of India’s Industrial Sector Between 1950-1990
- Role of Service Sector in Modern Economic Development of India
- Population as an Asset for the Economy Rather Than a Liability
- Deindustrialization in India Before 1947 and its Impact
- World Climate Research Programme
- Mining Sector In India And Its Challenges
- India State of Forest Report (ISFR) 2021
- Agricultural Revolutions Of India
- Environmental and Health Impact of Fly ash
- Department of Economic and Social Affairs
- Ratan P Watal Committee
- Foreign Portfolio Investment
- Trade and Development Report 2022
- Achievement of Ayushman Bharat
- Shrinkflation
- National Logistics Policy 2022
- China’s Poverty Alleviation Programmes
- Labour Reforms and Issues
- Consequences of Declining Fertility
- PRASHAD Scheme
- Shanghai Cooperation Organisation
- Food Safety and Standards Authority of India
- Public Provident Fund
- Non-Aligned Movement
- Aajeevika
- Social Entrepreneurship in India
- Rubber Industry
- Direct Benefit Transfer
- Per Capita Income: Uses And Limitations
- Windfall Tax
- Importance of Niti Aayog in India
- The Role of Trade Union in India
- Trade Unions in India
- National Education Policy 2020
- Effects of Globalisation on Indian Society
- Accelerate Vigyan Programme
- Marshallian Approach to Price Determination
- BIMSTEC and SAARC
- Digital Lending and its Regulation
- Construction and Demolition Waste Management
- Ultra Poverty in India
- Universal Basic Income
- Refugee Crisis in India
- Open Network for Digital Commerce (ONDC)
- Eastern Economic Forum
- Government Securities Acquisition Program (G-SAP)
- Old Tax Regime Vs New Tax Regime
- Labor Unions in India
- Movement of the Working Class in the Pre-Independence of India
- Operation Twist
- AgriTech Summit 2022
- Trade Union Legislation of India
- Green Hydrogen
- Micro Irrigation Fund
- Initiatives for Rural Women
- MoU for Multi Modal Logistics Park (MMLP)
- Basel Norms
- Initiatives taken by Central Govt. to Improve the Quality of Education in India
- Buoyancy in Direct Tax Collection
- Narcotic Drugs and Psychotropic Substances (NDPS) Act
- Green Economy
- Financial Stability and Development Council (FSDC)
- National Pharmaceutical Pricing Authority (NPPA)
- Absolute and Relative Poverty
- Development of Enterprise and Service Hubs Bill (DESH), 2022
- Small Savings Instruments
- Bad Bank
- Fiscal Responsibility and Budget Management (FRBM) Act
- PM Cares Fund
- RBI – Digital Payments Index
- National Pension System
- The Gandhian Model of Development -Five Year Plan
- Importance of Five Year Plan in India
- Boosting Infrastructure of Rural India
- Bank Board Bureau (BBB) and Financial Services Institutions Bureau (FSIB)
- Unified Payments Interface (UPI) and its Challenges
- National Intellectual Property Awareness Mission (NIPAM)
- Freebies vs Welfare Schemes and its Impact on Economy
- Important Aspects Of International Trade
- Agritourism and its Future in India
- Nominal and Real Effective Exchange Rates
- India’s Unique Job Crisis
- Agri-Food Technology
- Social Media Accountability
- Currency Management by Reserve Bank of India (RBI)
- Caste-based MGNREGA Wages Payment
- Economic Condition and Planning After Independence
- Prevention of Money Laundering Act 2002
- Inflation Indexed Bonds
- Rapid Financing Instrument and Rapid Credit Facility
- Cooperatives on Government e-Marketplace (GeM)
- World Population Report 2022
- Green Revolution Krishonnati Yojana
- Twin Balance Sheet Problem
- Five Year Plan And A Socialistic Pattern Of Society
- Enhanced Access and Service Excellence (EASE) Program
- Automobile Industry in India
- Equality vs. Equity
- Top 10 Most Tradable Currencies
- What is Fiscal Policy: Meaning, Instruments, Tools, & Examples
- Federal Income Tax Brackets For Year (2022-2023)
- What is Hyperinflation? Causes, Effects with Examples
- Business Cycle: What It Means, How to Measure, Its 4 Phases
- Recession: What it is and causes it?
- Nominal vs Real Interest Rates
- What is Net Worth?
- What is an Asset? Definition, Types, and Examples
- What Is Gross National Income (GNI)? Definition and Examples
- What is Equity? How It Works, How to Calculate It, Types
- Imperialism: Definition, History, Types, & Examples
- Customer Behavior for Marketing
- Return on Investment (ROI)
- What is a Traditional Economy?
- What is REPO Rate? – Current Repo Rate
- What Is a Good Credit Score?
- Opportunity Cost
- What is bitcoin mining? How does it work?
- Life Insurance: Its Types & Benefits
- Top 10 Largest Economies in the World
- What is an IPO and How it Works
- What is NFT and How it Works?
- Economic Inequality
- Surge in Direct Tax Collections and Tax Elasticity
- Farmers’ Suicides in India – Reasons and Responses
- Urbanization: Cause and Effect
- Subsidy: Meaning, Types, Categories and Benefits of the Subsidy
- National Cooperation Policy
- Rashtriya Poshan Maah
- City Gas Distribution Network of India
- Baal Aadhaar Initiative
- Monoculture Plantation
- Eco Mark : Bureau of Indian Standards
- Semiconductor Mission of India
- Digital AgriStack
- Movement of the Working Class in India
- Atmanirbhar in Defence
UPSC Prelims Syllabus of Economics
Important areas to focus on in the UPSC economy Prelims syllabus:
- Economic growth and development – basic concept and definition of economy and economics, use and transfer of resources, distributive effects, macro, and microeconomic policy, micro-macro balance, the distributive impact of economic policies, development versus growth, determinant of growth and development, concepts such as HPI/MPI, HDI, PQLI, GEM, GDI/GII, TAI, Green index, sustainable development, India’s ranking in the various indices.
- Poverty – definitions, causes, distribution-deprivation, income versus calories, measurement of poverty, the status of poverty, eradication programmes, poverty and resource policy, tribal rights and issues, livelihood mission.
- Inclusion – definition, relevance, types, financial inclusion, recent initiatives.
- Demographics – census data, populations by gender, state, age group, socio-economic status, caste, religion, literacy levels, etc. Trends in human development – interstate comparison, etc.
- Fiscal policy – definition, component, receipts, revenue and capital account, tax revenue, expenditure, budget.
- Social issues – financing health policy, education policy, sanitation, drinking water, social security, infrastructure policy, international trade issues, regional cooperation.
Also, focus on issues currently in news related to the above topics – MNERGS, MSMEs, Make in India, industrial corridors, NITI Aayog, black money, international treaties and organizations, and India’s policies with neighbors.
Indian Economy Syllabus for UPSC Mains
UPSC Economics syllabus for mains is included in the General Studies Paper III which contains the topic Economic Development. Focus on these areas to ace the UPSC Mains exam.
- Indian Economy and issues relating to planning, mobilization of resources, development, growth, and employment.
- Inclusive growth
- Finance Budgeting
- Major cropping patterns in different parts of the country, different types of irrigation, transport, and marketing of agricultural produce and issues and associated constraints; e-technology for Direct and indirect farm subsidies and minimum support prices; PDS– objectives, functioning, limitations; issues of buffer stocks, food security; economics of animal-rearing, Technology missions.
- Food processing and related industries
- Land reforms
- Effects of Liberalisation
- Infrastructure: Energy, Roads, Ports, Airports, and railways
- Investment models
Tips to Prepare Economy for UPSC Prelims & Mains
Suggested books to read for economics topics of General Studies Paper III:
- NCERT textbook classes X, XI, XII
- Ministry websites of water, power, etc.
- Economic Survey
- Budgets
- Administrative Reforms Commissions (ARC) Reports
- PIB
- Newspapers