Economics Notes for UPSC 2023 Exam

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 UPSC Mains, UPSC prelims, and General Studies economics important topics. GeeksforGeeks has brought Important Notes on Economics that can solve all your queries in the Economic subject.

UPSC Notes For UPSC 2023

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• Importance Polity Notes for UPSC 2023
• Importance Science & Technology Notes for UPSC 2023
• Previous Year’s Papers of UPSC

Most Important Economics Notes for UPSC 2023

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.

1. Overview Of Indian Financial System
2. Blue Bonds
3. SEBI – Objectives, Structure, and Functions
4. SIDBI and its Functions
5. Khadi and Village Industries Commission
6. Primary Agricultural Credit Societies (PACS)
7. Toy Industry in India and its Future
8. Concept of ‘Greenwashing’
9. Impact of GST on Inflation
10. Importance of Public Investment for India’s Economic Growth
11. Pink Revolution in the Food Processing Industries
12. Environmental Impact Assessment
13. First Five-Year Plan: Objective and Assessment
14. Causes Of Rupee Falling Against US Dollar And Its Effect
15. Livestock Insurance Scheme
16. Plan Holiday of Five Years Plan
17. Five-Year Plan Related To Blue Revolution
18. Impact of Digital India Programme on the Economy
19. Armed Forces Special Powers Act 1958 (AFSPA)
20. GST Revenue Collection
21. Right To Information (Amendment) Bill 2019
22. Net Non-Performing Assets Ratio (NNPA)
23. Main Objective Of The Fifth Five-Year Plan
24. Fourth Five-Year Plan: Self-Reliance
25. National Family Health Survey (NFHS-1 to NFHS-5)
26. Dichotomy of Development
27. National Translation Mission
28. The Tea Board of India
29. RBI And Its Functions
30. Tertiary Sector And Its Potential
31. The National Cyber Security Policy, 2013
32. New Urea Policy 2015
33. Climate Action Tracker
34. Surrogacy (Regulation) Bill, 2020 India
35. Miyawaki Method
36. Wardha Scheme of Basic Education 1937
37. Fractional Orbital Bombardment System
38. Causes of Inflation and Who get Benefits from it?
39. Coal Controller Organization
40. National Family Health Survey-5
41. Cartagena Protocol
42. Metal Industry: Current Outlook And Future
43. Types of Taxes
44. What is Food Subsidy?
45. Discuss Supply and Demand Reversal Of Environmental Resources
46. Official Reserve Transactions
47. Factors Affecting Agriculture In India
48. Role Of Rice In Boosting Nourishment
49. International Bank of Reconstruction and Development (IBRD)
50. Types of Inflation
51. Agricultural Produce Market Committee (APMC)
52. Feminization Of Agriculture
53. Special Economic Zone (SEZ)
54. Objectives And Principles Of Taxation
55. Role Of Public Sector In Industrial Development During Planning Decades
56. Direct And Indirect Farm Subsidies And MSP
57. Labour Regulations And Its Effects In India
58. Foreign Direct Investment
59. Regional Rural Banks in India
60. Impact of Repo Rate and Reverse Repo Rate on Economy
61. New Industrial Policy 1991
62. Govt’s Efforts to Improve Widening of Tax Base
63. Food Processing in India: Scope and Significance
64. Liberalization of Foreign Trade
65. Investment in Infrastructure is Essential for Rapid and Inclusive Economic Growth
66. Link Between the Economy and the Environment of a Country
67. Money Laundering: Problem and Prevention
68. Role of Energy for Economic Development
69. Broad Money and Narrow Money
70. Capitalist and Socialist Economic Systems
71. Inclusive Growth of India
72. Public-Private Partnership For Inclusive Growth
73. Difference and Relationship Between Foreign Trade and Foreign Investment
74. Importance of Efficient and Affordable Urban Mass Transport
75. Effect of Autonomous Change in Aggregate Demand on Income and Output
76. Challenges of Power Sector of India
77. Regional Resource-Based Manufacturing
78. Challenges For Indian Women Against Time and Space
79. Industrial Corridors in India
80. National Population Policy 2000
81. Minimum Support Price (MSP)
82. Govt’s Initiatives to Make Food Grain Distribution System More Effective
83. Difference Between NITI Aayog and Planning Commission
84. Role of Cooperatives in Food Security
85. Role of Self-Help Groups in Poverty Alleviation
86. Role of Foreign Exchange Market in India
87. Ex-Ante and Ex-Post Investment
88. Potential GDP and its Determinants and Factors
89. Role of Supermarkets in the Supply Chain Management
90. Open Economy Autonomous Expenditure Multiplier Smaller than Closed Economy
91. Educated Unemployed – A Peculiar Problem of India
92. Types of Expenditure in Budget
93. Role of Micro-Credit in Meeting the Credit Requirements of the Poor
94. Women’s Health is a Matter of Great Concern in India
95. How Health is Related to the Overall Growth and Development of India?
96. Main Characteristics of Capitalist Economy
97. Strategies to Improve Health Facility in India
98. Microeconomics and Macroeconomics
99. Legal Measures Taken by Government to Empower Consumers
100. Non-Farming Production Activities and Their Impact on Economy
101. Marginal Propensity to Consume and Save – Definition & Relation
102. Impact of Natural Disasters on Food Supply
103. Effects of Underemployment
104. Diversification Towards Animal Husbandry, Fisheries and Horticulture
105. Quality of Population
106. Trade and Investment Policy Reforms Since 1991
107. Importance of Increasing Area Under Irrigation in India
108. Policy Tools to Control Money Supply
109. Types of Receipts of Union Budget
110. Objectives of Government Budget
111. Scope and Future of Organic Farming With Sustainable Development
112. How to Protect Workers in the Unorganized Sector?
113. What is Buffer Stock and its Impact on the Rationing System of India?
114. Types of Loans People Obtain From Various Sources
115. Future Perspective For Non-Conventional Sources of Energy In India
116. Activities of 3 Main Sectors of the Indian Economy
117. Pros and Cons of Globalization
118. Factors Caused For Rapid Growth in Economic Development in China
119. How Public Sector Contributes to the Economic Development of a Nation?
120. Why Modern Farming Methods Required More Inputs?
121. 4 Major Sectors of an Economy
122. Economic Reforms in India in the Light of Social Justice and Welfare
123. Achievements of India’s Industrial Sector Between 1950-1990
124. Role of Service Sector in Modern Economic Development of India
125. Population as an Asset for the Economy Rather Than a Liability
126. Deindustrialization in India Before 1947 and its Impact
127. World Climate Research Programme
128. Mining Sector In India And Its Challenges
129. India State of Forest Report (ISFR) 2021
130. Agricultural Revolutions Of India
131. Environmental and Health Impact of Fly ash
132. Department of Economic and Social Affairs
133. Ratan P Watal Committee
134. Foreign Portfolio Investment
135. Trade and Development Report 2022
136. Achievement of Ayushman Bharat
137. Shrinkflation
138. National Logistics Policy 2022
139. China’s Poverty Alleviation Programmes
140. Labour Reforms and Issues
141. Consequences of Declining Fertility
142. PRASHAD Scheme
143. Shanghai Cooperation Organisation
144. Food Safety and Standards Authority of India
145. Public Provident Fund
146. Non-Aligned Movement
147. Aajeevika
148. Social Entrepreneurship in India
149. Rubber Industry
150. Direct Benefit Transfer
151. Per Capita Income: Uses And Limitations
152. Windfall Tax
153. Importance of Niti Aayog in India
154. The Role of Trade Union in India
155. Trade Unions in India
156. National Education Policy 2020
157. Effects of Globalisation on Indian Society
158. Accelerate Vigyan Programme
159. Marshallian Approach to Price Determination
160. BIMSTEC and SAARC
161. Digital Lending and its Regulation
162. Construction and Demolition Waste Management
163. Ultra Poverty in India
164. Universal Basic Income
165. Refugee Crisis in India
166. Open Network for Digital Commerce (ONDC)
167. Eastern Economic Forum
168. Government Securities Acquisition Program (G-SAP)
169. Old Tax Regime Vs New Tax Regime
170. Labor Unions in India
171. Movement of the Working Class in the Pre-Independence of India
172. Operation Twist
173. AgriTech Summit 2022
174. Trade Union Legislation of India
175. Green Hydrogen
176. Micro Irrigation Fund
177. Initiatives for Rural Women
178. MoU for Multi Modal Logistics Park (MMLP)
179. Basel Norms
180. Initiatives taken by Central Govt. to Improve the Quality of Education in India
181. Buoyancy in Direct Tax Collection
182. Narcotic Drugs and Psychotropic Substances (NDPS) Act
183. Green Economy
184. Financial Stability and Development Council (FSDC)
185. National Pharmaceutical Pricing Authority (NPPA)
186. Absolute and Relative Poverty
187. Development of Enterprise and Service Hubs Bill (DESH), 2022
188. Small Savings Instruments
189. Bad Bank
190. Fiscal Responsibility and Budget Management (FRBM) Act
191. PM Cares Fund
192. RBI – Digital Payments Index
193. National Pension System
194. The Gandhian Model of Development -Five Year Plan
195. Importance of Five Year Plan in India
196. Boosting Infrastructure of Rural India
197. Bank Board Bureau (BBB) and Financial Services Institutions Bureau (FSIB)
198. Unified Payments Interface (UPI) and its Challenges
199. National Intellectual Property Awareness Mission (NIPAM)
200. Freebies vs Welfare Schemes and its Impact on Economy
201. Important Aspects Of International Trade
202. Agritourism and its Future in India
203. Nominal and Real Effective Exchange Rates
204. India’s Unique Job Crisis
205. Agri-Food Technology
206. Social Media Accountability
207. Currency Management by Reserve Bank of India (RBI)
208. Caste-based MGNREGA Wages Payment
209. Economic Condition and Planning After Independence
210. Prevention of Money Laundering Act 2002
211. Inflation Indexed Bonds
212. Rapid Financing Instrument and Rapid Credit Facility
213. Cooperatives on Government e-Marketplace (GeM)
214. World Population Report 2022
215. Green Revolution Krishonnati Yojana
216. Twin Balance Sheet Problem
217. Five Year Plan And A Socialistic Pattern Of Society
218. Enhanced Access and Service Excellence (EASE) Program
219. Automobile Industry in India
220. Equality vs. Equity
221. Top 10 Most Tradable Currencies
222. What is Fiscal Policy: Meaning, Instruments, Tools, & Examples
223. Federal Income Tax Brackets For Year (2022-2023)
224. What is Hyperinflation? Causes, Effects with Examples
225. Business Cycle: What It Means, How to Measure, Its 4 Phases
226. Recession: What it is and causes it?
227. Nominal vs Real Interest Rates
228. What is Net Worth?
229. What is an Asset? Definition, Types, and Examples
230. What Is Gross National Income (GNI)? Definition and Examples
231. What is Equity? How It Works, How to Calculate It, Types
232. Imperialism: Definition, History, Types, & Examples
233. Customer Behavior for Marketing
234. Return on Investment (ROI)
235. What is a Traditional Economy?
236. What is REPO Rate? – Current Repo Rate
237. What Is a Good Credit Score?
238. Opportunity Cost
239. What is bitcoin mining? How does it work?
240. Life Insurance: Its Types & Benefits
241. Top 10 Largest Economies in the World
242. What is an IPO and How it Works
243. What is NFT and How it Works?
244. Economic Inequality
245. Surge in Direct Tax Collections and Tax Elasticity
246. Farmers’ Suicides in India – Reasons and Responses
247. Urbanization: Cause and Effect
248. Subsidy: Meaning, Types, Categories and Benefits of the Subsidy
249. National Cooperation Policy
250. Rashtriya Poshan Maah
251. City Gas Distribution Network of India
252. Baal Aadhaar Initiative
253. Monoculture Plantation
254. Eco Mark : Bureau of Indian Standards
255. Semiconductor Mission of India
256. Digital AgriStack
257. Movement of the Working Class in India
258. Atmanirbhar in Defence

Prelims Syllabus of Economics for UPSC 2023:

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