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Master the Indian Economy for UPSC Prelims and Mains

Comprehensive Economy Preparation

This section covers all aspects of Indian Economy from basic concepts to advanced topics like fiscal policy, banking, and economic reforms. Organized systematically with clear explanations, diagrams, and current data to help you master the economy syllabus for UPSC.

Basic Economic Concepts

Micro & Macro Economics

Difference between micro and macro economics, their scope and importance

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National Income Accounting

GDP, GNP, NNP, NDP at market price and factor cost, calculation methods

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Inflation

CPI, WPI, causes, effects, measures to control inflation

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Deflation & Stagflation

Concepts of deflation, stagflation, reflation with examples

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Money & Its Functions

Evolution of money, types and functions of money in economy

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Demand & Supply

Law of demand and supply, elasticity concepts and applications

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Fiscal & Monetary Policy

Objectives, tools and differences between fiscal and monetary policies

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Banking & Financial System

Banking Structure in India

Scheduled, non-scheduled banks, public, private and foreign banks

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RBI Functions

Role and functions of Reserve Bank of India as central bank

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Monetary Policy Tools

CRR, SLR, Repo, Reverse Repo rates and their impact

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NPAs & Banking Reforms

Non-performing assets, IBC, banking sector reforms

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Digital Payments

UPI, digital wallets, payment systems and their regulation

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Basel Norms

Basel I, II, III accords and their implementation in India

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Government Budgeting

Union Budget Components

Revenue and capital receipts, revenue and capital expenditure

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FRBM Act

Fiscal Responsibility and Budget Management Act provisions

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Expenditure Management

Expenditure Management Commission recommendations

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Taxation in India

Types of Taxes

Direct and indirect taxes, progressive and regressive taxes

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Goods & Services Tax

GST structure, slabs, council, benefits and challenges

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Tax Reforms

Tax buoyancy, Laffer curve, recent tax reforms in India

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Finance Commission

Role, functions and recommendations of Finance Commission

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External Sector

Balance of Payments

Current account, capital account and their components

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Exchange Rate System

Fixed vs floating exchange rate, rupee convertibility

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Foreign Exchange Reserves

Composition, importance and management of forex reserves

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FDI & FPI

Foreign Direct Investment vs Foreign Portfolio Investment

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Trade Agreements & WTO

India's trade agreements, WTO and its impact on India

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Economic Development

Poverty & Unemployment

Measurement, causes, government measures to address them

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Inequality & Human Development

Gini coefficient, Lorenz curve, HDI and other indices

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Sustainable Development

SDGs, green GDP, circular economy concepts

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Demographic Dividend

Opportunities and challenges of India's young population

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Inclusive Growth

Strategies for inclusive growth, measurement parameters

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Rural & Urban Development

Rural-urban divide, migration, smart cities mission

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Economic Reforms

Economic Planning

Five-Year Plans, NITI Aayog, comparison with Planning Commission

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1991 LPG Reforms

Liberalization, Privatization, Globalization reforms

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Public Sector & Disinvestment

Disinvestment policy, strategic and non-strategic sectors

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Infrastructure Development

Roads, railways, power, ports and their financing

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Make in India

Objectives, sectors, achievements and challenges

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Startup India

Startup ecosystem, government initiatives and funding

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Agriculture & Allied Sectors

Agricultural Pricing

MSP, procurement, issues with agricultural pricing

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Land Reforms

Historical land reforms, current land leasing policies

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Crop Insurance & Irrigation

PM Fasal Bima Yojana, irrigation schemes

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Agricultural Marketing

APMCs, e-NAM, contract farming reforms

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Industry & Services

Industrial Policy

Industrial policies since 1948, Make in India initiative

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MSMEs & Startups

Definition, challenges, government support for MSMEs

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Service Sector Growth

IT, tourism, healthcare and other service sectors

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Labour Reforms

New labour codes, social security schemes

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Government Schemes

Pradhan Mantri Awas Yojana

Urban and rural housing schemes, achievements

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MGNREGA

Features, outcomes and challenges of rural employment scheme

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PM-KISAN

Direct income support scheme for farmers

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Atmanirbhar Bharat

Five pillars, stimulus packages and self-reliance initiatives

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National Infrastructure Pipeline

Projects, funding and implementation status

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"The economy is not just about numbers and policies - it's about people's lives and aspirations." - StudyNotesHub

Additional Resources

Enhance your preparation with our exclusive resources: Economic Survey summaries, Union Budget analysis, current economic affairs, practice questions, and comparative tables for quick revision. All materials are updated with the latest data and government policies.

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