Economy
The UPSC exam demands a well-rounded understanding of various subjects to ensure that candidates are equipped to handle the multifaceted challenges of governance. The economy is an essential component of this knowledge base, as it provides insights into the financial health of the country. An in-depth understanding of the Indian economy helps candidates make informed decisions, develop policies, and manage resources effectively.
Chapter 1. Introduction of Economy
A. Organizing an Economy
- Capitalist Economy
- State Economy
- Mixed Economy
A. Sectors of Economy (Primary/Secondary/Tertiary)
B. Types of Economy (Agrarian/Industrial/Services)
Chapter 2. Prominent Economist/Thinkers and their ideas
- · Adam Smith
- · Alfred Marshal
- · Karl Marx
- · Millicent Fawcett
- · John Keynes
- · Milton Friedman
- · Friedrich Hayek
- · W. Arthur Lewis
- · Elinor Ostrum
- · Dambisa Moyo
- · Amartya Sen
- · Esther Duflo
Chapter 3. Ideas related to National Income, Terms related to Growth and Development
A. National Income
- · GDP
- · NDP
- · GNP
- · NNP
- · Cost and Price of National Income
- · Taxes & National Income
- · Subsidies & National Income
- · Base year and National Income accounting
B. Economic Growth
C. Economic Development
D. Happiness
E. Human Behavior and Economy
Chapter 4. History of Indian Economy
A. Ancient Indian Economy
B. Medieval Indian Economy
C. Economy during British Raj
D. Economic Planning and development after Independence
Chapter 5. Economic Planning in India
A. Expansion of Planning
· Regional Planning
· National Planning
B. Types of Planning
· Imperative Planning
· Indicative Planning
C. Various Proposed Plans for Indian Economy
· The Visvesvaraya Plan
· The FICCI proposal
· The Congress Plan
· The Bombay Plan
· The Gandhian Plan
· The Sarvodaya Plan
D. Planning Commission
E. National Development Council
F. Central Planning
· The Five Years Plans
· Twenty Point Programme
· MPLADS
G. Multi-Level Planning
H. Decentralizations
I. Role of Finance Commission
J. Investment Models (Phase I to IV)
K. Central Sector Scheme and Centrally Sponsored Scheme
L. Evaluation of Planning
M. NITI AAYOG
Chapter 6. Objectives and Critical Evaluation of Economic Planning
A. Objectives and Ideologies
B. Twelth Plan
C. Critical Evaluation
Chapter 7. Inflation and Business Cycle
A. Types of inflation
B. Other variants and terms
C. Effects of Inflation
D. Inflation in India
E. Government steps to control inflation
F. Business cycle
Chapter 8. Agriculture and Food Management
A. Kharif and Rabi
B. Overall agricultural conditions after Independence
· Phase I
· Phase II
· Phase III
C. Land Reforms In India
· Phase I
· Phase II
D. Green Revolution
E. Systems and Patterns of Cropping
F. Economy of Animal Rearing
G. Food Management
H. Buffer Stock
I. Storage
J. Food Subsidies
K. FCI
L. Agriculture Market
M. Agricultural Credit
N. Irrigation
O. Schemes And Policies
P. WTO and Subsidies
Q. Other Topics
Chapter 9. Industry and Infrastructure
A. Industrial Policies
· Phase I
· Phase II
B. Industrial Corridors and Clusters
C. Disinvestment
D. Infrastructure Development
· Transportation Infrastructure
· Energy Infrastructure
· Telecommunication Infrastructure
· Water and Sanitation Infrastructure
· Urban Infrastructure
E. New Age Policies and Reforms
· Make in India Campaign
· National Manufacturing Policy
· Skill Development Initiatives
· Ease of Doing Business Measures
F. Future Trends and Objectives
· Official Ideology
· Industry 4.0 and Digital Transformation
· Innovation and Research Development
· International Collaborations and Partnerships
G. Challenges and Opportunities
· Investment Challenges
· Infrastructure Bottlenecks
· Environmental Concern
· Technological Challenges
· Inclusive and Sustainable Development
Chapter 10. Service Sector
A. India’s Service Sector
B. WTO Negotiations
C. Bilateral Agreements
D. Services Employment and Performance
E. Restrictions and Regulations
F. Need for Reforms
Chapter 11. Banking and Finance in India
A. Introduction to Banking and Finance in India:
1.1 Evolution of Banking in India
1.2 Role of Financial Institutions
1.3 Regulatory Bodies – RBI, SEBI, IRDAI, etc.
B. Banking Sector:
2.1 Commercial Banks
– 2.1.1 Nationalized Banks
– 2.1.2 Private Sector Banks
– 2.1.3 Foreign Banks
2.2 Cooperative Banks
– 2.2.1 Urban Cooperative Banks (UCBs)
– 2.2.2 Rural Cooperative Banks
2.3 Development Banks
– 2.3.1 NABARD
– 2.3.2 EXIM Bank
2.4 Payment Banks and Small Finance Banks
2.5 Role of Banks in Rural Development
C. Financial Markets:
3.1 Money Market
– 3.1.1 Treasury Bills
– 3.1.2 Commercial Paper
3.2 Capital Market
– 3.2.1 Stock Exchanges
– 3.2.2 Securities and Exchange Board of India (SEBI)
3.3 Derivatives Market
3.4 Bond Market
3.5 Role of Financial Markets in Economic Development
D. Regulatory Framework:
4.1 Reserve Bank of India (RBI)
– 4.1.1 Functions and Powers
– 4.1.2 Monetary Policy
4.2 Securities and Exchange Board of India (SEBI)
4.3 Insurance Regulatory and Development Authority of India (IRDAI)
4.4 Pension Fund Regulatory and Development Authority (PFRDA)
E. Financial Inclusion and Literacy:
5.1 Pradhan Mantri Jan Dhan Yojana (PMJDY)
5.2 Microfinance and Self-Help Groups (SHGs)
5.3 Financial Literacy Initiatives
5.4 Inclusive Banking Practices
F. Non-Performing Assets (NPA) Crisis:
6.1 Causes and Consequences
6.2 Measures to Address NPA Issues
6.3 Insolvency and Bankruptcy Code (IBC)
G. Digital Transformation in Banking:**
7.1 Digital Payments and e-Wallets
7.2 Unified Payments Interface (UPI)
7.3 Blockchain Technology in Banking
7.4 Challenges and Opportunities
H. International Banking Relations:
8.1 Cross-Border Banking Activities
8.2 Foreign Direct Investment (FDI)
8.3 Role in Global Financial Stability