Economics Notes Which You Shouldn’t Miss!

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This post is a compilation of our most viewed notes on Economics, which we think our
readers should not miss. Readers can download the each of the notes as PDF for free
using the ‘print-pdf’ option. Check Economics notes category if you want to read the
complete archives.

Learn Economics: Must Read Articles

Basic Concepts
Basic Concepts of Economics In Simple Language.
Everything You Need To Know About India’s New GDP Series 2011-12.
Indian Economy Overview
Ten Steps For India To Be The Third Largest Economy by 2043.

Inflation
Inflation: Definition, WPI, CPI, Measurement, and Causes.

Monetary Policy
Monetary Policy of India – Everything you need to know about
REPO and CRR Rate Cuts – What Should You Understand?
Rupee Devaluation, Depreciation, Export and Import.
Unified Payment Interface (UPI): Made Simple.
Currency in Circulation vs Reserve Money vs Money Supply
Differentiated Banks – Small Finance Banks vs Payment Banks
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Fiscal Policy
Government Budgeting: Indian Budget for Beginners.
Budget Documents Made Simple: Key to Budget Documents.
The difference between Full Budget and Vote on Account.
Cut Motions: Policy Cut, Economy Cut, and Token Cut
Tax Expenditure and Budgetary Policies.
Fiscal Deficit and Current Account Deficit.
What is Economic Survey?

Indian Economy – Sectors

Sectors of Economy: Primary, Secondary, Tertiary, Quaternary, and Quinary.
Factors Responsible for the Location of Primary, Secondary and Tertiary Sector
Industries in Various Parts of the World (Including India).

Primary (Agriculture) Sector

Agricultural Marketing Reforms: Model APMC Act and NAM
Food Processing and Related Industries in India.
Pink Revolution in Food Processing Industry.
Land reforms in India.
National Land Records Modernization Programme (NLRMP).

Secondary (Industrial) Sector

Index of Industrial Production (IIP): Made Easy to Understand.
Index of Industrial Production (IIP): All About The New IIP Series (2011-12)
Indian Companies Act 2013: Salient Features.
Make In India Initiative.

Tertiary (Service) Sector

Insolvency and Bankruptcy Code: Why do we need it now?
National Investment and Infrastructure Fund (NIIF)

Foreign Trade
Balance of Payments: Accounting Concepts of Foreign Trade

Planning and Federalism

Indian Economy: Issues Related to Planning.
Indian Economy: Mobilization of Resources.
Indian Economy: Growth, Development, and Employment.
Investment Models.
12th Five Year Plan 2012-17 Targets.
From Planning Commission To NITI Aayog: Evolution of Indian Planning.
NITI Aayog: The new ‘think-tank’ to replace Planning Commission.
How do States get revenue from the Center?
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 The Shrinking Central Plan and Growing Central Assistance.

Government Schemes
Major Programs Under Central Plan: Budget 2015-16.
Major Programs Under Central Assistance to States Plan: Budget 2015-16.
Centrally Sponsored Schemes (CSS).
Rashtriya Kishor Swasthya Karyakram (RKSK) and RMNCH+A.

Financial Market – Money Market and Capital Market

Financial Market: Money Market and Capital Market.
Money Market Overview.
Capital Market Overview.
Speculation, Hedging, Arbitrage and Investment.
SEBI (Securities and Exchange Board of India).
Share and Stock Market: Common Questions.

Development
Self Help Groups (SHG) in India: Gist of Kurukshetra.
Public Distribution System (PDS): Challenges and Reforms.
Non-Governmental Organizations (NGOs) and Recent Issues.

Budgets
Union Budget of India 2016-17 Highlights and Analysis.
Union Budget of India 2015-16 Highlights and Analysis.
Union Budget of India 2014-15 Highlights and Analysis.
UPA’s Interim Budget 2014-15 vs NDA’s Union Budget 2014-15.
Union Budget 2013-14 Summary.
Indian Railway Budget 2013-14 Highlights.

Economic Survey and Latest Data

Economic Survey 2014-15 Summary.
Economic Survey 2013-14 Summary.
Indian Economy Statistics: Know India Better.
Committees and Commissions in India.
What is Economic Survey?

World Economy
WTO, Trade Facilitation Agreement and Indian Stand.
Fiscal Cliff and Fiscal Drag Explained.
US Debt Ceiling Crisis and US Federal Government Shutdown Explained.
Bitcoin: Understanding The Basics.

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Current Topics
The Black Money Saga In India: A Short Analysis
Panama Papers: Case of Tax Evasion by the Rich?
10 Benefits of Goods and Service Tax (GST)

How To Study Economics?

The above-mentioned order of posts follows the order ideal for easy comprehension and
understanding. We have followed a simple and lucid language throughout. Also, real-life
examples are provided, which we feel help all our readers to understand concepts faster. If
you are looking for specific guidance for economics/economy for IAS exam, refer our post
– How to Prepare Economy for Civil Services Exam?”

What should you understand by the term ‘Economy’?

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 Aspirants often call this section as Economics. There are others who call this section as
Indian Economy. But the exact wordings from UPSC Prelims syllabus are as “Economic
and Social Development, Sustainable Development, Poverty, Inclusion, Demographics,
Social Sector initiatives, etc. Question to test the economics fundamentals are also asked,
but most of the questions revolve around topics like Inflation, Monetary Policy, Fiscal Policy
etc.

Books to study Economics

1. Indian Economy – Ramesh Singh.
2. Economic Survey.
3. India Year Book.
4. Indian Economy Since Independence – Uma Kapila.
5. Indian Economy – Datt and Sundaram.

Additional Books to study Indian Economy for IAS Mains

1. Indian Economy – Sanjeev Varma.
2. Indian Economy – Mishra and Puri.
3. Indian Economy – Performance and Policies – Uma Kapila.
4. March of Indian Economy.

Our approach and advice!

As Economy section for UPSC exam is more current affairs oriented, no one can
guarantee any textbook as complete. Ideally, one should have at least one book on Indian
Economy plus the latest economic survey. Also, the latest budget should be properly
analyzed. Economic and Political Weekly (EPW) is a magazine which can be suggested as
a good read. The best way to start is by understanding basic concepts, thinking and asking
questions. We hope our free online resources on economics would be a good starting point.

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