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Economics Notes for UPSC 2023 Exam

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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.

Economics Notes for UPSC Exam


UPSC Notes For UPSC 2023

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. 

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

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Last Updated : 11 May, 2023
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