Indian Economy for UPSC

Economics as a Discipline · Scarcity and the Central Problems of an Economy · Production Possibility Frontier · Economic Systems: Market, Planned and Mixed Economy · Positive and Normative Economics · Microeconomics vs Macroeconomics · Circular Flow of Economic Activity · Sectors of an Economy: Public and Private · Role of the State in the Economy

Utility Analysis: Cardinal Utility · Demand Curve and Law of Demand · Indifference Curve Analysis and Ordinal Utility · Consumer Budget Constraint and Equilibrium · Normal, Inferior Goods, Substitutes and Complements · Shifts vs Movements in Demand Curve · Market Demand and Price Elasticity of Demand · Supply Curve and Law of Supply · Price Elasticity of Supply · Market Equilibrium: Demand-Supply Interaction · Effects of Demand and Supply Shifts on Equilibrium · Price Ceiling and Price Floor · Markets: Meaning, Types and Market Structures Overview · Consumer Rights and the Consumer Movement in India

Production Function: Inputs and Outputs · Short Run and Long Run; Total, Average and Marginal Product · Law of Diminishing Marginal Product · Returns to Scale · Short Run Cost Concepts · Long Run Costs · Perfect Competition: Features, Revenue and Profit Maximisation · Firm's Supply Curve and Shutdown Point · Other Market Structures: Monopoly, Oligopoly, Monopolistic Competition · Economies of Scale and Scope

Classification of Economic Activities: Primary, Secondary, Tertiary · GDP and Sectoral Interdependence · Historical Change in Sectoral Shares and Comparative Development · Sectoral Composition of the Indian Economy · Employment and Underemployment in India · Organised and Unorganised Sectors · Protection of Unorganised Sector Workers · Public and Private Sector: Roles and Objectives · Government Employment Generation Strategies · Globalisation: Meaning, Drivers and Market Integration · Multinational Corporations and Production Across Countries · Liberalisation and Trade Policy Basics · Impact of Globalisation: Consumers, Producers, Small Firms and Workers · Foreign Trade and Integration of Markets

Money: Meaning and Evolution as Medium of Exchange · Modern Forms of Money · Cryptocurrency and Virtual Currencies · Bank Deposits and Loan Activity · Credit: Meaning, Terms of Credit and Collateral · Formal and Informal Sources of Credit · Credit Arrangements in Rural India and Risk · Self-Help Groups and Microfinance for the Poor · Grameen Bank Model and Lessons

Basic Macroeconomic Concepts: Stocks, Flows, Final and Intermediate Goods · Circular Flow of Income and Methods of Measuring National Income · Value Added (Product) Method · Expenditure Method · Income Method · Factor Cost, Basic Prices and Market Prices · Macroeconomic Aggregates: GDP, GNP, NNP, NDP, Depreciation · Nominal vs Real GDP and GDP Deflator · GDP as a Measure of Welfare: Limitations · Per Capita Income and Limitations of Average Income · GDP Base Year Revision: New National Accounts Series · Alternative Measures of Progress: Green GDP and Happiness Indices

Index Numbers: Meaning, Types and Uses · Construction of Index Numbers: Aggregative and Weighted Methods · Consumer Price Index: Construction and Variants · Wholesale Price Index · Index of Industrial Production · Producer Price Index and Other New Indices · Stock Market Indices: Sensex and Nifty · Inflation: Meaning, Measurement and Base Effect · Types of Inflation: Demand-Pull, Cost-Push, Structural · Causes and Effects of Inflation · Business Cycle: Phases · Government and RBI Measures to Control Inflation

Demand for Money and Functions of Money (Macro View) · Money Supply: Measures (M1-M4) · Money Creation by the Banking System · Reserve Bank of India: Role and Functions · Monetary Policy: Objectives and Tools Overview · Cash Reserve Ratio · Statutory Liquidity Ratio · Bank Rate and Repo/Reverse Repo Rate · Marginal Standing Facility and Liquidity Adjustment Facility · Open Market Operations · Monetary Policy Committee: Formation and Inflation Targeting · Base Rate, MCLR and Lending Rate Mechanisms · Demonetisation: Policy and Impact · Banking Structure in India · Nationalisation of Banks and Banking Sector Reforms · Small Finance Banks and Payments Banks · Priority Sector Lending and Financial Inclusion · Digital Payment Systems and Infrastructure in India · Non-Performing Assets and Resolution Mechanisms · Capital Adequacy and Basel Norms · Public Sector Bank Reforms: Recapitalisation and Indradhanush · Non-Banking Financial Companies · Specialised Banking: Local Area Banks and Mudra

Indian Financial System: Overview of Markets and Institutions · Money Market: Structure and Instruments · Capital Market: Meaning and Functions · Primary Market: Capital Raising Methods · Secondary Market: Stock Exchanges in India · Securities and Exchange Board of India · Market Capitalisation and Stock Market Indices in Detail · Mutual Funds and Collective Investment Schemes · Alternative Investment Funds: Venture Capital, Private Equity and Hedge Funds · Derivatives Market: Futures and Options · Depository System, Demat Accounts and Depository Receipts · Foreign Portfolio Investment · Corporate Bond Market and Debt Instruments · REITs and InvITs · Inflation-Indexed Bonds · Insurance Sector in India and IRDAI · Pension Sector Reforms: NPS and PFRDA · Financial Sector Regulators and Coordination: FSDC · Credit Rating Agencies and Sovereign Ratings

Government Budget: Meaning, Objectives and Components · Revenue Budget: Receipts and Expenditure · Capital Budget: Receipts and Expenditure · Classification of Government Expenditure · Tax Structure in India: Direct and Indirect Taxes · Direct Tax Reforms · Double Taxation Avoidance Agreements (DTAA) · Indirect Tax Reforms: From Excise/VAT to GST · Goods and Services Tax: Design and Implementation · Principles of a Good Tax System and Tax Buoyancy · Black Money, Tax Compliance and Demonetisation Linkage · International Tax Avoidance: BEPS, Tax Inversion and Indirect Transfers · Fiscal Policy: Meaning and Instruments · Budget Deficits: Revenue, Fiscal and Primary Deficit · Deficit Financing: Meaning and Methods · FRBM Act and Fiscal Consolidation · Public Debt: Internal and External · Union Budget Process in India · Finance Commission: Role and Tax Devolution · Fiscal Federalism: Centre-State Financial Relations

Open Economy: Basic Linkages · Balance of Payments: Concept and Structure · Current Account: Components · Capital Account: Components · BoP Equilibrium and Disequilibrium · Current Account Deficit and BoP Crisis Risk · Foreign Exchange Market: Demand and Supply of Forex · Exchange Rate Systems: Fixed, Flexible and Managed Floating · Exchange Rate Determination and Influencing Factors · Purchasing Power Parity and International Income Comparisons · Rupee Convertibility: Current and Capital Account · Liberalised Exchange Rate Management System · Real and Nominal Effective Exchange Rate · Impossible Trinity in Open Economy Policy · Foreign Exchange Reserves: Composition and Adequacy · External Debt: Concept and India's Position · Foreign Exchange Management Act

Foreign Trade Policy of India: Objectives and Instruments · Export Promotion Schemes and Incentives · Special Economic Zones · Comparative Advantage and Gains from Trade · Trade Protection Tools: Tariffs, Quotas, Anti-Dumping Duties · Foreign Direct Investment: Policy, Routes and Sectoral Caps · Foreign Direct Investment vs Foreign Portfolio Investment · External Commercial Borrowings and ADRs/GDRs/FCCBs · World Trade Organisation: Origin, GATT and Structure · WTO Agreement on Agriculture and Subsidy Classification · Doha Round and Other WTO Negotiations · Regional Trade Agreements and India's Trading Blocs · International Monetary Fund: Role and Functions · World Bank Group: Institutions and Functions · Other Multilateral Institutions: ADB, NDB, AIIB · Global Financial Crises and Lessons for Open Economies

Indian Economy on the Eve of Independence: Overview · Colonial Agriculture: Stagnation and Causes · Colonial Industry: Decline of Handicrafts and Underdevelopment · Colonial Foreign Trade and the Drain of Wealth · Demographic Conditions and Occupational Structure under Colonial Rule · Infrastructure Development under Colonial Rule · Economic Planning: Concept and Models · Evolution of Planning in India: Pre-Independence Proposals and the Planning Commission · Mahalanobis Model and the Five Year Plans Framework · Goals of Indian Planning: Growth, Modernisation, Self-Reliance, Equity · National Development Council and Planning Machinery · Green Revolution: Features and Impact · Industrial Policy Resolutions 1948 and 1956 · Import Substitution and the Licence-Permit-Quota Regime · Small-Scale Industries Policy under Planning · Public Sector Expansion under Planning · Critical Evaluation of the Planning Era

Balance of Payments Crisis of 1991: Causes · New Economic Policy 1991: LPG Framework · Washington Consensus and Policy Reform Debates · Liberalisation: Reducing Government Control over Trade, Industry and Finance · Privatisation and Disinvestment Policy: Meaning and Approaches · Globalisation and India's Integration with the World Economy post-1991 · Generations of Economic Reforms · Assessment of Reforms: Sector-wise Impact and Critique · Planning Commission's Dissolution and Transition to NITI Aayog · Indicative Planning: Seventh Plan Onwards and the Twelfth Plan · NITI Aayog: Structure, Functions and Role as Policy Think Tank

Development: Different People, Different Goals · National Income and Other Development Criteria · Human Development Index and Report · Economic Growth vs Economic Development · Gross National Happiness and Alternative Well-being Measures · Sustainability of Development: Concept and Threats · Sustainable Development Goals · Green GDP and Environmental Accounting · Climate Finance and Green Finance · India's Climate Commitments: Paris Agreement and NDCs · Inclusive Growth: Concept and Strategy · Demographic Dividend and India's Population Profile · Human Capital Formation: Concept and Sources · Social Capital: Concept and Role in Development · Government Role in Education and Health as Human Capital Investment

Poverty: Concept and Measurement in India · Poverty Estimates and Trends in India · Measuring Income Inequality: Lorenz Curve and Gini Coefficient · Multidimensional Poverty Index · Poverty Alleviation Programmes · Unemployment: Types · Worker-Population Ratio and Labour Force Participation · Informalisation of the Workforce · Government Employment Generation Schemes · Labour Market Reforms and Labour Codes · Skill Development Initiatives · Gender Discrimination and Women's Unpaid Work · Child Labour: Issues and Prevention · Financial Inclusion: Concept and Instruments · JAM Trinity and Direct Benefit Transfer · Universal Basic Income: Concept and Debate · Social Sector Programmes: Health and Nutrition · Social Sector Programmes: Pension and Social Security · Panchayati Raj and Decentralised Development · Socio-Economic Census and Targeting of Beneficiaries

Indian Agriculture: Features and Importance in the Economy · Kharif and Rabi Cropping Seasons and Cropping Patterns · Major Crops: Cereals (Rice and Wheat) · Major Crops: Coarse Cereals, Pulses and Oilseeds · Major Crops: Fibre and Cash Crops · Irrigation Systems and Water Use Efficiency · Agricultural Inputs: Seeds, Fertilisers and Pesticides · Organic Farming in India · Farm Mechanisation · Agricultural Marketing System and APMC · Reforms in Agricultural Marketing: Model APMC Act and e-NAM · Storage, Transport and Supply Chain for Agricultural Produce · Agricultural Credit System · e-Technology in Aid of Farmers · Agricultural Extension Services and Technology Missions · Climate-Resilient and Sustainable Agriculture Practices

Agricultural Subsidies: Types and Debate · Public Investment in Agriculture · Minimum Support Price Policy and Procurement · Buffer Stock Management · Public Distribution System · National Food Security Act · Food Subsidy and the Role of Food Corporation of India · Economics of Animal Rearing · Agricultural Export Policy and Trade · Commodity Futures Market for Agricultural Produce · Land Reforms in India: Objectives and Components · Land Reforms: Implementation Issues and Reasons for Failure · Land Leasing and Land Records/Titling Reform · Agricultural Land Holdings: Fragmentation and Consolidation · Cooperative and Contract Farming Models · Farmer Income Support Schemes and Crop Insurance · Farm Indebtedness and Farmer Distress · Food Processing Industry: Scope and Significance · Food Processing: Location, Upstream and Downstream Linkages · Food Processing: Supply Chain Management and FDI

Industrial Development in India: Overview and Significance · New Industrial Policy 1991: Main Provisions · Industrial Delicensing: Abolition of Licensing and MRTP Dilution · Impact of Liberalisation on Industrial Growth · Disinvestment Process: Types and Policy Evolution · MSME Sector: Definition and Schemes · National Manufacturing Policy and NIMZs · Make in India Initiative · Start-up India and Stand-Up India · Ease of Doing Business Reforms · Exit Policy and Labour Reforms for Industry · Key Industrial Sub-sectors: Steel, Aluminium, Textiles and Apparel · Intellectual Property Rights Framework and National IPR Policy · Corporate Social Responsibility and Sustainability Reporting · Services Sector: Growth, FDI and Global Performance · Digital India Programme · E-commerce Business Models and Digital Marketplace Initiatives · Champion Sectors and Vision for New India

Infrastructure: Meaning and Importance for Growth · Energy Infrastructure: Power Generation and Integrated Energy Policy · PNGRB and Petroleum Sector Regulation · Renewable Energy and the International Solar Alliance · Roads Infrastructure Network · Railways Infrastructure: Network, Freight and Dedicated Freight Corridors · Ports Infrastructure and the Maritime Agenda · Airports and Civil Aviation: Regional Connectivity · Urban Infrastructure: Smart Cities Mission · Investment Models: Traditional Public Investment Framework · Investment Models: Public-Private Partnership · Investment Models: Neo-Investment Models Post-Reforms · Viability Gap Funding and Infrastructure Financing · Infrastructure Financing Institutions · Infrastructure Sector: Challenges and the Way Forward