Economics Notes For UPSC - Indian Economy Notes For IAS Preparation

Find below the PDFs of UPSC notes on the Indian Economy for the Civil Services Exam. Indian economy/ Economics is part of both the UPSC Prelims Syllabus and the UPSC Mains Syllabus (GS III). Also, Economics is an optional subject choice in the IAS Mains exam. This highly relevant and scoring subject often poses a challenge to IAS aspirants, as students find it hard to make notes balancing both static and dynamic economic topics.

Having a comprehensive list of Economics notes for UPSC can help cover the vast subject in a timely and effective manner. It can also making notes for the subject and easy task.

Hence, we have provided Indian Economy notes specifically for IAS preparation. These UPSC notes are made by experienced subject matter experts specifically for the Civil Services exam. This article will provide you with all relevant Economics notes for both UPSC prelims and UPSC Mains.

Daily News

Important Economy Notes for UPSC

Aspirants can find the important Economy notes for UPSC 2024 preparation from the linked articles given in the table below:

Masala Bonds Emergency Credit Line Guarantee Scheme Enhanced Access Service Excellence (Ease 2.0) Banking Reforms Index Difference Between Articles
Negative Yield Bonds Investment Models Strategic Disinvestment Alternative Investment Fund
CAROTAR 2020 Prompt Corrective Action Additional Tier-1 Bonds Debt-to-GDP Ratio
States Startup Rankings in India Technical Recession in India Agri Market Infrastructure Fund Small Farmers Agribusiness Consortium
Online Dispute Resolution in India Asset Reconstruction Company Startup India Seed Fund Scheme KV Kamath Committee on Loan Restructuring
Union Budget Economic Survey Cashless Economy Exclusive Economic Zone (EEZ)
Principles of India’s Foreign Policy Financial Action Task Force Fiscal Responsibility Budget Management Economy Planning in India
Indian Companies Act  Electoral Bonds FDI in Retail Census 2011 Facts
National Sample Survey Organisation (NSSO) Foreign Exchange Management Act (FEMA) Consumer Price Index (CPI) Participatory Notes (P-Notes)
Wholesale Price Index (WPI) Special Economic Zone (SEZ) Competition Commission of India (CCI) Foreign Contribution Regulation Act (FCRA)
Environmental Impact Assessment Forex Reserves Important Economic Terms Related to Union Budget OECD
Reserve Bank of India (RBI) NEER & REER PDS & TPDS Index of Industrial Production (IIP)
Disinvestment Policy in India & DIPAM National Payment Corporation of India (NPCI) International Monetary Fund (IMF) Demonetisation
Goods & Services Tax (GST) World Economic Forum Banks Board Bureau (BBB) SARFAESI Act
Capital Adequacy Ratio (CAR) Difference Between NSE & BSE Difference Between Primary, Secondary and Tertiary Sectors Difference Between Microeconomics and Macroeconomics

UPSC Booklist for Indian Economy

The following books will be useful in making UPSC Economics notes:

  • Indian Economy – Ramesh Singh
  • The Indian Economy – Sanjiv Verma
  • Indian Economy – Mishra and Puri
  • Indian Economy – R. Dutt and KPM Sundaram
  • Banking – S.B. Gupta
  • Dictionary of Economics – Graham Bannock; T.E. Baxter, Ray Rees
  • Economic Growth and Development – Mayer and Baldwin
  • Economic Survey: Twelve Five Year Plan: New Industrial Policy – Government of India
  • Economics – Paul A. Samuelson
  • Economics Choice – Koutsweanik
  • Growth and Development – M L Jhingan
  • International Economics – Bo Soderston
  • International Economics – H.G. Mannur or Salvatore
  • International Trade – Bo Soderston
  • MacroEconomic Analysis – Edward Shapiro

Economy Notes on Topics in News for UPSC

  1. Inland Vessels Bill, 2021
  2. Global Minimum Corporation Tax (GMCT)
  3. FAO Food Price Index (FFPI)
  4. White Goods in India
  5. Payments Council of India
  6. Payments Infrastructure Development Fund Scheme
  7. World Economy Outlook Report
  8. Socio-Economic Caste Census (SECC)
  9. The Silk Road Economic Belt
  10. Important Economic Terms for UPSC Exam
  11. Economic Contagion
  12. National Income and its Accounting
  13. Economic Recovery Post Pandemic
  14. Economic Empowerment Of STs
  15. Universal Service Obligation Fund
  16. Economic Empowerment Of Weaker Sections
  17. Economic Growth & Development
  18. Black Economy
  19. Blue Economy
  20. Venture Capital (VC)
  21. Measurements of National Income
  22. Taxation System
  23. Union Budget 2021 – 22
  24. Interim Budget
  25. WTO’s Latest Doha Round
  26. Taxation System
  27. World Bank Group (WBG)
  28. Wholly Owned Subsidiary
  29. Willful Defaulting
  30. Wholesale Banking
  31. Value-Added Tax (VAT)
  32. Bitcoin
  33. Taxation in India
  34. Tax Policy Council & Tax Policy Research Unit
  35. Tax Administration Reform Commission (TARC)
  36. SWIFT (Society for Worldwide Interbank Financial Telecommunication)
  37. Subsidies + Externalities
  38. Small Industries Development Bank of India (SIDBI)
  39. RBI Grants Licensing for Small Finance Banks
  40. Statutory Liquidity Ratio – SLR
  41. Six or more anchor banks likely to lead consolidation
  42. Startup India Seed Fund Scheme (SISFS)
  43. Shared National Credit Program
  44. Securities Transaction Tax
  45. Serious Fraud Investigation Office (SFIO)
  46. Status of PACL Case
  47. Journey of GST
  48. Line of Credit
  49. The Lorenz Curve
  50. Minimum Support Price (MSP)
  51. Non-Banking Financial Institutions
  52. Minimum Alternate Tax (MAT)
  53. Insurance Regulatory and Development Authority of India [IRDA]
  54. Investment Models
  55. Internationalisation of Rupee
  56. Interim Budget
  57. Inflation Targeting
  58. Initial Public Offering
  59. Insolvency and Bankruptcy Board of India (IBBI)
  60. Inflation
  61. Gross Value Added
  62. GST Constitutional Amendment cleared
  63. Green Finance
  64. Import Cover
  65. Income Inequality In India
  66. India and the WTO
  67. Producer Price Index (PPI)
  68. Price Deficiency Payment System
  69. Gold Monetisation Scheme
  70. Fiscal Policy

Indian Economy Notes for UPSC Prelims exam and IAS Mains

Topics PDF
  • Demand and Supply
  • Market Equilibrium
  • MSP v/s Procurement Price
  • Practice questions
  • Classification of Markets
  • Government Intervention
  • GDP
  • National Income
  • Measurement of National Income
  • Sectors of Indian Economy
  • Economic Growth and Development
  • Calculating the Human Development Index (Graphical representation and technical explanation)
  • Calculating the Inequality-adjusted HDI (Graphical representation and technical explanation)
  • Calculating the Multidimensional Poverty Index (Graphical representation and technical explanation)
  • Calculating the Gender Inequality Index (Graphical representation and technical explanation)
  • Monetary System and Money
  • Money Supply – Types of Money
  • Monetary Supply in India
  • Reserve Bank of India
  • Monetary Policy
    • Qualitative Measures
    • Quantitative Measures
  • Types of Monetary System
  • Financial Institutions and Banking
    • Types of Banks in India
  • Development Finance Institutions
    • Sector Specific important DFIs
  • Non-banking Financial Institutions
  • Securities
  • Forms of Business Organisation
  • Evolution of Banking in India
    • Timeline
    • Objectives
    • Assessment of Nationalisation
  • Basel Norms
    • How Basel III is different from Basel I and II
  • Financial Inclusion
  • Govt Measures to promote Financial Inclusion
    • Pre-1991
    • Post-1991
  • Inclusive Growth v/s Financial Inclusion
  • Inflation
    • Type of Inflation
    • Causes of Inflation
    • How to Control Inflation
  • Impact of Inflation (Phillips Curve)
  • Constraints faced in controlling Inflation
  • Terms related to Inflation – Stagflation, Misery Index etc.
  • Measurement of Inflation
    • WPI
    • CPI
  • Taxation in India
  • Direct Taxes
  • Indirect Taxes
  • GST
  • Relationship between Tax Rate and Tax Revenue (Laffer Curve)
  • Direct Tax Code
    • Objectives
    • Implementation
    • Proposals
  • Tax Reforms
  • Public Finance and Fiscal Issues
  • Budget
  • Structure of Budget in India
  • Important Terms (BD, RD, PD, FD, ERD, Monetised Deficit)
  • Fiscal Policy
    • FRBM Act 2003
    • Fiscal Federalism
  • Finance Commission
  • Disinvestment
    • Objectives
    • Differences with Privatisation
    • Process
  • Small Scale and Cottage Industries
    • Contribution of Small Scale Industries
    • Govt measures
  • Industrial Sickness
  • Financial Markets
    • Money Market
    • Capital Market
  • Stock Exchanges in India

Download the compilation of previous year UPSC Indian Economy Questions of IAS Prelims in the linked article.

How to prepare Indian Economy/Economics for the UPSC exam?

  • Read/prepare notes
  • Read NCERTs or notes from NCERTs
  • Check UPSC previous year question papers
  • If it is your optional subject, have a definite strategy
  • Follow daily news analysis

Also, read:

UPSC Mains GS 3 Strategy & Structure UPSC Preparation: Syllabus and Strategy for Economics – Prelims, Mains & Optional
IAS Prelims: UPSC MCQ On Economy Current Affairs Quiz
Success Rate Of Different Optional Subjects In UPSC Mains Daily News Analysis
UPSC Syllabus UPSC 2024 Calendar
NCERT Notes How To Read Yojana Magazine for IAS Preparation
UPSC Previous Year Question Papers Complete List Of NCERT Books Needed For UPSC Preparation
LBSNAA – Bharat Darshan: IAS Training In Detail Free Download NCERT Textbook of Class 12 Economics for UPSC Exam



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  1. very nice