Economy

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What you’ll learn

  • Gain a better understanding of Indian Economy
  • Interactive video lectures in every lesson will help you better understand a lesson.
  • Daily Evaluate your own performance by writing and practicing two answers given after each lessons
  • Wise IAS notes covers Complete Syllabus for UPSC CSE Examination

This Course will covers IAS Prelims and Mains Syllabus:

Chapter 1- Growth and development

  • Economic Growth in India: National Income Determination, GDP, GNP, NDP, NNP, Personal Income
  • Economic Growth versus Economic Development
  • Measures of Economic Development: Human Development Index, Green GDP, Gross National Happiness Index
  • Economic and Social Development in India: Millennium Development Goals
  • Sustainable Development Goals and India

Chapter 2- Issues related to planning 

  • Issues related to planning in India
  • Planning in India: Bombay Plan; People’s Plan; Mahalanobis Plan; Wage-Good Model; Gandhian Plan
  • Mobilization of Resources

Chapter 3- Inflation

  • Inflation in India: CPI, WPI, GDP Deflator, Inflation Rate
  • Types of Inflation: Demand Pull, Cost-Push, Stagflation, Structural Inflation, Deflation, and Disinflation
  • The Cost of Inflation

Chapter 4- Monetary policy in India

  • Monetary Economics: Barter System, Definition, Function and Evolution of Money
  • Monetary Policy in India: Inflation, deflation, Recessionary and Inflationary Scenarios
  • Monetary Policy tools and Money Supply in India
  • Monetary Policy Agreement in India

Chapter 5- Banks & Financial markets

  • Banking in India: Definition, Functions, and Types of Banks
  • Development Finance Institutions: IFCI, ICICI, SIDBI, IDBI, UTI, LIC, GIC
  • Nationalisation of Banks
  • Banking Sector Reforms in India: Narasimhan Committee 1&2, Nachiket Mor Committee, P J Nayak Committee
  • Problem of Non Performing Assets in India
  • Non-Banking Financial Companies in India
  • Financial Inclusion in India: Need and future; PMJDY; Payment Banks and Small Banks

Chapter 6- Indian Agriculture

(a) Historical background and current status

  • Land reforms in India
  • Situation of Indian Agriculture

(b) Cropping Patterns

  • Cropping Patterns in India: Factors Affecting; Most Important Cropping Patterns
  • Types of Cropping Systems: Mono-cropping; Crop Rotation; Sequential Cropping; Inter Cropping; Relay Cropping

(c) Issues related to direct and indirect farm subsidies and minimum support prices

  • Farm Subsidies in India: Definition; Working; Need; Negative Impacts
  • Types of Farm Subsidies in Indian Agriculture: Irrigation and Power Subsidies; Fertilizer Subsidy; Seed Subsidy; Credit Subsidy
  • Government Intervention in Indian Agriculture
  • Minimum Support Prices in Indian Agriculture: MSP definition; Working; Issues; Drawbacks; Way Ahead; Buffer Stocks
  • Public Distribution System in India: Definition; Issues; Working; Need; Disadvantages
  • Targeted PDS in India, Antyodaya Anna Yojana (AAY), Alternative to the PDS, Direct Benefit Transfers, National Food Security Act

(d) Agriculture Marketing

  • Marketing of Agricultural Produce in India: Definition; Role; APMC Act, Model APMC Act, 2003
  • Private and Co-operative Sector in Marketing of Agriculture Produce in India

(e) Technology missions and e-technology in the aid of farmers

  • Technology Missions in India
  • E-Technology in Indian Agriculture to Aid the Farmers

Chapter 7- Poverty, Inequality, and Unemployment

(a) Poverty

  • Poverty in India: Types of Poverty, Causes of Poverty, Vicious Circle of Poverty
  • Poverty Lines in India: Estimations and Committees
  • Poverty in India: Trickle Down Approach, Inclusive Growth and Multi-Dimensional Poverty Index
  • Addressing Poverty in India/Poverty Eradication Schemes

(b) Inequality

  • Inequality in India: Definition and Measures; Lorenz Curve, Gini Coefficient, Income held by Top 10%
  • Income Inequality in India: Causes, Remedies, and Consequences

(c)  Unemployment

  • Unemployment in India: Definition, Types, and Measures
  • Unemployment in India: Causes and Consequences
  • Jobless Growth in India: Reasons and Consequences

(d) Other important issues

  • Economics of Animal Rearing in India
  • Government Policies towards Women Empowerment: Beti Bachao Beti Padhao, SSA, Kasturba Gandhi Balika Vidyalaya, Saakshar Bharat, SABLA, STEP
  • Education in India: Role and Channels in Promoting Economic Growth

Chapter 8- Government budgeting

  • The Role of the Government in the Economy
  • The Government Budget: Revenue Budget, Capital Budget, Government Deficits
  • Budgetary procedure in India
  • Types of Budgets in India

Chapter 9-Taxation in India

  • Taxation in India: Classification, Types, Direct tax, Indirect tax
  • Goods and Services Tax
  • Tax Reforms in India
  • Concept Related to Taxation: Tax Incidence, Tax Evasion, Laffer Curve, CESS and Surcharge

Chapter 10-External sector

  • India’s Balance of Payments: Current Account, Capital Account, Goods and Services Account
  • India’s BOP Performance: Balance of Payment versus Balance of Trade, Current Account versus Capital Account
  • FDI and FPI in India, External Commercial Borrowings, Foreign Exchange Reserves in India
  • Foreign Exchange Rate Determination in India and Types of Exchange Rate
  • Capital and Current Account Convertibility in India

Chapter 11- International economic organizations

  • The Bretton Woods Twins- World Bank and IMF
  • ADB, BRICS Bank, AIIB
  • Bilateral, Regional and Global Groupings and Agreements involving India
  • The World Trade Organisation (WTO) and India

Chapter 12-Food processing & related industries

  • Food Processing Industry: Definition and Dimensions; Channels of Transitions; Inter linkages between Agriculture and Industry
  • Food Processing Industry: Food Based Industry versus Non- Food Based; Location, Upstream, Downstream Requirements
  • Food Processing Industry: Forward, Backward Linkages; Food Processing Industry and Economic Development
  • Food Processing Industry in India: Growth Drivers, FDI Policy, Investment Opportunities; Schemes Related to Food Processing Sector
  • Supply Chain Management in Indian Agriculture

Chapter 13-Industrial sector

  • Industrial development in India
  • Industrial Policy in India and its effects on growth
  • Public sector undertakings in India
  • Privatisation of the Public Sector Enterprises

Chapter 14-Infrastructure

  • Infrastructure Sector in India: Definitions; Growth and Infrastructure Linkage
  • Infrastructure Development in India
  • Infrastructure Sector in India: Growth Drivers; Government Policy Initiatives
  • Road Transport in India
  • Civil Aviation Sector in India
  • Railways Sector in India
  • Recent Initiatives by the Railways
  • Telecommunication Sector in India
  • Notable Initiatives of Indian Telecom Sector
  • Port sector in India
  • Energy and Power Sector
  • Government Policy Support for the Energy Sector

Chapter 15-Investment model

  • Investment Models: Public Sector Led Investment Model; Private Sector-Led Investment Model
  • Public-Private Partnership Model: Definitions; Need for PPP; Prerequisites.
  • Public-Private Partnership Models: Contracting, Build Operate Transfer, Design Build Finance Operate (DBFO), Concessions, Build Operate Transfer, EPC Model, Swiss Challenge Model, HAM Model

Course Content

Growth and development
Inflation
Monetary policy in India
Banks & Financial markets
Indian Agriculture
Poverty, Inequality, and Unemployment
Government budgeting
Taxation in India
External sector
International economic organizations
-Food processing & related industries
Industrial sector
Infrastructure
Investment model

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