Important Topics in Economy for UPSC Mains 2024
When studying Economy for UPSC Mains 2024, focus on topics that have a high probability of being asked in the exam. A list of key topics in the Economy for UPSC Mains 2024 is shared here.
Deeksha Dixit18 Sept, 2024
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Economy for UPSC Mains 2024 : Preparing for the Economy section in UPSC Mains is crucial, as it forms a significant part of the General Studies 3 paper. Based on an analysis of previous years' question papers, it can be concluded that 8 to 9 questions might be asked from the Economy subject this year.
As the UPSC Mains 2024 examination approaches, candidates must have a solid grasp of the fundamentals of the Economy and important topics likely to be tested. Read on to find out important topics in the Economy for UPSC Mains 2024 and how to prepare for this subject.Important Topics in Economy for UPSC Mains 2024
The UPSC Mains GS 3 Syllabus covers a wide range of topics related to ‘Economic Development’. Additionally, other sections in this paper have a vast syllabus, making it essential to focus on high-priority topics in the Economy for UPSC Mains 2024. The table below mentions some of the important Economy topics for Mains 2024:| Important Topics in Economy for UPSC Mains 2024 | |
| Topic | Subtopics |
| Economic Growth and Development | Growth models, Development indices, Sustainable development, Inclusive growth, and issues arising from it. |
| Government Budgeting | Fiscal policy, Budgetary approaches, Issues, Deficit financing in India, Public expenditure, Measures in the Latest Budget |
| Banking and Financial Institutions | Types of banks, NBFCs, Financial inclusion |
| International Trade and Balance of Payments | Trade policies, Exchange rate mechanisms, Current and Capital account |
| Government Schemes and Policies | Recent economic reforms, Flagship schemes, changes in industrial policy and their impacts, Poverty Estimation and alleviation |
| Infrastructure | Energy, Transport, Communication, Ports, Roads, etc. Infrastructure Development, Investment models |
| Public Finance | Taxation, Fiscal federalism, GST, |
| External Sector | FDI, FII, Foreign exchange reserves |
| Miscellaneous | Effects of liberalization, Social Sector Initiatives, Human Capital, Green economy, Agriculture, Industry, the Services sector |
Economic Survey and Union Budget for UPSC Mains 2024
The Economic Survey 2024 serves as an analytical report on the Indian economy, released annually just before the Union Budget. Candidates should go through key insights into various economic indicators, growth forecasts, and policy recommendations to understand the government's economic strategies and answer questions in UPSC Mains 2024. The Union Budget 2024 , outlines the government's revenue and expenditure plans, introduces new policies, and sets the economic agenda for the fiscal year. Candidates must go through the expert analysis of both these documents to perform well in the economy section of the GS 3 paper: ?si=LEKG5MCX96pD8rS-Tips to Prepare Economy for UPSC Mains
Candidates need to follow a strategic approach while studying the Economy for UPSC Mains, as this stage is more about the application of learned concepts. Here are tips to effectively prepare for the Indian Economy for UPSC Mains GS Paper 3: Develop Conceptual Understanding: Ensure that your foundation is strong in basic economic concepts and terminology. Then move to Mains-specific concepts by referring to reliable sources such as ‘ PWONLYIAS UPSC Wallah Economics Book ’. Interlink Current Affairs: Regularly follow news and developments related to the Indian and global economy at ‘ https://pwonlyias.com ’ and read ‘Prahaar Mains Booklets’ . This will help you analyze and interpret economic issues for answer writing. Refer to Government Publications: Read the Economic Survey and Union Budget 2024 and make brief notes highlighting key points, statistics, and recent developments. These documents provide insights into current economic trends, policies, and government strategies. Take a Holistic Approach: Understand the interconnections between various economic topics and their implications for the overall economic scenario. Being a dynamic subject, the Economy requires critical thinking skills to comprehend the syllabus for UPSC Mains. Practice Answer Writing: Regularly practice writing answers to sample questions to improve your analytical and writing skills. Join the PW UPSC Mains Test Series to get expert insights that will help you enhance your scores in the exam.UPSC Mains Economy Previous Year Questions
It is important to carefully analyze the Economy Mains PYQs, as these questions help you identify the high-yield topics and depth of knowledge required to answer questions. For instance, in 2023, around nine questions were asked in the GS-3 paper. Here are the previous year's questions that were in the UPSC Mains 2023 exam:| Questions | Word Limit | Marks |
| Q.1 Faster economic growth requires an increased share of the manufacturing sector in GDP, particularly of MSMEs. Comment on the present policies of the Government in this regard. | 150 Words | 10 Marks |
| Q.2 What is the status of digitalization in the Indian economy? Examine the problems faced in this regard and suggest improvements. | 150 Words | 10 Marks |
| Q.3 How does e-technology help farmers in the production and marketing of agricultural produce? Explain it. | 150 Words | 10 Marks |
| Q.4 State the objectives and measures of land reforms in India. Discuss how the land ceiling policy on landholding can be considered as an effective reform under economic criteria. | 150 Words | 10 Marks |
| Q.5 Most of the unemployment in India is structural in nature. Examine the methodology adopted to compute unemployment in the country and suggest improvements. | 250 Words | 15 Marks |
| Q.6 Distinguish between ‘care economy’ and ‘monetized economy’. How can the care economy be brought into a monetized economy through women's empowerment? | 250 Words | 15 Marks |
| Q.7 Explain the changes in cropping patterns in India in the context of changes in consumption patterns and marketing conditions. | 250 Words | 15 Marks |
| Q.8 What are the direct and indirect subsidies provided to the farm sector in India? Discuss the issues raised by the World Trade Organization (WTO) in relation to agricultural subsidies. | 250 Words | 15 Marks |
| Q.9 The adoption of electric vehicles is rapidly growing worldwide. How do electric vehicles contribute to reducing carbon emissions and what are the key benefits they offer compared to traditional combustion engine vehicles? | 250 Words | 15 Marks |
| Click Here for Solved Economy Questions | ||
| Click Here to Download Free High-Quality Solutions for all UPSC Mains PYQs for 2024 | ||
| UPSC Related Articles | ||
| UPSC Mains 2024 | UPSC Optional Subject | International Relations Books |
| UPSC Mains Exam Pattern 2024 | Pratigya Diwas 2024 | UPSC Result 2024 |
Economy for UPSC Mains 2024 FAQs
How many questions are asked in UPSC Mains from Economy?
Typically, 8 to 9 questions are asked from the Economy section in the UPSC Mains GS Paper 3.
How do I prepare the Economy for UPSC Mains?
Develop a strong conceptual foundation, interlink current affairs, refer to government publications, take a holistic approach, and practice answer writing regularly.
How many days are required to complete Economy for UPSC Mains?
It usually takes about 30-45 days of focused study to cover the entire Economics syllabus for UPSC Mains 2024, depending on your prior knowledge and study efficiency.
What are key areas to focus on in the Economy for UPSC Mains?
Key areas include Economic Growth and Development, Government Budgeting, Banking and Financial Institutions, International Trade, Government Schemes, Infrastructure, Public Finance, and the External Sector.
What are the common themes in the economy section of the UPSC Mains GS 3 Paper?
The common themes in the economy section of the UPSC Mains GS 3 Paper include economic growth and development, fiscal and monetary policies, agriculture, industry, international trade, and current economic affairs.
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