Indian Economy - Syllabus

INDIAN ECONOMY

1. Introduction to Economics

• Definition and scope of economics

• Basic concepts

• Role of State in an Economy

• Sectors of an Economy

• Types of Economies

• Idea of National Income- GDP, NDP, GNP, NNP, Cost and Price of National Income

• Comparing GVA & GDP

• Characteristics of the Indian Economy

2. Macroeconomics

• Gross Domestic Product (GDP)

• Unemployment

• Inflation

• Fiscal Policy

• Monetary Policy

• Economic Growth

• Exchange Rates

3. Microeconomics

• Supply and Demand

• Market Structures (Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition)

• Elasticity

• Consumer Behaviour

• Producer Behaviour

• Market Failures

4. Growth, Development and Happiness

• Economic growth vs. development

• Measurement of development

• Insights into Human Behaviour Social Norms, Culture and Development values and Economics

5. Evolution of the Indian Economy

• Pre-independence economy

• Post-independence economy

• Prime Moving Force: Agriculture vs. Industry Planned and 

• Mixed Economy 

• Economic reforms since independence

6. Economic Planning

• Concept of economic planning

• Different Types of Economic Planning

• Objectives and Strategies

• Five-Year Plans, Twenty-Point Programme, MPLADS

7. Planning in India

• Pioneer Plans: The Visvesvaraya Plan, The Congress Plan, The Bombay Plan, The Gandhian Plan, The People’s Plan, The Sarvodaya Plan.

• Planning Commission and Its Functions

• NDC

• Grassroot Planning

• NITI Aayog and Its Functions

• Inclusive Growth

• Resource Mobilisation 

• Investment Models

8. Economic Reforms

• Washington Consensus

• Mixed Economy 

• Obligatory Reform Reform Measures 

• The LPG-Liberalisation Privatisation Globalisation Reforms in India 

• Generations of Economic Reforms 

• Disinvestment

• New economic policies

9. Inflation and Business cycle

• Causes and types of inflation

• Measurement

• Effects

• Business cycle theory

• Inflationary Gap, Deflationary Gap, Inflation Tax, Inflation Spira,l Inflation Accounting, Inflation Premium, Phillips Curve, Reflation, Stagflation.

• Skewflation, GDP Deflator, Base Effect, Effects of Inflation.

• WPI and CPI

• Producer Price Index, Housing Price Index, and Service Price Index.

10. Agriculture and Food Management

• Croping System and Types of Crops in India

• Agricultural Policies

• Green Revolution

• Minimum Support Price Market Intervention Scheme Procurement Prices Issue Price Economic Cost of Foodgrains Open Market Sale Scheme Price Stabilisation Fund

• Agriculture Marketing, Model APMC Act, Model Contract Farming Act

• Irrigation, Farm Mechanisation, Seed Development, Fertilisers, Pesticides, Agri-Credit

• WTO and the Indian Agriculture: Prospects and Challenges, WTO and Agricultural Subsidies AMS

• National Food Security Act, Climate Smart Agriculture

11. Industry and Infrastructure

• Industrial development

• Industrial Policies Upto 1986, New Industrial Policy, 1991

• Disinvestment Types of Disinvestment Current Disinvestment Policy Proceeds of Disinvestment: Debate Concerning the Use.

• MSME Sector, Ease of Doing Business Make in India Start-up India Indian Infrastructure,

• UDAY Scheme, Railways, Roads, Civil Aviation, 

• Smart Cities Private Sector and Urbanisation PPP Models Concerns of Petroleum Sector Renewable Energy Logistics Sector Housing Policy, PMAY-U

• National Infrastructure Pipeline

12. Services Sector

• Growth and contribution

• IT and ITES Sector

• Tourism industry

• Offshore Fund Management, Global Negotiations WTO Negotiations Bilateral Agreements

13. Indian Financial Market

• Indian Money Market,

• Financial intermediaries

• Mutual Funds DFHI, 

• Indian Capital Market Project Financing 1. Financial Institutions 2. Banking Industry 3. Insurance Industry 4. Security Market

• Financial Regulation in India, Establishment of FSDC

14. Banking in India

• Types of banks 

• RBI and its functions

• RBI’s Reserves & Surplus Capital,

• Cash Reserve Ratio Statutory Liquidity Ratio Bank Rate Repo Rate Long Term Repo Reverse Repo Rate Marginal Standing Facility (MSF) Other Tools

• Base Rate MCLR

• Nationalisation and Development of Banking in India, Regional Rural Banks (RRBs), Co-operative Banks, 

• Financial Sector Reforms, Banking Sector Reforms

• REsolution of NPAs and Stressed ASSETS

• SARFAESI Act, 2002, Capital Adequacy Ratio, Basel III Compliance of the PSBs & RRBs

• Non-Resident Indian Deposits, Nidhi, Chit Fund, Small & Payment Banks,

• Financial Inclusion

• Gold Investment Schemes

• Mudra Bank

15. Insurance in India

• Types of insurance

• IRDA and regulation

• Insurance penetration in India

• LIC and GIC

• Public Sector Insurance Companies

• Reinsurance, Deposit Insurance and Credit Guarantee Corporation (DICGC), Export Credit Guarantee Corporation (ECGC), National Export Insurance Account (NEIA)

• New Insurance Schemes

16. Security Market in India

• Stock exchanges and Important Terms of Stock Market

• Primary and Secondary Markets

• IPOs

• Mutual funds

• SEBI and regulation, Commodity Trading, Spot Exchanges in India

• Foreign Financial Investment, Angel Investor, QFIs Scheme, Participatory Notes (PNs)

• Credit Default Swap (CDS), Securitisation, Corporate Bond in India, Inflation-Indexed Bonds, Gold Exchange Traded Funds

17. External Sector in India

• Foreign trade policy

• Definitions of Forex Reserves, External Debt, Fixed Currency Regime, Floating Currency Regime, Managed Exchange Rates, Foreign Exchange Market, Exchange Rate in India, Trade Balance, Trade Policy, Depreciation, Devaluation, Revaluation, Appreciation, Current Account, Capital Account, Balance of Payment (BoP)

• Convertibility in India

• LERMS, NEER, REER

• Hard Currency, Soft Currency, Hot Currency, Heated Currency

• Cheap currency, Dear Currency

• Special Economic Zone

• ECB Liberalised

• New Foreign Trade Policy,

18. International Economic Organisations & India

• IMF

• World Bank

• WTO

• BRICS

• India’s role and memberships

• Asian Development Bank

• Nairobi Negotiations & India

• Buenos Aires Conference and India

• Trade Facilitation By India

• BRICS Bank

• Asian Infrastructure Investment Bank

20. Tax structure in India

• Incidence of Tax and Impact of Tax 

• Direct and indirect taxes

• Progressive Taxation, Regressive Taxation, Proportional Taxation

• VAT and GST

• Commodities Transaction Tax, Securities Transaction Tax

• Capital Gains Tax, Minimum Alternate Tax

• Corporate Tax, Reform Dividend Distribution Tax, Tax Expenditure Collection Rate

• Income and Consumption Analysis

• Tax reforms

• Tax administration in India

21. Public Finance in India

• Developmental and Non-developmental Expenditure

• Plan and Non-Plan Expenditure

• Tax and Non-tax Revenue Receipts 

• Revenue Budget, Revenue and Non-revenue Receipts , Revenue Expenditure 

• Revenue Deficit, Effective Revenue Deficit, 

• Capital Budget, Capital Receipts Capital Expenditure Capital Deficit 

• Fiscal Deficit, Primary Deficit, Primary Surplus, Monetised Deficit, Deficit and Surplus Budget

• Government budgeting, Types of Budgets, Golden Rule, Balanced Budget, Gender Budgeting

• Public Debt, Independent Debt Management, Central Government Debt

• FRBM Act, 2003.

• Means of Deficit Financing

• Fiscal Policy and Deficit Financing in India

22. Sustainability and Climate Change: India and the World

• Environmental policies

• Green Finance, Climate Finance, Green Climate Fund, Global Environment Facility, INDCs, Climate change mitigation and adaptation

• Renewable Energy

• Sustainable development

23. Human Development in India

• Health and education indicators

• Demographics, Socio-Economic and Caste Census, Education for All , Skill Development, Employment Scenario in India

• Burden of Diseases, Health for All, Drinking Water & Sanitation

• Social welfare schemes

• Poverty alleviation programs

• Other Development Indicators

24. Economic Survey 2023-2024

• Overview of key economic indicators, Government policies and initiatives

25. Union Budget 2024-2025

• Budgetary allocations, Tax proposals, Economic outlook