Introduction to Economics
Basic Concepts
Definition of Economics: Microeconomics and Macroeconomics
Types of economies: Capitalist, Socialist, Mixed
Sectors of the economy: Primary, Secondary, Tertiary
Economic activities: Production, consumption, distribution
Principles of Economics
Opportunity cost
Demand and supply: Law, elasticity, determinants
Production possibility curve (PPC)
Indian Economy: Overview
Economic History
Pre-independence economy: Agriculture and trade
Planning era: Five-Year Plans (1951–2017)
Transition to a market economy: Liberalization, Privatization, Globalization (LPG)
Structure of the Indian Economy
Rural and urban economy
Demographic trends and economic implications
National Income Accounting
Structure of the Indian Economy
Concepts: GDP, GNP, NNP, NDP
Real vs. nominal GDP
Limitations of national income estimates
Economic Planning and Development
Economic Planning in India
Planning Commission and NITI Aayog
Types of planning: Indicative and imperative
Achievements and failures of economic planning
Development Indicators
Human Development Index (HDI)
Multidimensional Poverty Index (MPI)
Gender Development Index (GDI)
Sustainable Development Goals (SDGs)
Agriculture in India
Importance and Challenges
Contribution to GDP and employment
Issues: Land reforms, productivity, irrigation, subsidies
Agricultural Reforms
Green Revolution: Features, impact, limitations
Second Green Revolution and sustainable farming
Crop insurance schemes
Government Schemes
PM Kisan Samman Nidhi
National Food Security Mission
eNAM (National Agriculture Market)
Industry and Infrastructure
Industrial Policy
Industrial Policy Resolutions: 1956, 1991
Make in India, Start-up India
MSMEs: Role, challenges, and initiatives
Infrastructure Development
Power, transport, communication
Role of Public-Private Partnerships (PPPs)
Services Sector in India
Infrastructure Development
Role in GDP and employment
Growth of IT and ITeS industries
Tourism, banking, and education services
Banking and Financial Institutions
Structure of Indian Banking
RBI and its role as a central bank
Public and private sector banks
Cooperative and regional rural banks
Financial Inclusion
Jan Dhan Yojana
Digital payment systems (UPI, BHIM)
Microfinance and SHGs
Monetary Policy
Objectives and tools: CRR, SLR, Repo Rate, Reverse Repo Rate
Inflation targeting and price stability
Public Finance
Government Budget
Structure: Revenue and capital budgets
Types of deficits: Fiscal, revenue, primary
FRBM Act: Objectives and challenges
Taxation in India
Types of taxes: Direct and indirect
GST: Features, benefits, and challenges
Tax reforms in India
International Trade and Organizations
International Trade
Balance of trade vs. balance of payments
Exchange rates: Fixed, floating, and managed
WTO, IMF, World Bank, and their roles
Globalization
Impact on Indian economy
FDI and FPI: Trends and policies
Challenges of globalization
Poverty and Unemployment
Poverty in India
Types: Absolute, relative
Measurement: Poverty line, Tendulkar and Rangarajan committees
Government schemes for poverty alleviation
Unemployment in India
Types: Structural, cyclical, frictional, disguised
Measurement and trends
Employment generation schemes: MNREGA, Skill India
Inflation and Price Stability
Unemployment in India
Types of inflation: Demand-pull, cost-push
Measurement: WPI, CPI, GDP deflator
Impact of inflation on the economy
Social Development
Education
Literacy rates and trends
Government schemes: SSA, RTE, NEP 2020
Health
National Health Policy
Ayushman Bharat and other health initiatives
Gender Equality
Women empowerment schemes: Beti Bachao Beti Padhao, Ujjwala
Gender budget and indicators
Sustainable Development and Environment
Gender Equality
Environmental challenges: Deforestation, pollution, climate change
Renewable energy: Solar, wind, bioenergy
Government initiatives: National Action Plan on Climate Change (NAPCC)
Circular economy and green growth
Atmanirbhar Bharat
Global economic trends: Recession, supply chain disruptions
Cryptocurrency and blockchain technology
Current Economic Issues
Gender Equality
Economic recovery post-COVID-19