UPSC Indian Economy Explorer

Module 1: Fundamentals of Economy & National Income Accounting

1.1. Introduction to Economics & Economy

1.1.1. Basic Concepts & Scarcity

• Scarcity, Choice, Opportunity Cost, Production Possibility Frontier (PPF).
• Microeconomics vs. Macroeconomics.

1.1.2. Types of Economies

• Capitalist, Socialist, Mixed, Command, Market Economies.
• India as a Mixed Economy (Historical Evolution & Contemporary Status).

1.1.3. Sectors of Economy

• Primary (Agriculture & Allied), Secondary (Industry), Tertiary (Services).
• Quaternary & Quinary Sectors (Knowledge & Decision-making).
• Formal vs. Informal Sector (Characteristics, Contribution, Challenges).

1.1.4. Basic Economic Problems

• What to produce, How to produce, For whom to produce.

1.2. Economic Growth vs. Economic Development

1.2.1. Economic Growth

• Definition, Measurement (GDP, GVA, GNP).
• Factors affecting economic growth (Capital, Labour, Technology, Institutions).

1.2.2. Economic Development

• Definition, Holistic approach (beyond mere income).
• Indicators: Poverty, Inequality, Health, Education, Environment.
• Inclusive Growth: Concept, Need, Pillars (Financial Inclusion, Skill Development, etc.).
• Sustainable Development: Concept, Pillars (Environmental, Social, Economic).
• Green GDP: Concept & significance.

1.3. National Income Accounting

1.3.1. Basic Aggregates

• Gross Domestic Product (GDP): Definition, Components, Expenditure & Income Approach.
• Gross Value Added (GVA): Definition, Significance, Relationship with GDP.
• Gross National Product (GNP): Definition, Net Factor Income from Abroad (NFIA).
• Net Domestic Product (NDP), Net National Product (NNP).
• National Income (NI): NNP at Factor Cost.

1.3.2. Market Price vs. Factor Cost

• Distinction and implications.

1.3.3. Nominal vs. Real GDP

• GDP Deflator: Calculation and significance.
• Inflation and its impact on GDP figures.

1.3.4. Per Capita Income

• Calculation and significance.

1.3.5. Methods of National Income Estimation

• Product/Value Added Method.
• Income Method.
• Expenditure Method.

1.3.6. Limitations of GDP as a Measure of Welfare

• Exclusion of non-market transactions, informal sector.
• Doesn't account for income distribution, quality of life, environmental degradation.
• Alternative Measures: Genuine Progress Indicator (GPI), Human Development Index (HDI).

1.3.7. Institutional Framework in India

• National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MOSPI).

1.3.8. Recent Trends in India's National Income

• Growth rates, Sectoral contribution shifts, Base year changes.
• Current Affairs Focus: Latest GDP/GVA growth estimates, NSO reports, revisions.

Module 2: Economic Planning, Reforms & Developmental Experience

2.1. Economic Planning in India

2.1.1. Historical Context

• Rationale for Planning (Post-independence challenges).
• Bombay Plan, Gandhian Plan, People's Plan.

2.1.2. Planning Commission

• Establishment, Structure, Objectives (Self-reliance, poverty alleviation, industrialization).
• Role in formulation of Five-Year Plans.

2.1.3. Five-Year Plans (FYPs)

• Key Objectives and Strategies of each Plan (e.g., Mahalanobis Model, heavy industry, agriculture, poverty alleviation).
• Achievements and Failures of each Plan.
• Rolling Plan concept.
• Gadgil Formula for plan assistance to states.

2.1.4. NITI Aayog (National Institution for Transforming India)

• Establishment (2015), Rationale for replacement of Planning Commission.
• Structure, Composition (Governing Council, Regional Councils, Special Invitees).
• Functions and Role: Think-tank, Cooperative & Competitive Federalism, Monitoring & Evaluation.
• Key Initiatives & Reports: Aspirational Districts Programme, SDG India Index, Composite Water Management Index, Strategic Plans.
• Current Affairs Focus: NITI Aayog's latest reports, policy recommendations, collaborative initiatives with states.

2.2. Economic Reforms (Post-1991)

2.2.1. Background & Causes of 1991 Reforms

• Balance of Payments Crisis (Forex reserves depletion, Gulf War).
• Fiscal Imbalance, High Inflation.
• External Debt Crisis, IMF Conditionalities.

2.2.2. Liberalization, Privatization, Globalization (LPG Reforms)

• Liberalization: Industrial, Financial, Trade Policy Reforms.
• Privatization: Disinvestment Policy (Rationale, Evolution, Successes & Challenges).
• Globalization: Integration with Global Economy (FDI, FPI, Trade).

2.2.3. Impact of Reforms on various sectors

• Agriculture: Mixed impact, challenges.
• Industry: Increased competition, growth in specific sectors.
• Services: Rapid growth, IT/ITES boom.
• Poverty & Inequality: Debates and evidence.

2.2.4. Second Generation Reforms

• Rationale and Scope.
• Key Reforms: FRBM Act, GST, IBC, DBT, JAM Trinity.
• Recent reforms (e.g., Labour Codes, Farm Laws repeal, PLI Scheme).

2.2.5. Challenges & Achievements of India's Economic Reforms

• Sustainability of growth, inclusive development, environmental concerns.
• Current Affairs Focus: Ongoing reform measures (e.g., strategic disinvestment, PLI schemes), debates on their effectiveness.

Module 3: Poverty, Unemployment & Human Development

3.1. Poverty

3.1.1. Concepts of Poverty

• Absolute Poverty: Definition, Poverty Line concept.
• Relative Poverty: Definition, Gini Coefficient, Lorenz Curve.

3.1.2. Measurement of Poverty in India

• Historical Committees & their Recommendations: Alagh, Lakdawala, Tendulkar, Rangarajan.
• Multidimensional Poverty Index (MPI): Global MPI (UNDP), National MPI (NITI Aayog).

3.1.3. Causes of Poverty in India

• Demographic factors (Population growth).
• Economic factors (Unemployment, low productivity, inflation).
• Structural factors (Landlessness, unequal distribution of assets).
• Social factors (Caste system, gender inequality).
• Regional disparities.

3.1.4. Consequences of Poverty

• Social, Economic, Political impacts.

3.1.5. Poverty Alleviation Programmes in India

• Livelihood & Employment Generation: MGNREGA, DAY-NRLM, PM-SVANidhi.
• Food Security & Nutrition: NFSA, POSHAN Abhiyaan.
• Housing & Infrastructure: PMAY - Rural & Urban, Swachh Bharat Mission.
• Health & Social Security: Ayushman Bharat (PM-JAY), NHM, Atal Pension Yojana.
• Financial Inclusion: PMJDY, MUDRA Yojana.
• Current Affairs Focus: Latest MPI reports, effectiveness of schemes, challenges, impact of COVID-19.

3.2. Unemployment

3.2.1. Concepts & Types of Unemployment

• Open, Disguised, Seasonal, Frictional, Structural, Cyclical, Underemployment, Educated Unemployment.

3.2.2. Measurement of Unemployment in India

• Key Indicators: LFPR, WPR, UR.
• Sources of Data: Periodic Labour Force Survey (PLFS) by NSO.

3.2.3. Causes of Unemployment in India

• Population growth, Slow industrial growth.
• Economic factors (Unemployment, low productivity, inflation).
• Structural factors (Landlessness, unequal distribution of assets).
• Social factors (Caste system, gender inequality).
• Regional disparities.

3.2.4. Consequences of Unemployment

• Economic (loss of output), Social (crime, unrest), Psychological.

3.2.5. Government Initiatives for Employment Generation & Skill Development

• Skill Development: Skill India Mission, PMKVY.
• Entrepreneurship Promotion: Startup India, Stand-Up India, MUDRA Yojana.
• Employment Generation Schemes: MGNREGA.
• National Career Service (NCS) Portal.

3.2.6. Emerging Trends in Labour Market

• Gig Economy & Platform Workers: Definition, Pros & Cons, Regulatory challenges.
• Impact of Automation & AI on Employment.
• Formalization of Labour Market.
• Current Affairs Focus: Latest PLFS data, skill development programs, labour law reforms, gig workers.

3.3. Human Development

3.3.1. Concept of Human Development

• Beyond economic growth, focus on capabilities and choices.

3.3.2. Human Development Index (HDI)

• Dimensions (Health, Education, Standard of Living) and Indicators.
• Calculation and Interpretation.
• India's HDI ranking and trends.

3.3.3. Other Associated Indices

• Gender Development Index (GDI), Gender Inequality Index (GII).
• Inequality-adjusted HDI (IHDI).
• Multidimensional Poverty Index (MPI) - revisit.

3.3.4. Social Sector Development in India

• Health: Indicators (IMR, MMR), Infrastructure, Initiatives (NHM, PM-JAY, NDHM).
• Education: Indicators (Literacy, GER), Challenges, Initiatives (SSA, Samagra Shiksha, RTE, NEP 2020).
• Nutrition: Malnutrition challenges, Initiatives (POSHAN Abhiyaan, PM POSHAN).

3.3.5. Demographic Dividend

• Concept, Opportunities (Economic growth, innovation).
• Challenges (Skill gap, unemployment, aging population).
• India's demographic profile and future projections.

3.3.6. Sustainable Development Goals (SDGs)

• Agenda 2030, 17 Goals, 169 Targets.
• India's progress on SDGs, NITI Aayog's role in monitoring.
• Current Affairs Focus: Latest Human Development Report, India on SDGs, health/education schemes, demographic shifts.

Module 4: Inflation & Business Cycles

4.1. Concept and Types of Inflation

4.1.1. Definition of Inflation

• Sustained increase in general price level.

4.1.2. Related Concepts

• Deflation, Disinflation, Reflation, Stagflation, Skewflation.
• Core vs. Headline Inflation: Distinction and significance for policy.

4.1.3. Types of Inflation based on Causes

• Demand-Pull Inflation (Causes: Money supply, govt spending, tax cuts, black money).
• Cost-Push Inflation (Causes: Wage hikes, raw material prices, supply chain disruptions, taxes, currency depreciation).
• Built-in Inflation / Wage-Price Spiral.
• Imported Inflation (e.g., crude oil).
• Structural Inflation.

4.1.4. Types of Inflation based on Rate/Speed

• Creeping, Walking/Trotting, Galloping/Running, Hyperinflation.

4.2. Measurement and Impact of Inflation

4.2.1. Wholesale Price Index (WPI)

• Definition, Scope, Components, Base Year, Limitations, Uses.
• Institutional Framework (Office of Economic Adviser, DPIIT).

4.2.2. Consumer Price Index (CPI)

• Definition, Scope, Types (CPI-IW, AL, RL, Urban, Rural, Combined).
• CPI-Combined: Components, Base Year, Significance (Primary indicator for RBI).
• Institutional Framework (NSO, MOSPI).

4.2.3. Differences and Relationship between WPI and CPI

• Coverage, Scope, Users, Volatility.

4.2.4. Producer Price Index (PPI)

• Concept and potential for future use in India.

4.2.5. Impact of Inflation

• On different sections of society (Savers, borrowers, fixed income earners, etc.).
• On Economic Activities (Investment, consumption, income distribution, exchange rates).
• Phillip's Curve: Relation between inflation and unemployment.

4.3. Inflation Control Measures

4.3.1. Monetary Policy Measures (by RBI)

• Quantitative Tools: Repo, Reverse Repo, Bank Rate, MSF, CRR, SLR, OMOs, LAF.
• Qualitative Tools: Moral Suasion, Selective Credit Control.
• Inflation Targeting Framework: History, Rationale, MPC, Target, Challenges.

4.3.2. Fiscal Policy Measures (by Government)

• Taxation: Increase/Decrease direct/indirect taxes.
• Government Expenditure: Control over public spending.
• Public Debt: Management of government borrowing.

4.3.3. Supply Side Measures (by Government)

• Buffer Stock Management (FCI).
• Public Distribution System (PDS).
• Trade Policy: Import duties, Export restrictions/bans.
• Agricultural Reforms.
• Antipoverty and Anti-hoarding measures.

4.3.4. Debates on Inflation Control

• Growth vs. Stability, demand-side vs. supply-side approaches.
• Current Affairs Focus: MPC decisions, reasons for recent inflation, government's interventions.

4.4. Business Cycles (Trade Cycles)

4.4.1. Phases

• Expansion/Boom, Peak, Contraction/Recession, Trough, Recovery.

4.4.2. Causes

• Internal (Investment, Money Supply), External (Wars, Technology shocks).

4.4.3. Impact on Economy

• (Covered by phases and overall understanding)

4.4.4. Role of Government and RBI in managing business cycles

• (Fiscal and Monetary policy interventions)
• Current Affairs Focus: India's current position in the business cycle, signs of recovery/slowdown.

Module 5: Money & Banking

5.1. Money

5.1.1. Evolution of Money

• Barter System, Commodity Money, Metallic Money, Paper Money, Bank Money.

5.1.2. Functions of Money

• Medium of exchange, Unit of account, Store of value, Standard of deferred payment.

5.1.3. Forms of Money

• Fiat Money: Government decree.
• Fiduciary Money: Trust-based (cheques, demand drafts).
• Digital Money/E-money: Payment apps, wallets.

5.1.4. Measures of Money Supply (RBI Classification)

• M0 (Reserve Money), M1 (Narrow Money), M2, M3 (Broad Money), M4.
• Significance of each measure for policy.

5.1.5. Central Bank Digital Currency (CBDC)

• Concept, Rationale, Types (Wholesale, Retail).
• Potential benefits and challenges for India.
• RBI's pilot projects.
• Current Affairs Focus: RBI's stance on CBDC, pilot progress, global trends.

5.2. Monetary Policy (Revisit & Detail)

5.2.1. Objectives of Monetary Policy in India

• Price Stability, Economic Growth, Financial Stability.

5.2.2. Instruments of Monetary Policy

• Quantitative Tools: Repo, Reverse Repo, MSF, Bank Rate, LAF, CRR, SLR, OMOs.
• Qualitative Tools: Moral Suasion, Selective Credit Control.

5.2.3. Monetary Policy Committee (MPC)

• Structure, Members, Voting process, Accountability.
• Role in setting policy rates.

5.2.4. Monetary Policy Transmission Mechanism

• How changes in policy rates affect the economy.

5.2.5. Recent Monetary Policy Stance

• Accommodative, Neutral, Withdrawal of Accommodation.
• Current Affairs Focus: Latest MPC announcements, RBI's liquidity management, impact on lending rates.

5.3. Banking Structure in India

5.3.1. Reserve Bank of India (RBI)

• Role & Functions: Monetary Authority, Regulator, Issuer of Currency, Banker to Govt, etc.
• Organizational Structure: Central Board, Local Boards.
• Subsidiaries of RBI (e.g., DICGC, BRBNMPL).

5.3.2. Commercial Banks

• Public Sector Banks (PSBs).
• Private Sector Banks.
• Foreign Banks.
• Regional Rural Banks (RRBs).

5.3.3. Cooperative Banks

• Urban Co-operative Banks (UCBs).
• Rural Co-operative Banks (State Co-op, DCCBs, PACS).
• Challenges and Reforms for Cooperative Banks.

5.3.4. Differentiated Banks

• Small Finance Banks (SFBs).
• Payments Banks (PBs).
• Comparison of SFBs and PBs.

5.3.5. Non-Banking Financial Companies (NBFCs)

• Definition, Differences from Banks.
• Types of NBFCs (Investment Co., Loan Co., IFC, CIC, MFIs).
• Regulatory Framework (RBI).
• Recent challenges and regulatory changes for NBFCs.
• Current Affairs Focus: Latest RBI circulars, bank performance, NPA resolution cases.

5.4. Banking Sector Reforms & Challenges

5.4.1. Historical Reforms

• Narasimham Committees (1991, 1998) - key recommendations.

5.4.2. Non-Performing Assets (NPAs) / Bad Loans

• Definition & Classification.
• Causes of NPAs.
• Consequences of NPAs.
• Resolution Mechanisms: SARFAESI, ARCs, SDR, S4A, IBC, NARCL.

5.4.3. Recapitalization of Public Sector Banks

• Rationale, Methods (Indradhanush, etc.).

5.4.4. Bank Consolidation & Mergers

• Rationale, Impact.

5.4.5. Financial Inclusion Initiatives

• Pradhan Mantri Jan Dhan Yojana (PMJDY).
• Jan Dhan-Aadhaar-Mobile (JAM) Trinity.
• Business Correspondents (BCs), Financial Literacy, Micro-finance.

5.4.6. Deposit Insurance and Credit Guarantee Corporation (DICGC)

• Role, Deposit Insurance Limit.

5.4.7. Governance Reforms in PSBs

• (Key reform measures)

5.4.8. Digital Banking & Fintech

• Internet Banking, Mobile Banking, UPI, AEPS.
• Current Affairs Focus: IBC performance, NARCL, bank NPAs, digital payments, new licenses.

Module 6: Financial Markets

6.1. Overview of Financial System

6.1.1. Components

• Financial Institutions, Financial Markets, Financial Instruments, Financial Services.

6.1.2. Classification of Financial Markets

• Money Market: Short-term funds.
• Capital Market: Long-term funds.

6.2. Money Market

6.2.1. Characteristics

• Short-term, High Liquidity, Low Risk.

6.2.2. Participants

• RBI, Commercial Banks, NBFCs, Mutual Funds, Corporate Houses.

6.2.3. Instruments

• Call/Notice Money Market.
• Treasury Bills (T-Bills).
• Commercial Paper (CP).
• Certificates of Deposit (CD).
• Repo & Reverse Repo Agreements.
• Market Stabilization Scheme (MSS).
• Ways and Means Advances (WMA).

6.2.4. Role of RBI in Money Market

• Regulator, Supervisor, Provider of liquidity.
• Current Affairs Focus: RBI's liquidity operations, short-term interest rate trends.

6.3. Capital Market

6.3.1. Functions of Capital Market

• Mobilization of long-term savings, Allocation of capital to productive uses.

6.3.2. Primary Market (New Issues Market)

• IPOs, FPOs, Rights Issue, Private Placement.
• Role of Merchant Bankers, Underwriters.

6.3.3. Secondary Market (Stock Exchanges)

• Role: Liquidity, Price discovery.
• Major Stock Exchanges: BSE, NSE. Stock Market Indices: Sensex, Nifty.
• Trading Mechanisms: Demat accounts, Brokers, Depositories. Circuit Breakers, Price Bands.

6.3.4. Capital Market Instruments

• Equity: Shares, Preference Shares.
• Debt: Bonds (G-Secs, Corporate Bonds), Debentures.
• Mutual Funds, Exchange Traded Funds (ETFs).

6.3.5. Derivatives Market

• Concepts: Futures, Options, Swaps. Uses: Hedging, Speculation, Arbitrage.

6.3.6. Alternative Investment Funds (AIFs)

• Definition, Categories (I, II, III). Role in startup and private equity funding.
• REITs & InvITs: Concept, Benefits, Regulation.

6.3.7. Securities and Exchange Board of India (SEBI)

• Establishment & Powers. Functions: Investor protection, Market development, Regulation.
• Key Regulations: Listing norms, Insider Trading, Takeover Code. Investor Protection Fund.

6.3.8. Startup Funding Ecosystem

• Sources: Angel Investors, VC Funds, PE Funds. Crowdfunding, Debt Funding.
• Current Affairs Focus: SEBI regulations, IPO trends, index performance, fintech, startup funding.

6.4. Other Financial Regulators & Bodies

6.4.1. IRDAI (Insurance Regulatory and Development Authority of India)

• Role & Functions in Insurance Sector. Types of Insurance.

6.4.2. PFRDA (Pension Fund Regulatory and Development Authority)

• Regulation of National Pension System (NPS). Atal Pension Yojana (APY).

6.4.3. FSDC (Financial Stability and Development Council)

• Establishment, Objectives, Composition. Role in Financial Stability, Macroprudential Supervision.

6.4.4. Financial Redressal Agencies

• Banking Ombudsman, Insurance Ombudsman.
• Current Affairs Focus: New policies/regulations by IRDAI/PFRDA, FSDC meetings.

Module 7: Fiscal Policy & Public Finance

7.1. Union Budget

7.1.1. Constitutional Provisions

• Article 112 (Annual Financial Statement).

7.1.2. Components of Budget

• Revenue Account: Revenue Receipts (Tax, Non-Tax), Revenue Expenditure.
• Capital Account: Capital Receipts (Loan recovery, Disinvestment, Borrowings), Capital Expenditure.

7.1.3. Budgetary Deficits

• Revenue Deficit (RD), Effective Revenue Deficit (ERD), Fiscal Deficit (FD), Primary Deficit (PD).
• Significance and Implications of each deficit.

7.1.4. Types of Budgets

• Outcome Budget, Gender Budget, Zero-based Budgeting, Performance Budgeting, Long-term Fiscal Projections.

7.1.5. Fiscal Consolidation & FRBM Act

• Objectives, Targets, Escape Clauses. Review Committees (e.g., NK Singh Committee).
• Challenges in achieving FRBM targets.

7.1.6. Trends in Union Budget

• Composition of Revenue and Expenditure. Debt-to-GDP ratio, Deficit trends.
• Current Affairs Focus: Latest Union Budget analysis, Economic Survey's take on fiscal health.

7.2. Public Debt

7.2.1. Sources of Public Debt

• Internal vs. External Debt.

7.2.2. Components of Public Debt

• Marketable Securities, Non-Marketable Securities.

7.2.3. Debt Sustainability

• Impact of public debt on economy.

7.2.4. Debt Management Strategies

• Role of RBI and Ministry of Finance.
• Current Affairs Focus: Trends in India's public debt, government's borrowing program.

7.3. Taxation

7.3.1. Principles of Taxation

• Equity (Ability-to-pay, Benefit principle), Efficiency, Simplicity.

7.3.2. Types of Taxes

• Direct Taxes: Income Tax, Corporate Tax, MAT. (Wealth/Inheritance Tax - abolished). DTC discussions.
• Indirect Taxes (Pre-GST Era): Customs, Excise, Service Tax.

7.3.3. Goods and Services Tax (GST)

• Rationale & Objectives. Types: CGST, SGST, IGST, UTGST.
• GST Structure: Tax slabs, GST Council. Benefits & Challenges. E-way bill, E-invoicing.

7.3.4. Tax Buoyancy & Tax Elasticity

• (Definitions and significance)

7.3.5. Tax Base Broadening, Tax Evasion & Avoidance

• (Concepts and measures)

7.3.6. Digital Taxation (Equalisation Levy)

• (Concept and implications)
• Current Affairs Focus: GST collections, GST Council decisions, tax reforms, direct tax simplification.

7.4. Centre-State Financial Relations

7.4.1. Constitutional Provisions

• Articles 268 to 281 (Distribution of Taxing Powers, Grants-in-Aid).

7.4.2. Finance Commission

• Constitutional Body (Art 280): Appointment, Composition, Functions.
• Recommendations: Vertical & Horizontal Devolution, Grants-in-Aid, Local Bodies Grants.
• Impact of GST on Centre-State financial relations (GST Compensation Cess).
• Recent Finance Commissions: Key recommendations and implications.

7.4.3. Local Bodies Finances

• Sources of Revenue. State Finance Commissions.
• Challenges in strengthening local government finances.
• Current Affairs Focus: Latest Finance Commission report, fiscal federalism, state finances.

Module 8: External Sector

8.1. Balance of Payments (BoP)

8.1.1. Definition

• Systematic record of all economic transactions.

8.1.2. Components of BoP

• Current Account: Trade in Goods, Trade in Services, Transfers, Income.
• Capital Account: FDI, FPI, ECBs, External Assistance, Banking Capital, NRI Deposits.
• Errors & Omissions. Official Reserves Account.

8.1.3. Balance of Trade (BoT) vs. Balance of Payments (BoP)

• Distinction.

8.1.4. Current Account Deficit (CAD) / Surplus

• Causes, Consequences, Financing of CAD. Sustainable level for India.
• Current Affairs Focus: Latest BoP data, CAD/Current Account Surplus levels, influencing factors.

8.2. Foreign Exchange Market

8.2.1. Exchange Rate

• Definition, Factors affecting exchange rate. Appreciation vs. Depreciation of Rupee.

8.2.2. Exchange Rate Regimes

• Fixed, Floating, Managed Floating (India's current regime).

8.2.3. Foreign Exchange Reserves

• Components: FCAs, Gold, SDRs, RTP with IMF. Significance.

8.2.4. Rupee Convertibility

• Current Account Convertibility. Capital Account Convertibility (CAC), Tarapore Committee. India's position.
• Current Affairs Focus: Forex reserve levels, rupee volatility, RBI's intervention.

8.3. Foreign Trade

8.3.1. Trends in India's Foreign Trade

• Growth, Trade Deficit. Composition of Exports & Imports. Direction of Trade.

8.3.2. Foreign Trade Policy (FTP)

• Objectives, Key Features (MEIS, SEIS, RoDTEP, RoSCTL). SEZs, EOUs.

8.3.3. WTO & India

• Principles. Key Agreements (TRIMs, TRIPS, GATS, AoA). DSM. Doha Round. India's concerns.

8.3.4. Regional & Bilateral Trade Agreements

• FTAs, PTAs, CEPAs. India's FTAs. BITs.
• Current Affairs Focus: Latest FTP, WTO Ministerial Conferences, new FTAs.

8.4. Foreign Investment

8.4.1. Foreign Direct Investment (FDI)

• Definition, Importance, Modes. FDI Policy: Automatic/Govt Route. Sectoral Caps. FDI Inflows.

8.4.2. Foreign Portfolio Investment (FPI) / FII

• Definition, Differences from FDI. Regulation by SEBI.

8.4.3. External Commercial Borrowings (ECBs)

• Definition, Guidelines. Impact on external debt.

8.4.4. Non-Resident Indian (NRI) Deposits

• (Types and significance)

8.4.5. Impact of Global Economic Conditions on Foreign Investment

• (Linkages and vulnerabilities)
• Current Affairs Focus: Latest FDI/FPI inflows, changes in FDI policy, impact of global interest rates.

Module 9: Agriculture & Food Management

9.1. Importance and Status of Agriculture

9.1.1. Contribution to GDP, Employment, Food Security

• (Overview and statistics)

9.1.2. Structure of Indian Agriculture

• Small landholdings, Rain-fed dependence.

9.1.3. Challenges Facing Indian Agriculture

• Land Issues, Irrigation, Input Management, Farm Mechanization.
• Credit, Marketing & Supply Chain, Price Volatility.
• Climate Change, Research & Development, Agricultural Diversification.

9.2. Agricultural Policies and Reforms

9.2.1. Land Reforms

• Abolition of Zamindari, Tenancy Reforms, Ceiling on Land Holdings, Consolidation.
• Land Records Modernization (SVAMITVA). Contract Farming.

9.2.2. Green Revolution

• Components, Impact (Achievements, Limitations). Need for Second Green Revolution.

9.2.3. Agricultural Credit

• Institutional Sources (Banks, RRBs). NABARD. KCC Scheme. Interest Subvention. Microfinance.

9.2.4. Agricultural Marketing Reforms

• APMCs (Reforms). e-NAM. FPOs. Supply Chain Management.

9.2.5. Sustainable Agriculture Practices

• Organic Farming (PKVY). Zero Budget Natural Farming (ZBNF). Integrated Farming. Precision Agriculture.
• Current Affairs Focus: Farm laws debate, APMC reforms, e-NAM, FPO promotion, climate-resilient agriculture.

9.3. Food Management & Subsidies

9.3.1. Minimum Support Price (MSP)

• Rationale. Determination (CACP). Crops covered. Calculation methods. Procurement Agencies. Challenges.

9.3.2. Procurement & Buffer Stock

• Role of FCI. Buffer Stock Norms. Management challenges.

9.3.3. Public Distribution System (PDS)

• Objectives. Evolution (TPDS, NFSA). Functioning. Challenges. Reforms (DBT, Aadhaar, 'One Nation One Ration Card').

9.3.4. Food Subsidies

• Components. Fiscal Burden. Debates on rationalization.

9.3.5. National Food Security Act (NFSA), 2013

• Key Provisions. Impact and Challenges.
• Current Affairs Focus: MSP debates, PDS performance, food subsidy bill, food security challenges.

9.4. Government Schemes in Agriculture & Allied Sectors

• PM-KISAN (Pradhan Mantri Kisan Samman Nidhi).
• PM Fasal Bima Yojana (PMFBY): Crop insurance.
• Pradhan Mantri Krishi Sinchayee Yojana (PMKSY): 'Per Drop More Crop'.
• Soil Health Card Scheme.
• Agricultural Infrastructure Fund (AIF).
• National Livestock Mission, Rashtriya Gokul Mission.
• Pradhan Mantri Matsya Sampada Yojana (PMMSY): Blue Revolution.
• Honey Mission, Dairy Development.
• Current Affairs Focus: Updates on performance and expansion of key agricultural schemes.

Module 10: Industry & Infrastructure

10.1. Industrial Policy & Development

10.1.1. Evolution of Industrial Policy in India

• Industrial Policy Resolutions (IPRs): 1948, 1956. New Industrial Policy (NIP) 1991.

10.1.2. Public Sector Enterprises (PSEs)

• Role, Objectives, Challenges. Categorization (Maharatnas, etc.).
• Disinvestment Policy (Rationale, Evolution, Successes & Challenges). DIPAM. NMP. Strategic/Non-Strategic Sectors.

10.1.3. Micro, Small & Medium Enterprises (MSMEs)

• Definition (Revised criteria). Importance. Challenges.
• Government Initiatives: MUDRA, CGTMSE, Udyam Registration, MSME Samadhan, ZED Certification.

10.1.4. Manufacturing Sector Initiatives

• Make in India. Production Linked Incentive (PLI) Scheme. National Manufacturing Policy (NMP).
• Ease of Doing Business: Rankings, Reforms.

10.1.5. Industrial Corridors

• DMIC, etc.
• Current Affairs Focus: Disinvestment targets, PLI performance, MSME reforms, EoDB reports.

10.2. Infrastructure Development

10.2.1. Energy Sector

• Conventional Sources: Coal, Oil & Gas, Hydro, Nuclear. Renewable Energy: Solar, Wind, Bio-energy, Green Hydrogen.
• Energy Security Challenges. Power Sector Reforms (UDAY, Electricity Act). Power for All.

10.2.2. Transport Sector

• Roads: NHAI, Bharatmala, NHDP. Railways: Modernization, DFCs, High-Speed Rail.
• Ports: Sagarmala. Airports: UDAN, Privatization. Inland Waterways.

10.2.3. Communication Sector

• Telecommunication: National Digital Communications Policy, Spectrum.
• Digital Infrastructure: BharatNet. Digital India.

10.2.4. Social Infrastructure

• Health (Revisit). Education (Revisit).
• Housing: PMAY. Drinking Water & Sanitation: Jal Jeevan Mission, Swachh Bharat Mission.

10.2.5. Infrastructure Financing

• Public-Private Partnerships (PPP). National Infrastructure Pipeline (NIP). National Monetization Pipeline (NMP).
• PM Gati Shakti. Infrastructure Debt Funds, InvITs/REITs.
• Current Affairs Focus: Bharatmala/Sagarmala progress, Railway modernization, renewable energy, Gati Shakti, infra financing models.

Module 11: Services Sector

11.1. Growth and Contribution of Services Sector

11.1.1. Contribution to GDP, Employment, and Exports

• (Overview and key statistics)

11.1.2. Factors driving Services Sector Growth in India

• (Key drivers and enablers)

11.1.3. Key Service Industries

• IT & ITES: Growth, Exports, Challenges.
• Tourism & Hospitality: Potential, Challenges, Initiatives.
• Financial Services (Revisit). Healthcare Services (Revisit).
• Education Services. Logistics Sector.

11.1.4. Challenges and Opportunities in the Services Sector

• Skill gap, Informalization, Global competition, Regulatory framework.
• Current Affairs Focus: Service exports, growth of sub-sectors (fintech, health-tech), IT sector challenges.

Module 12: Emerging Issues & Miscellaneous

12.1. Contemporary Economic Issues

12.1.1. Digital Economy

• Components (E-commerce, Fintech, Digital Payments). Benefits & Challenges. India's DPI.

12.1.2. Fintech (Financial Technology)

• Innovations. Regulatory Sandboxes, RegTech, SupTech.

12.1.3. Blockchain Technology

• Applications beyond cryptocurrencies.

12.1.4. Artificial Intelligence (AI) & Machine Learning (ML)

• Opportunities & Challenges (Job displacement, Ethical concerns).

12.1.5. Circular Economy

• Principles, Importance, Initiatives in India.

12.1.6. Green Economy & Blue Economy

• Concepts, Policies.

12.1.7. Climate Change Finance

• Global mechanisms. Carbon Pricing, Carbon Markets. Green Bonds. India's initiatives.

12.1.8. Demographic Trends & Economic Implications

• (Revisit from Module 3)

12.1.9. Role of Indian Diaspora

• Remittances, Investment.

12.1.10. Global Value Chains (GVCs) and India's participation

• (Integration and benefits)

12.1.11. Disaster Management & Economic Resilience

• (Impact and preparedness)
• Current Affairs Focus: Policies on digital economy, fintech, AI; climate finance, green/circular economy.

12.2. International Economic Organizations

12.2.1. International Monetary Fund (IMF)

• Functions. Quota System, SDRs. India's relationship.

12.2.2. World Bank Group

• Components (IBRD, IDA, IFC, MIGA, ICSID). Functions. India's engagement.

12.2.3. World Trade Organization (WTO)

• Principles. Key Agreements. DSM. India's position. WTO Reforms.

12.2.4. Other UN Bodies

• UNCTAD, UNDP.

12.2.5. Regional Economic Groupings

• BRICS, G20. SAARC, ASEAN, BIMSTEC, SCO. RCEP (India's stance).

12.2.6. New Development Bank (NDB) & Asian Infrastructure Investment Bank (AIIB)

• Objectives, Membership, India's role.
• Current Affairs Focus: IMF/World Bank reports, WTO conferences, India in G20/BRICS, geopolitical impacts.

12.3. Economic Survey & Union Budget Analysis

12.3.1. Economic Survey Analysis

• Key Themes and Policy Recommendations of the latest Economic Survey.

12.3.2. Union Budget Analysis

• Revenue & Expenditure trends. Deficit targets, Fiscal strategy.
• Key allocations for major sectors. Major policy announcements. Tax proposals.
• Current Affairs Focus: Crucial for understanding government's economic vision and policy direction.