India is a mixed economy. In India, most of the labour force is employed in the agriculture and industry sectors. The main characteristics of the Indian economy are high dependence on the primary sector, low per capita income, big population, unemployment, unequal distribution of wealth and lack of infrastructure.
The demand for goods and services in India has been stagnant or declining due to various factors, such as low income growth, high inflation, unemployment, and the impact of the Covid-19 pandemic. This has affected the consumption and investment levels in the economy, and reduced the tax revenue for the government.
Indian economy now is on a firm footing, well poised to be the 3rd largest economy soon, latest by 2030. India's growth reflects its resilience and potentiality when many economies in the world are struggling to fight the slowdown triggered by the pandemic and geopolitical risks.
Over the last seven decades, Indian economy has seen several ups and downs. The country has gone from having a GDP of just 2.7 lakh crore at the time of Independence to now sitting close to Rs. 150 lakh crore. Once branded a "third world country", India is now among the biggest economies of the world.
Now, it is predicted that in the year 2023, the recession will come again. The International Monetary Fund predicted that growth in the Indian economy will slow down to 6.1 in 2023-24 from 6.8% in the current financial year. Now, India is more populous than China. Its population will also be much younger. More than 10 million new workers will join the labour force, every year, for the next two decades.
India has the potential to grow at 6.5 - 7 per cent and will become a $ 5 trillion by 2030 depending on exchange rate fluctuation. India could become an economic superpower by 2047.
Economics research usually begins with a strong understanding of literature, and papers require a section that summarizes and applies previous literature to what the paper at hand. Compilation of this book is to make content available to the general public. While specific use of the term may vary among countries, it is usually applied to the text, images etc.
Basically, economics subject constitutes topics of both advanced macroeconomics and advanced microeconomics. It covers various topics such as helicopter money, doctrine of indoor management, unicorns, Internationalisation of Indian Rupee, societal marketing etc.
Staying updated with currenct economic affairs is crucial for competitive exams. It helps in understanding the latest economics trends, government policies, and their impact on the economy, which ofter form a part of the examination syllabus.
Economics is a subject that can be an anathema to many UPSC aspirants. However, this is an important part of the IAS prelims and the mains exam where one finds it in the GS paper 3. Far from being a 'boring' and 'confusing' subject, economics can be fun to learn if you understand it properly. It is extremely important to understand basic economics because if you think about it, the study of economics is imperative to understand how a country runs. It also explains why certain countries are developed and some are developing. It also helps you appreciate banking, industry, services, agriculture etc. Economics also helps individuals make decisions in life because, at the atomic level, it deals with the allocation of resources. In this book, constant endeavour has been made to bring a few basic and important economic terms that are indispensable for your economics study for the various competitive exams in general and UPSC exam in particular.