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UPSC Prelims 2021- Must Prepare Topics List for Prelims Economy(IAS)

Check Out The Most Effective UPSC Prelims 2021-22 Economy  List:

In UPSC Prelims 2021 – Aspiring Candidates should have kin knowledge in each subject with every section with equal importance.

In this article, we have divided   – Economy into 16 chapters. Where each topic is importantly described in detail for your better understanding.


(Ch-1) Basic concepts in Economy  ( UPSC PRELIMS 2021)
Meaning of economyMiddle Income Trap
Economy vs EconomicsCircular Economy
Macro Vs Micro EconomyNobel Prize Winners Work
Sectors of the economyCyclic & Structural slowdown
Basic Activities in an economy—Production, Consumption, and Capital Formation 
Keynesian theory of Macro Economics 
Five Important Types of Economy  
Open vs Closed economy 
Types of Goods 
Central Problems of an economy 
Economic Growth – Meaning, Aims, Calculation, Real vs Nominal 
Better measure of eco growth – GDP or per capita income 
Capital formation and ICOR 
Savings Rate – meaning, factors, calculation 
Investment Rate 
Savings vs Investment slowdown 
Economic Development 
Growth vs Development 
Business Cycles and trend growth 
Various indicators of growth 
Various indicators of development 
Human Development 
HDI Index 
Purchasing Power Parity 
Five Year Plans- Basic Objectives and Aims 
(Ch-3) National Income ( UPSC PRELIMS 2021)
Three Methods of National IncomeChanges made in Indian GDP Series
GVA GDP  NDP GNP NNPEconomic Survey Chapter 1
Market Price and Factor CostNational Statistical Office (NSO), MoSPI
Nominal GDP and Real GDPNational Statistical Commission (NSC)
Per Capita IncomeEconomic Survey 
Lorenz Curve 
Gini Coefficient 
GDP Deflator 
Green GDP 
Economic Territory 
Resident vs Citizen 
History of Development of Banking System in IndiaCONTEMPORARY
Money  – Functions, Demand, Supply, TypesDigital Money, Cryptocurrency
Types of Bank AccountsMicro ATM
Classification of Banking SectorTypes of ATM
Small Finance BanksUPI, NPCI
Board for Regulation and Supervision of Payment and Settlement SystemsWhite Label ATMs, Brown label ATMs
Shadow Banking SystemDigital modes of payment settlement- NEFT, RTGS, IMPS
India Post Payments Bank (IPPB)Microcredit
SIDBICOMMITTEES – Nachiket Mor, Bimal Jalan, Urjit Patel etc
National Housing BankTransition of Urban Co-Operative Banks into Small Finance Banks
Payments BankAmalgamation vs Merger of Banks
Small Finance BanksDevelopment bank
Regional Rural Banks (RRB)Financial Benchmarks India Pvt Ltd
Reserve Bank and its Functions  Utkarsh 2022
Monetary PolicySWIFT
Monetary Policy Committee  
Instruments of Monetary Policy  
      (a) QuantitativeSchemes, Portals, Apps
      (b) QualitativeUPI 2.0, NPCI
Monetary & Liquidity AggregatesPradhan Mantri Jan Dhan Yojana (PMJDY)
Non-Performing Assets (NPA) Ombudsman Scheme for Digital Transactions by RBI
Capital Adequacy Ratio 
Capital to Risk Assets Ratio (CRAR)Laws, Policy
Capital Conservation Buffer (CCB)IBC Features
Provisioning requirementProject Sashakt
Basel III (Third Basel Accord) Features of Payment and Settlement System Bill, 2018
Marginal Cost of Funds Based Lending Rate (MCLR) SystemRBI ‘Payment and Settlement Systems in India: Vision 2019 – 2021′
Base rateBanning of Unregulated Deposit Schemes Act, 2019
SecuritizationChit Funds (Amendment) Bill, 2019
Steps Taken to Tackle NPAs
(SARFAESI) Act, 2002
Asset Reconstruction Company
Bad Banks
Emphasis on Debt Restructuring
Mission Indradhanush for Public-Sector Banks
Banks Board Bureau
Bank Merger 237
Insolvency and Bankruptcy Code, 2016
Economic Survey 
 Retail, SME loans to be linked to external benchmarks  
2. Financial Benchmarks India Pvt Ltd  
3. Urban Cooperative Banks to transition into Small Finance Banks 
4. Issues related to RBI 
      (i) Transfer of funds from RBI to Central Government- 
      (ii) RBI’s Banking Ombudsman- 
      (iii) Section 7 of RBI Act, 1935 
5. Steps taken by RBI for NPA Resolution 
      (i) Classification of stress into SMA (Special Mention Account)- 
     (ii) Insolvency And Bankruptcy Code (Amendment) Ordinance 2018 
      (iii) Cross-border Insolvency 
      (iv) Public Credit Registry (PCR) 
      (v) Prompt Corrective Action (PCA) 
      (vi) Project Sashakt 
6.  Previous Schemes for NPA Resolution 
        (i) Private Asset Reconstruction Companies (ARC) 
        (ii) Strategic Debt Restructuring 
        (iii) Asset Quality Review 
7. Banking Regulation 
        (i) Bank Recapitalization Package 
        (ii) Indradhanush- 
        (iii) Merger Of Dena Bank, Vijaya Bank And Bank Of Baroda 
8. Schemes for Financial Inclusion 
        (I) Pradhan Mantri Jan-dhan Yojana (Pmjdy) 
        (Ii) Pradhan Mantri Mudra Yojana 
        (Iii) Unified Payments Interface (Upi)  
        (Iv) National Payments Corporation Of India (Npci) 
        (V) Jan Dhan Darshak App 
        (Vi) Reduction In Merchant Discount Rate 
        (Vii) Different Types Of Atms 
        (Viii) India Post Payments Bank (Ippb) 
        (Ix) Qr Card In Ippb 
        (X) Business Correspondents (Bc) 
        (Xi) Common Service Centres (Csc) As B.C. 
Foreign Exchange RateProtectionism
Types of Exchange Rate, NEER and REER, Nominal and Real Value, Safeguard duty
Balance of PaymentsNon-violation Complaint
Current account transactions, Capital account transactions,Sunset clause
India’s Foreign Reserves, SDRDouble Taxation Avoidance Agreement
Current Account Convertibility, Capital Account ConvertibilityShell company
Tariff and Non-Tariff BarriersInward Remittances, RDA and MTSS
Economic Integration FTA, Types–  PTA, FTA, Customs Union, Common Market, Economic Union, Economic IntegrationExim Bank
Currency Swap FacilityECGC
Depreciation, AppreciationWorld Customs Organization
Hard currency, Soft currency, Cheap currency, Dear currencyHawala system
FDI, FPILegal Entity Identifier (LEI) code
Contingency Reserve ArrangementConcession Financing Scheme
WTO, Agreements, Boxes, TRIPSEconomic Survey 
(Ch-6)  Financial Markets – Money & Capital Markets ( UPSC PRELIMS 2021)
Money MarketExchange-Traded Funds & Bharat 22
Capital MarketInfrastructure Investment Trusts (InvITs)
Primary Market and Secondary MarketReal Estate Investment Trust (REIT)
Regulation of Stock Exchanges in India & SEBIBONDI- blockchain bond
DerivativesSovereign Blue Bond
Govt Securities (T-Bills, CMBs, SDLs. PDsWomen’s Livelihood Bonds (WLBs)
Debentures vs SharesElephant Bonds
Mutual FundNational Financial Reporting Authority (NFRA)
NBFCs & IL&FS CrisesInd AS
Limited Liability PartnershipsInternational Financial Services Centres (IFSC) Authority Bill, 2019
Systematically Important Non- Deposit Core Investment CompanyMunicipal Bonds
LIBORSEBI bond market framework
Share swapSEBI integration of surveillance and investigation department
Insider TradingMasala Bonds,  Offshore Rupee Markets
Credit Rating AgenciesFintech
Share-pledgingDevelopment Impact Bond (DIB)
Alternative Investment FundGreen Bonds
Sovereign wealth fundMunicipal Bonds
Government SecuritiesFloating Rate Bonds
Bond Yield InversionCPI Linked Bonds
Financial Sector Regulators
Anchor Investors
ADR, GDR, IDRVenture Capital
 Angel Investor
 Angel Tax
 Value Capture Finance Policy Framework
 Total Expense Ratio (TER)
 Participatory Notes
 Sovereign Gold Bonds (SGBs)
  Peer To Peer (P2P) Lending 
 Economic Survey 
Fiscal PolicyN K SINGH Committee
Fiscal drag, SlippageIndependent ‘Fiscal Council’
FRBM Act, 2003DTAA
Budget & its components 
Receipts and expenditureEconomic Survey 
Capital vs Revenue  
Plan and Non-plan expenditure 
Deficits and its types 
Deficit financing 
Government Debt 
Division of taxation powers between centre and statesBase Erosion and Profit Shifting
Methods of Taxation – Progressive , Regressive and ProportionalGoods and Services Tax Network (GSTN)
Tax Types- Proportional Taxes, Progressive Taxes, Regressive TaxesDirect Tax Code
Types- Direct and Indirect Taxes E-way bill
DTC – Direct Tax CodeSabka Vishwas-Legacy Dispute Resolution Scheme, 2019 
Minimum Alternate TaxForest Villages and Revenue Villages
Important Taxes in India-
Income Tax
Excise Duty
Customs Duty
Service Tax
Sales Tax or VAT
Withholding Tax
Goods and Services Tax (GST)
Components of GST: SGST, CGST and IGST
Composition of the GST Council
GST Rate
Commodities Outside GST
Compensation to States
Implications of Introducing GST
Administration of GST
Input Credit Under GST
Conditions for Claiming Input Credit
Challenges in Introduction of GST
Angel Tax
Tax-to-GDP RatioLong Term Capital Gains Tax
Laffer CurveFATF
Tax HavensTax Information Exchange Agreement (TIEA)
General Anti-Avoidance Rules (GAAR) 
Shell CompaniesEconomic Survey 
(Ch-9)  Inflation
Meaning & Types of InflationEconomic Survey 
Effects of Inflation 
Factors Affecting Inflation  
Role of RBI in Curtailing Inflation 
Measurement of Inflation 
Inflation Indices  
Measures to Control inflation 
Depression, Recovery, Boom, Recession, Growth recession, Double-Dip recession, Abenomics 
Industrial Policy prior to 1991Department for Promotion of Industry and Internal Trade (DPIIT) 
Economic Reforms: Liberalization, Privatization, and GlobalizationUdyam Abhilasha
Industrial Policy Since 1991Pariwartan Scheme
NIMZs‘Make in India’ in the Defence Procurement Procedure
Make In IndiaSolar Charkha Mission, Sampark portal- MSMEs
Fourth Industrial RevolutionEODB
Special Economic Zone (SEZ)SWAYATT, GeM Start-up Runway
MSMESamadhan Portal
Maharatna, Navratna, MiniratnaGovernment e-Marketplace (GeM)
Models of E-CommerceProject SURE
Technical textilesSamarth scheme
Corporate Social ResponsibilityDraft e-commerce policy
Corporate GovernanceFeatures of National Digital Communications Policy-2018
 National Policy on Electronics 2019
 National Mineral Policy 2019
 National Policy for Software Products 2019
 Regulatory sandboxes
Agri Policy Since IndependenceInternational Organisations
Operation FloodFood and Agriculture Organisation
MaricultureInternational Rice Research Institute
Blue EconomyInternational Crops Research Institute for the Semi-Arid-Tropics (ICRISAT)
APMCsAsian Tea Alliance
Rainfed AgricultureSchemes, Portals, Apps
Tea BoardKrishi Kalyan Abhiyan
Livestock CensusCoal Mine Surveillance & Management System (CMSMS) and ‘Khan Prahari’ mobile application.
Food Corporation of India (FCI)Pradhan Mantri Annadata Aay SanraksHan Abhiyan (PM-AASHA)
Sugarcane Pricing mechanism in IndiaPradhan Mantri Fasal Bima Yojna (PMFBY)
MSPGramin Agriculture Markets (GrAM) programme
 Operation Greens
 Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)
 ENSURE portal
 Rashtriya Kamdhenu Aayog
 Honey Mission’ initiative
 10th Agriculture Census 2015-16
 MSP for MFP
 United Nations’ Decade of Family Farming (2019-2028)
 Agriculture Export Policy, 2018
 Marine Fisheries Regulation and Management (MFRM) Bill 2019
TransportationFreight Village
RailwaysWater aerodrome
Road NetworkDraft National Logistics Policy
Indian ShippingTrain-18
Civil AviationNational Rail and Transportation Institute (NRTI)
PowerMission Satyanishtha
Public-Private PartnershipsBidder Information Management System (BIMS) and Bhoomi Rashi
Coal SectorPradhan Mantri Surakshit Sadak Yojana
Renewable EnergyPradhan Mantri Awaas Yojana
Multi-modal terminalSmart Cities Mission
 Jal Marg Vikas project
 UDAN 3.0
ENERGY – Current AffairsLaws, Policy
Petroleum and Explosives Safety Organisation (PESO)Motor Vehicle (Amendment) Act, 2019
New Definition for Petroleum under Petroleum and Natural Gas Rules, 1959Consumer Protection Act, 2019
Unconventional hydrocarbonsRERA, 2016
Petroleum and Natural Gas Regulatory Board (PNGRB)Draft National Urban Policy Framework (NUFP), 2018.
Petroleum, Chemicals and Petrochemical Investment Regions (PCPIRs)Draft Model Tenancy Act, 2019
Strategic Petroleum Reserve (SPR)Schemes, Portals, Apps
Coal Swapping Scheme, Scheme to Harness and Allocate Koyla (Coal) Transparently in India (SHAKTI) PolicyAapoorti App
 Saubhagya Scheme
 Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY)
 Power System Flexibility
 Smart Meters
 Atal Jyoti Yojana
 e-Dharti app and e-Dharti GeoPortal
 Ujwal Discom Assurance Yojana (UDAY)
 National Policy on BioFuels 2018
 National Gas Grid
 Pradhan Mantri Ujjwala Yojana (PMUY)
 International Organisations
 International Civil Aviation Organization (ICAO)
(Ch-13)  Unemployment & Poverty ( UPSC PRELIMS 2021)
Types of UnemploymentNational Minimum Wage
Tendulkar CommitteePeriodic Labor Force Survey by NSSO
Rangarajan CommitteeFixed-Term Employment
Phillips Curve 
Human Resource Development 
(Ch-14)  Social Sector ( UPSC PRELIMS 2021)
District Mineral FoundationNational Council for Vocational Education and Training (NCVET)
Public Utility ServiceInstitutions of Eminence (IOEs)
Drug Pricing in IndiaSocial Stock Exchange (SSE)
 National Pension System
 Schemes, Portals, Apps
 Pradhan Mantri Vidya Lakshmi Karyakram, VidyaLakshmi Portal
 Indian Institute of Skills, Global Skills Park
 Aspirational Districts Programme
 Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY)
 Deendayan Antyodaya Yojana-National Urban Livelihoods Mission (DAY-NULM), PAiSA- Portal for Affordable Credit and Interest Subvention Access
 National Agricultural Higher Education Project (NAHEP)
 Deedayal Disabled Rehabilitation Scheme (DDRS)
 PM Shram-Yogi Maandhan Yojana
 e-AUSHADHI portal
 Employees State Insurance Scheme
 Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana
(Ch-15)  Sustainable Development ( UPSC PRELIMS 2021)
Shared prosperity, Societal Poverty Line (SPL)Angikaar Campaign
Pradhan Mantri Khanij Kshetra Kalyan Yojana (PMKKKY)Draft National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business
FAME-India Phase IIEco Nivas Samhita, 2018
(Ch-16) International Organisations ( UPSC PRELIMS 2021)
United Nations, Food and Agriculture Organization (FAO),World Trade Organization (WTO)
International Civil Aviation Organization (ICAO),Asian Development Bank
International Fund for Agricultural Development (IFAD), Asian Infrastructure Investment Bank (AIIB)
International Labour Organization (ILO) New Development Bank
International Maritime Organization (IMO)African Development Bank
International Monetary Fund (IMF)OECD
International Telecommunication Union (ITU)World Customs Organization
United Nations Educational, Scientific and Cultural Organization (UNESCO)World Bank
United Nations Industrial Development Organization (UNIDO)IMF
Universal Postal Union (UPU) World Economic Forum
World Bank Group (WBG)- (IBRD) UNHRC
International Finance Corporation (IFC)WHO
International Development Association (IDA)Trade Agreements- RCEP, TPP, NAFTA, MERCOSUR, Southern African Development Community (SADC), ASEAN, SAFTA
World Health Organization (WHO)UNEP
World Intellectual Property Organization (WIPO)International Whaling Commission (IWC)
World Meteorological Organization (WMO) 
World Tourism Organization (UNWTO) 

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