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 economy Middle Income Trap
Economy vs Economics Circular Economy
Macro Vs Micro Economy Nobel Prize Winners Work
Sectors of the economy Cyclic & 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 Income Changes made in Indian GDP Series
GVA GDP  NDP GNP NNP Economic Survey Chapter 1
Market Price and Factor Cost National Statistical Office (NSO), MoSPI
Nominal GDP and Real GDP National Statistical Commission (NSC)
Per Capita Income Economic Survey 
Lorenz Curve  
Gini Coefficient  
GDP Deflator  
Green GDP  
Economic Territory  
Resident vs Citizen  
History of Development of Banking System in India CONTEMPORARY
Money  – Functions, Demand, Supply, Types Digital Money, Cryptocurrency
Types of Bank Accounts Micro ATM
Classification of Banking Sector Types of ATM
Small Finance Banks UPI, NPCI
Board for Regulation and Supervision of Payment and Settlement Systems White Label ATMs, Brown label ATMs
Shadow Banking System Digital modes of payment settlement- NEFT, RTGS, IMPS
India Post Payments Bank (IPPB) Microcredit
SIDBI COMMITTEES – Nachiket Mor, Bimal Jalan, Urjit Patel etc
National Housing Bank Transition of Urban Co-Operative Banks into Small Finance Banks
Payments Bank Amalgamation vs Merger of Banks
Small Finance Banks Development bank
Regional Rural Banks (RRB) Financial Benchmarks India Pvt Ltd
Reserve Bank and its Functions   Utkarsh 2022
Monetary Policy SWIFT
Monetary Policy Committee   
Instruments of Monetary Policy   
      (a) Quantitative Schemes, Portals, Apps
      (b) Qualitative UPI 2.0, NPCI
Monetary & Liquidity Aggregates Pradhan 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 requirement Project Sashakt
Basel III (Third Basel Accord)  Features of Payment and Settlement System Bill, 2018
Marginal Cost of Funds Based Lending Rate (MCLR) System RBI ‘Payment and Settlement Systems in India: Vision 2019 – 2021′
Base rate Banning of Unregulated Deposit Schemes Act, 2019
Securitization Chit 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 Rate Protectionism
Types of Exchange Rate, NEER and REER, Nominal and Real Value,  Safeguard duty
Balance of Payments Non-violation Complaint
Current account transactions, Capital account transactions, Sunset clause
India’s Foreign Reserves, SDR Double Taxation Avoidance Agreement
Current Account Convertibility, Capital Account Convertibility Shell company
Tariff and Non-Tariff Barriers Inward Remittances, RDA and MTSS
Economic Integration FTA, Types–  PTA, FTA, Customs Union, Common Market, Economic Union, Economic Integration Exim Bank
Currency Swap Facility ECGC
Depreciation, Appreciation World Customs Organization
Hard currency, Soft currency, Cheap currency, Dear currency Hawala system
FDI, FPI Legal Entity Identifier (LEI) code
Contingency Reserve Arrangement Concession Financing Scheme
WTO, Agreements, Boxes, TRIPS Economic Survey 
(Ch-6)  Financial Markets – Money & Capital Markets ( UPSC PRELIMS 2021)
Money Market Exchange-Traded Funds & Bharat 22
Capital Market Infrastructure Investment Trusts (InvITs)
Primary Market and Secondary Market Real Estate Investment Trust (REIT)
Regulation of Stock Exchanges in India & SEBI BONDI- blockchain bond
Derivatives Sovereign Blue Bond
Govt Securities (T-Bills, CMBs, SDLs. PDs Women’s Livelihood Bonds (WLBs)
Debentures vs Shares Elephant Bonds
Mutual Fund National Financial Reporting Authority (NFRA)
NBFCs & IL&FS Crises Ind AS
Limited Liability Partnerships International Financial Services Centres (IFSC) Authority Bill, 2019
Systematically Important Non- Deposit Core Investment Company Municipal Bonds
LIBOR SEBI bond market framework
Share swap SEBI integration of surveillance and investigation department
Insider Trading Masala Bonds,  Offshore Rupee Markets
Credit Rating Agencies Fintech
Share-pledging Development Impact Bond (DIB)
Alternative Investment Fund Green Bonds
Sovereign wealth fund Municipal Bonds
Government Securities Floating Rate Bonds
Bond Yield Inversion CPI Linked Bonds
Financial Sector Regulators
Anchor Investors
ADR, GDR, IDR Venture 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 Policy N K SINGH Committee
Fiscal drag, Slippage Independent ‘Fiscal Council’
FRBM Act, 2003 DTAA
Budget & its components  
Receipts and expenditure Economic Survey 
Capital vs Revenue   
Plan and Non-plan expenditure  
Deficits and its types  
Deficit financing  
Government Debt  
Division of taxation powers between centre and states Base Erosion and Profit Shifting
Methods of Taxation – Progressive , Regressive and Proportional Goods and Services Tax Network (GSTN)
Tax Types- Proportional Taxes, Progressive Taxes, Regressive Taxes Direct Tax Code
Types- Direct and Indirect Taxes  E-way bill
DTC – Direct Tax Code Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019 
Minimum Alternate Tax Forest 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 Ratio Long Term Capital Gains Tax
Laffer Curve FATF
Tax Havens Tax Information Exchange Agreement (TIEA)
General Anti-Avoidance Rules (GAAR)  
Shell Companies Economic Survey 
(Ch-9)  Inflation
Static Current
Meaning & Types of Inflation Economic 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  
Static Current
Industrial Policy prior to 1991 Department for Promotion of Industry and Internal Trade (DPIIT) 
Economic Reforms: Liberalization, Privatization, and Globalization Udyam Abhilasha
Industrial Policy Since 1991 Pariwartan Scheme
NIMZs ‘Make in India’ in the Defence Procurement Procedure
Make In India Solar Charkha Mission, Sampark portal- MSMEs
Fourth Industrial Revolution EODB
Special Economic Zone (SEZ) SWAYATT, GeM Start-up Runway
MSME Samadhan Portal
Maharatna, Navratna, Miniratna Government e-Marketplace (GeM)
Models of E-Commerce Project SURE
Technical textiles Samarth scheme
Corporate Social Responsibility Draft e-commerce policy
Corporate Governance Features of National Digital Communications Policy-2018
  National Policy on Electronics 2019
  National Mineral Policy 2019
  National Policy for Software Products 2019
  Regulatory sandboxes
Static Current
Agri Policy Since Independence International Organisations
Operation Flood Food and Agriculture Organisation
Mariculture International Rice Research Institute
Blue Economy International Crops Research Institute for the Semi-Arid-Tropics (ICRISAT)
APMCs Asian Tea Alliance
Rainfed Agriculture Schemes, Portals, Apps
Tea Board Krishi Kalyan Abhiyan
Livestock Census Coal 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 India Pradhan Mantri Fasal Bima Yojna (PMFBY)
MSP Gramin 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
Static Current
Transportation Freight Village
Railways Water aerodrome
Road Network Draft National Logistics Policy
Indian Shipping Train-18
Civil Aviation National Rail and Transportation Institute (NRTI)
Power Mission Satyanishtha
Public-Private Partnerships Bidder Information Management System (BIMS) and Bhoomi Rashi
Coal Sector Pradhan Mantri Surakshit Sadak Yojana
Renewable Energy Pradhan Mantri Awaas Yojana
Multi-modal terminal Smart Cities Mission
  Jal Marg Vikas project
  UDAN 3.0
ENERGY – Current Affairs Laws, Policy
Petroleum and Explosives Safety Organisation (PESO) Motor Vehicle (Amendment) Act, 2019
New Definition for Petroleum under Petroleum and Natural Gas Rules, 1959 Consumer Protection Act, 2019
Unconventional hydrocarbons RERA, 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) Policy Aapoorti 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)
Static Current
Types of Unemployment National Minimum Wage
Tendulkar Committee Periodic Labor Force Survey by NSSO
Rangarajan Committee Fixed-Term Employment
Phillips Curve  
Human Resource Development  
(Ch-14)  Social Sector ( UPSC PRELIMS 2021)
Static Current
District Mineral Foundation National Council for Vocational Education and Training (NCVET)
Public Utility Service Institutions of Eminence (IOEs)
Drug Pricing in India Social 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)
Static Current
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 II Eco 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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