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Essay on Indian Economy for Students in English | 500 Words Essay

December 20, 2020 by Sandeep

Essay on Indian Economy: India is mainly an agrarian economy with agricultural supplies contributing up to 50% of the GDP index. The government has created fair policies with wage revisions and labourers rights to boost economic growth. The service sectors, manufacturing units, iron and steel companies, chemical and textile sectors, automobile industries contribute to the economy of the country. Privatisation of many sectors along with demonetization has affected both big and small businesses in the country.

Essay on Indian Economy 500 Words in English

Below we have provided Indian Economy Essay in English, written in easy and simple words for class 6, 7, 8, 9 and 10 school students.

“There can be economy only where there is efficiency.” – Benjamin Disraeli

Indian economy is the fifth largest economy in the world currently. It is a developing market economy. The economic growth of India has even surpassed that of China in recent years. India has been able to successfully jump up ranks in various indexes, including the Ease of doing business index. Agriculture still remains the largest employer in the country, with the construction and real estate sector right behind it. India is the world’s second-largest coal and cement producer. The government has had a major role in accelerating the economic growth of the country.

The way industries operate in our country has been enhanced by the Industrial Policy. Many industries have been freed from the system of licensing and have no restriction on importing new and latest technology from other countries. The government has also taken up disinvestment in the industries where it is unprofitable. The focus on privatisation is being increased to intensify healthy competition. The government is also making efforts to revive and promote small scale industries and businesses.

The New Trade Policy has made it extremely easy for traders to carry out imports and exports. The trade of all items barring a restricted few has been allowed. Also, the tax on many items has been abolished, while for others, the amount has been visibly minimised. A lot of incentives are also being provided to exporters to encourage foreign trade and gain foreign currency.

History of the Indian Economy

For continuous 1700 years starting from the 1st century A.D., the Indian economy constituted about 35 to 40 percent of the world’s GDP and was the topmost flourishing economy. The Indus Valley civilisation proved to provide a form of permanent settlement to the people of the country alongside efficient water supply, urban planning and sanitation.

The silk route provides proof of early Indian trade. Under the Mughal empire, the Indian economy thrived and prospered. It was during this time that a focus on industrial production was also seen. Under the British rule, the Indian economy suffered some significant setbacks and was downtrodden. There were major changes seen in the agricultural sector. The commercialisation of agriculture increased. Farmers were forced to grow cash crops that were used in trade, rather than producing food crops.

This resulted in numerous famines. The once rich handicrafts and handloom sector also dipped and sunk during the British Raj. However, the colonial rule is responsible for giving the country railways, a legal system and a single currency exchange rate. The British era in India was rather exploitative, but our economy has come a long way since then with the help of policies pertaining to privatisation, liberalisation and globalisation .

Sectors of the Indian Economy

As the Indian economy has vastly diversified and grown in the previous years, the GDP contributed by the agricultural sector has reduced. However, it still continues to employ more than 50 percent of the country’s population . India is the largest producer of milk, pulses and jute and is the second-largest producer of wheat, rice and cotton. The agricultural sector accounts for about 20% of India’s GDP.

The main industries included in the Indian industrial sector include textile, construction, power, food processing, etc. The industrial sector employs around 22 percent of the country’s workforce and accounts for 26 percent of India’s GDP. Foreign Direct Investment is one measure by the government, which has increased foreign investments in the country, leading to further growth in this sector.

The services sector contributes the maximum to the GDP of the country. It includes financial services, aviation, insurance, hospitality, entertainment, etc. This sector employs around 23 percent of the Indian population. The main reason why the service sector has been able to do exceedingly well is because of outsourcing. The working population here is skilled, highly educated and cheaper than the labour in other countries.

Problems facing the Indian Economy

Unemployment is a problematic issue for the working-age population of India. The rate of unemployment has increased, and so has the population between the age bracket of 15-59 years. This unemployment is prevalent in the rural as well as the urban areas and is more widespread among the unskilled workers. A significant chunk, including women, especially those that live in rural areas are illiterate and have low educational standards. This leaves so much potential untapped and opportunities unexplored.

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UPSC Essay Topics

The Upsc Essay Topics change every year, and aspirants are never sure what they will be. They can be about things like how the economy is doing, how women can be stronger, art and culture, or how the media affects us. Moreover, it’s a good idea to look at the essay questions from previous years to get an idea of what might be asked. This will help you practice writing essays and do well in the exam. With enough practice, you can become good at writing essays for the UPSC exam .

Furthermore, the IAS Essay section is very important in the UPSC exam. It contains 250 marks, and you must write two essay questions in three hours, each 1000 to 1200 words. Additionally, to prepare, it’s a good idea to look at previous upsc essay papers to understand what essay topics upsc might come up in the exam.

You can also check for UPSC Mains Toppers Booklist . [embedyt] https://www.youtube.com/watch?v=am5JYNs9Y08[/embedyt]

UPSC Essay Topics 2024

The UPSC essay paper is one of the nine papers in the UPSC Mains exam . It’s a chance for candidates to share their opinions on social, economic, and political issues. UPSC usually chooses topics that are either related to current events or have a big impact on society. Moreover, some important IAS essay topics for the UPSC exam could include:

Development
Urbanisation
Globalisation
Bureaucracy/Civil Service
Constitution
Water Security
Poverty/Hunger/Food Security
Human Resources- Employment
Social Media
Privacy/Surveillance

UPSC Essay Topics: Previous Year Question Paper

Having access to the previous year’s essay topics can be useful. It gives you an idea of the types of essays asked in previous years. Moreover, That’s why we’ve provided the UPSC essay topics from the previous year’s UPSC question paper below.

UPSC Essay Topics for year 2022
UPSC Essay Topics for year 2021
UPSC Essay Topics for year 2020
UPSC Essay Topics for year 2019
UPSC Essay Topics for year 2018

You can also check for how to write an essay for upsc .

UPSC Essay Topics: Topic wise

Here, we will discuss different UPSC Essay Topics that are frequently asked in the UPSC Examination.

UPSC Essay Topics on Administration

If you want to prepare for Polity and Administration topics for the UPSC exam, you can start by reading books on Polity and Public Administration. Moreover, these books provide basic information about relevant issues and their history, which can be useful when writing essay questions on Polity and Public Administration for the UPSC exam. Some UPSC essay topics on these topics could include:

Is autonomy the best answer to combat balkanisation?
Politics without ethics is a disaster.
Judicial activism and Indian democracy.
The language politics in India: its past, present, and future.
Is a better disaster management system need of the hour?
Cooperative federalism: Myth or reality.
Need for transparency in public administration.
The VIP cult is a bane of Indian democracy.

UPSC Essay Topics on Science and Technology

To write an essay on Science and Technology topics for the UPSC exam, you can start by following current affairs related to this field. You can also refer to books on Science and Technology for UPSC to get a multidimensional perspective. Moreover, some possible Science and Tech UPSC essay topics could include:

The modern doctor and his patients.
The process of self-discovery has now been technologically outsourced.
Alternative technologies for a climate change-resilient India.
Technology cannot replace manpower.
Social media is inherently a selfish medium.
Value-based science and education.
Cyberspace and Internet: Blessing or curse to the human civilisation in the long run.
The lure of space.
Spirituality and scientific temper.
The march of science and the erosion of human values.
The cyberworld: Its charms and challenges.
Science and Mysticism: Are they compatible?

UPSC Essay Topics on Women Empowerment

UPSC encourages gender equality in the workplace and often includes essay topics related to women. The UPSC Essay topics aims to understand the candidate’s level of critical thinking and ability to express their thoughts. Including data, references, and real-life examples can help earn extra marks while writing essays. Moreover, some possible UPSC essay topics related to women and women empowerment could include:

Challenges and Prospects of Women Empowerment
Ground realities of the new emerging women power
Fulfillment of ‘new woman’ in India is a myth.
Is the Indian working woman getting a fair deal- Managing work and home?
Hand that rocks the cradle rules the world.
What if all the developed countries had women as their heads?
Greater political power alone will not improve women’s plight.
Whither women’s emancipation?

UPSC Essay Topics on Indian Culture & Society

The UPSC essay topics related to Indian society, art, and culture are always diverse. To prepare for these topics, candidates can read basic books on society that are typically referred to during the exam. Moreover, you can also use Art & Culture Notes for UPSC to help with your preparation. Some possible UPSC essay topics related to Indian culture and society are:

Are new cults and godmen threats to the traditional religion?
Modernism and our traditional socio-ethical values.
Indian society is at a crossroads.
The composite culture of Indian society
Where the Youth culture of today is heading towards
As civilisation progresses, culture declines.

UPSC Essay Topics on Philosophical Type

Every year, UPSC includes two or more UPSC essay topics related to philosophical thoughts, Indian philosophical schools, or quotes from famous personalities. Students can refer to Philosophy Books for UPSC to prepare for these topics to gain a basic background. Moreover, some possible UPSC essay topics related to philosophy or quotes from famous personalities are:

Be the change you want to see in others.
Reality does not conform to the ideal but confirms it.
The paths of glory lead but to the grave.
Our deeds determine us, as much as we determine our deeds.
If youth knew if age could.
Useless life is an early death.
Search for truth can only be attained through spiritual means.
Lending hands to someone is better than giving a dole.
Words are sharper than a two-edged sword

UPSC Essay Topics on Education

Education is a popular UPSC essay topics , and almost every year, an essay related to education is asked in the paper. Moreover, to prepare for this topic, staying updated with current affairs and major changes and developments related to the field is important. Some possible UPSC essay topics related to education for UPSC could include:

Privatisation of the higher education system in India.
Does growth in literacy correspond to growth in education?
Education without values, as useful as it is, seems rather make a man a more clever devil.
Concept of Real Education
Restructuring of the Indian education system with respect to the NEP
The destiny of a nation is shaped in its classrooms.
Education for all”: myth or reality.

UPSC Essay Topics on Economic Growth

UPSC frequently includes IAS essay topics on economic growth, development, and the MNC (multi-national corporation) sector. To prepare for these topics, candidates can refer to Economy Notes for UPSC to get a general overview of the subject. Moreover, once you grasp the basics well, you can add examples, data, and figures to make your essay more multi-dimensional. Some possible UPSC essay topics related to economics for UPSC could include:

Can tourism be the next big thing for India?
GDP (Gross Domestic Product) along with GDH (Gross Domestic Happiness) should be the right indices for judging the well-being of a country.
Are the Multinational corporations saviours or saboteurs?
Is the Digital economy a leveller or a source of economic inequality?
Is it the policy paralysis or the paralysis of implementation which slowed the growth of our country?
Future of BPO Culture in India
Crisis faced in India – moral or economic.
Is the near jobless growth in India an anomaly or an outcome of economic reforms?

You can also check for UPSC Calendar 2023 .

Upsc Essay Topics: Things to keep in mind

Writing is a way to show how you think. When an examiner reads your essay, they can understand your thought process. An essay is a well-structured set of ideas on a specific topic. Moreover, to score well on the UPSC Essay paper , it’s important to practice and be persistent. The essay is about factual knowledge, creativity, and critical thinking. To score well on the UPSC Essay paper, follow these steps:

Choose the Right Essay

The UPSC Essay paper has two sections, and you have to write one essay from each section. Both essays have 125 marks each and must be 1000-1200 words. Before choosing a topic, it’s important to reflect on it and consider if it’s too controversial or if you have enough information to write about it.

Examine the Topic

When you select UPSC Essay Topics , it’s important to take some time to think about the topic and write down the main keywords that you will use in your essay. This will help you organise your thoughts and ensure you cover all the key points.

Taking a multidimensional approach is important when writing your essay, which means considering different perspectives and angles.

Additionally, structure your essay clearly and concisely, with an introduction that sets the stage for the rest of the essay, a body that covers your main points, and a conclusion that summarises your key ideas and leaves a lasting impression on the reader.

Structure well

The introduction is a crucial part of the UPSC Essay Topics and should provide a brief idea about the topic. It should convey your perspective on the topic. The essay’s main body should be divided into well-connected small paragraphs. The language should be simple, clear, and easy to comprehend.

Moreover, the focus should be on critical thinking rather than using complex vocabulary. If necessary, include relevant facts and data. Using quotes and sayings can add weight to the essay. The conclusion should be clear and concise. While writing, strive for a neutral or balanced approach.

Frequently Asked Questions (FAQs)

Q1: Do UPSC Topics get repeated?

Ans: That’s correct. While UPSC may repeat essay topics from previous years, they are likely to ask a different question with the exact same wording. Instead, they may tweak the language or focus of the question slightly to test a candidate’s understanding and analytical skills. Moreover, it is also true that certain topics, such as history, economics, and Indian polity, tend to be asked more frequently than others.

Q2: How many essay questions are asked in the upsc essay paper?

Ans: The UPSC Essay Paper consists of two sections, each containing four to five essay topics. Candidates need to choose one essay topic from each section and write an essay of 1000 to 1200 words on each topic. Moreover, each essay is worth 125 marks, and the total mark for the UPSC Essay Paper is 250.

Q3: How can I write a good essay for UPSC?

Ans: Keeping notes and staying updated with current affairs is crucial in developing a deep understanding of various topics. Reading books, journals, and other publications related to the UPSC Essay Topics can also help enhance knowledge and vocabulary. Moreover, ractising writing essays regularly and getting feedback from mentors or peers to improve writing skills is also important.

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UPSC Essay Topics - Important Essay Topics for UPSC Mains 2023

By vajiram & ravi.

Essay Course for UPSC

UPSC CSE Mains 2023 Essay Question Paper

UPSC Mains Optional Test Series

Mentorship Program for UPSC 2024

Understanding UPSC Essay Topics holds significant importance as it evaluates the candidate's ability to analyse, present arguments, and communicate effectively. In this article, we will explore the diverse range of UPSC essay topics, their significance, and essential tips to excel in this section. Get ready to enhance your writing and analytical skills and make a strong impression on the evaluators with well-crafted essays.

UPSC Essay Paper

The Essay paper in the UPSC Mains examination requires candidates to write multiple essays , each on a different topic, chosen from a given list of options. The essay topics for UPSC cover a wide range of issues, including social, economic, political, cultural, and philosophical aspects, both national and international.

The essay paper holds significant weightage in the UPSC Mains examination, contributing 250 marks out of the total 1750 marks . Scoring well in this section can have a considerable impact on the overall ranking and selection for the coveted civil services.

Weekly UPSC Essay Topics By Vajiram & Ravi

The UPSC Essay Paper is an opportunity for candidates to demonstrate their proficiency in expressing ideas and analysing complex issues. Vajiram & Ravi Pensive-Weekly Essay Writing Programme provides you with two Essay Topics every Saturday based on the previous year's question papers and the changing trends analysis. You can submit your Essay for peer evaluation on vajiramandravi.com. This will help you nourish your writing skills, give you clarity of thought, and build the capacity to express opinions in a logical and coherent manner.

Important Essay Topics for UPSC 2023

The purpose of the essay paper is to assess the candidate's ability to critically analyse a topic, present well-structured arguments, and communicate their ideas effectively. It also evaluates their knowledge of various issues, their clarity of thought, and their capacity to express opinions in a logical and coherent manner.

Some of the Important Essay Topics to prepare for the UPSC Mains Examination 2023 are:

Gender Equality
Environment/Urbanization
Economic Growth
Federalism/Decentralization
Agriculture
Economics

UPSC Essay Topics on Philosophy

Every year, UPSC typically provides you with two or more essay topics centred around philosophical thoughts, Indian philosophical schools, or quotes from notable personalities. To effectively address these philosophical topics, you should refer to Philosophy Books to gain a foundational understanding. Here is a list of UPSC Essay Topics on Philosophy :

Everything comes to him, who hustles while he waits.
We are always blind as we want to be.
You cannot step twice in the same river.
A disciplined mind brings happiness.
The price of Greatness is Responsibility.
People would rather Believe than Know.
Mind - A beautiful Servant? Or a dangerous Master?

UPSC Essay Topics on Art and Culture

The UPSC Essay Topics related to Indian society, art, and culture cover a wide range of subjects, offering great diversity. To gain knowledge about the static content on these topics, you should rely on fundamental books on society, as recommended for the exam. Here is a list of UPSC Essay Topics on Indian Art and Culture :

Culture changes with economic development.
Culture is what we are, Civilization is what we have.
Social reform is a myth if places of worship are open only to all castes and not to all genders.
Impact of Globalization on Indian Art and Culture.
Caste System - India’s Enduring Curse.
Godmen - A Threat to Indian Art and Culture?

UPSC Essay Topics on Science and Technology

UPSC essay topics on Science and Technology can largely be addressed through current affairs. You may also benefit from consulting a Science and Technology Book for UPSC to compose a comprehensive and well-rounded essay. Here are some UPSC Essay Topics on Science and Technology:

Deglobalisation is good for the world.
Science is organised Knowledge. Wisdom is Organised life.
Technology is a Weapon against Poverty.
Prioritising Education Technology for Global Growth.
Technology is the silent factor in International Relations.
Scientific and Technological Progress cannot be equated with Human Progress.

UPSC Essay Topics on Education

Education stands as one of the preferred UPSC Essay Topics, with an essay related to this subject often appearing in the paper each year. To tackle this topic effectively, you should stay abreast of Current Affairs , incorporating significant changes and advancements in the field. Let's explore some of the Essay topics for UPSC centred around education:

Self Education is a lifelong curiosity.
Education Breeds Peace.
Education is a progressive discovery of our own ignorance.
Education must also train one for quick, resolute and effective thinking.
Schooling is not Education.

UPSC Essay Topics on Polity and Governance

To comprehensively address Polity and Governance topics, you should acquire fundamental knowledge from Polity Books for UPSC and Current Affairs. These resources offer static information about relevant issues and their historical context, which proves valuable while writing UPSC Essay Topics on Polity. Here are some Essay Topics on Polity and Governance:

The Role of Politics in Development.
Should Youth in India Consider Politics as a Career?
Art, Freedom and Creativity will change society faster than politics.
The politics of Identity is the Politics of the Weak.
People should not be afraid of their Government. The Government should be afraid of its people.
Government Surveillance - Good or Bad?

UPSC Essay Topics on Economy

Essays concerning economic growth are frequently included in the Essay Paper. To tackle these topics effectively, you should refer to Economy Notes for UPSC to gain a comprehensive understanding. Once the fundamentals are grasped, you can enhance their essays by incorporating examples, data, and statistics to create a multidimensional perspective. Here is a list of UPSC Essay Topics on Economy:

We don't have to sacrifice a Strong Economy for a Healthy Environment.
India, a $5 trillion Economy - Dream or Reality?
Digital Economy: A leveller or a source of Economic Inequality?
Innovation is the key determinant of social welfare and economic growth.
Labour Reforms in India and its Role in Economic Growth.

UPSC Essay Topics on Social Issues

Social issues are a significant aspect of the UPSC essay paper, reflecting the candidates' understanding of societal challenges and their ability to propose viable solutions. These essays provide a platform for candidates to analyse, critique, and suggest measures for pressing social concerns. Topics related to social issues in the UPSC Essay paper may include:

Inclusivity and Plurality are the hallmarks of a Peaceful Society.
A Gender-sensitive Indian Society is a prerequisite for Women and Child Empowerment.
The weaker sections of Indian Society - are their Rights and Access to Justice getting Better?

Previous Year UPSC Essay Topics

Practising previous year's essay topics will help you become familiar with the UPSC exam pattern , word limit, and the types of essay questions frequently asked in the Mains Examination. Analysing past essay topics will also allow you to identify recurring themes and trends, enabling you to prioritise their preparation accordingly. Regular practice with past essay topics will instil confidence in you, helping you feel more comfortable and prepared for the actual exam.

Forests are the best case studies for economic excellence.
Poets are the unacknowledged legislators of the world.
History is a series of victories won by the scientific man over the romantic man.
A ship in the harbour is safe, but that is not what a ship is for.
The time to repair the roof is when the sun is shining.
A smile is the chosen vehicle for all ambiguities.
Just because you have a choice, it does not mean that any of them has to be right.

Tips to Excel in UPSC Essay Paper

Understand the Topics: Thoroughly comprehend the essay topics, including the keywords and instructions. Choose a topic that aligns with your strengths and interests.
Plan and Structure: Devote some time to plan your essay. Create an outline and organise your thoughts in a structured manner, with a clear introduction, body, and conclusion.
Be Objective: Present balanced arguments and avoid a biased or one-sided approach. Consider multiple perspectives and present a holistic view.
Provide Examples and Evidence: Support your arguments with relevant examples, data, quotes and evidence to strengthen your essay.
Maintain Clarity: Write in a clear and concise manner. Use simple language and avoid jargon or overly complex vocabulary.
Practice Regularly: Regular practice is essential to improve Essay writing skills. Write essays on diverse topics to enhance your versatility.
Time Management: Allocate appropriate time for planning, writing, and revising each essay to manage time effectively during the examination.
Revise and Edit: Review your essays for coherence, grammar, and structure. Make necessary edits to refine your work.

FAQs on UPSC Essay Topics

What are the important UPSC Essay Topics?

Here is a list of UPSC Essay Topics asked in Mains Examination previously:

Culture is what we are, civilization is what we have.
Simplicity is the ultimate sophistication.
What is research but a blind date with knowledge?
Best for an individual is not necessarily best for society.
Wisdom finds truth.
Ships don’t sink because of water around them, ships sink because of water that gets into them.
Patriarchy is the least noticed yet the most significant structure of social inequality.
Technology as the silent factor in international relations.

How do I Prepare for the UPSC Essay?

To prepare for the UPSC essay, focus on understanding the essay syllabus and past topics to identify recurring themes. Regularly practise writing essays on various topics to improve your writing skills and time management. Structure your essays with a clear introduction, main body, and conclusion.

Which is the best source to practise UPSC Essay Topics?

The best sources to prepare Essay for UPSC include official UPSC materials, newspapers, and magazines like The Hindu, Yojana , and Kurukshetra for current affairs, standard books on diverse subjects, government reports and publications, online platforms like PIB and PRS India, UPSC previous year papers for understanding the exam pattern, and regular practice of essay writing on various topics.

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School Education /

Essay on Indian Economy for Students in 100, 200 and 500 Words

Updated on
Jan 12, 2024

Essay on Indian Economy: The Indian economy is a mixed economy, which is primarily driven by the agriculture and services sectors. The agriculture sector contributes to nearly 20% of India’s GDP. Whereas, the services sector accounts for nearly 50% of the country’s GDP. Furthermore, the manufacturing sector contributes to around 28% of India’s GDP. Globally, India is ranked 142nd and 125th in terms of per capita income and nominal GDP, as per the International Monetary Fund (IMF).

Since independence, India has transformed from an agricultural country to a mixed economy due to liberalization in 1991. To read more about the Indian economy, keep reading the blog on sample essays about the same.

This Blog Includes:

100 words essay on indian economy, 200 words essay on indian economy, 500 words essay on indian economy.

Deepika Joshi

Deepika Joshi is an experienced content writer with expertise in creating educational and informative content. She has a year of experience writing content for speeches, essays, NCERT, study abroad and EdTech SaaS. Her strengths lie in conducting thorough research and ananlysis to provide accurate and up-to-date information to readers. She enjoys staying updated on new skills and knowledge, particulary in education domain. In her free time, she loves to read articles, and blogs with related to her field to further expand her expertise. In personal life, she loves creative writing and aspire to connect with innovative people who have fresh ideas to offer.

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Home > Daily-current-affairs

Daily-current-affairs / 10 Feb 2024

Analysis of the white paper on the economy

The recent presentation of a "white paper" on the Indian economy by Finance Minister Nirmala Sitharaman has stirred significant discourse in Parliament and beyond. This white paper, crafted by the Ministry of Finance, undertakes a meticulous comparison between the economic governance of the Congress-led UPA governments (2004-05 to 2013-14) and the BJP-led NDA governments (2014-15 to 2023-24). As we look deeper into the contents of this document, it becomes evident that it serves as a critical evaluation of economic trajectories, policy decisions, and outcomes over a decade-long period.

Understanding the White Paper

A white paper traditionally serves as a comprehensive informational document that sheds light on a specific issue or topic. It is often utilized by governments to elucidate the nature, scope, and potential resolutions concerning various challenges or phenomena. However, the document presented in Parliament diverges slightly from the conventional definition of a white paper. Rather than focusing on a singular issue, it offers a comparative analysis of economic governance under two distinct political regimes.

Purpose and Timing of Presentation

The decision to unveil this white paper after a decade of governance is not without strategic significance. The document itself articulates the rationale behind this timing, emphasizing the government's intent to foster hope, attract investments, and garner support for reforms during its early years. By refraining from a premature unveiling, the government aimed to avoid instilling a negative narrative that could potentially undermine confidence among investors and stakeholders.

Key Highlights

The white paper unfolds across three primary segments, each elucidating pivotal aspects of the Indian economy during the respective regimes.
Part 1 looks into the macroeconomic landscape during the UPA era, highlighting perceived shortcomings and policy lacunae.
UPA severely undermined the macroeconomic foundations. For instance, it underscores high inflation, high fiscal deficit (or the money borrowed to meet expenses), and a high proportion of bad loans in the banking system that dragged down economic activity.
Not only did UPA borrow heavily from the market, but the funds raised were applied unproductively. “Capital expenditure as a percent of total expenditure (excluding interest payments) halved from 31 percent in FY04 to 16 percent in FY14.” This ratio stands at 28% in the current year. The resulting “neglect of infrastructure creation and challenges of the logistical constraints caused industrial and economic growth to stumble.”
Defense preparedness was hampered by policy paralysis. “By 2012, shortage of combat-ready equipment and ammunition was a chronic issue plaguing our forces,”
Part 2 of the document scrutinizes the alleged corruption scandals that marred the UPA government's tenure.
UPA’s decade was marked by “policy misadventures and scams such as non-transparent auction of public resources (coal and telecom spectrum), (and) the specter of retrospective taxation.
In stark contrast, Part 3 extols the achievements of the NDA government, portraying a narrative of economic revitalization and reform. It cites data from international bodies like the International Monetary Fund to underscore improvements in headline inflation rates and the efficacy of government schemes, such as sanitation initiatives and financial inclusion drives.
There are many genuine achievements of the NDA government during the past decade. These include reforms like the GST and IBC, the push towards increased capital expenditure, and the clean-up of the commercial bank balance sheets to name just a few. However, it is also true that there is employment-related stress.
Yes, the unemployment rate improved progressively during the NDA government’s tenure as the White Paper notes, with the rate sliding down to 3.2 percent in 2022-23 from 6 percent in 2017-18 (as per the available Periodic Labour Force Surveys). The figure, however, understates the concern of a surge in the number of unpaid workers and a deterioration in the quality of jobs. PLFS data reveals that the share of unpaid workers in the labour force of the country has gone progressively up to 18.3 percent in 2022-23 from 13.6 per cent in 2017-18. The share of salaried workers, meanwhile, reduced to 20.9 percent in 2022-23 from 22.8 percent in 2017-18.
For instance, Morgan Stanley did assess India as one of the “fragile five” global economies in 2013. And it is also a fact that India is currently ranked among the top five based on the size of its GDP, as the white paper notes.
However, India wasn’t among the ‘fragile five’ right through UPA’s 10-year rule from 2004 to 2014. Indeed, despite the Global Financial Crisis, India experienced the fastest period of growth rate between 2004 and 2009.
Furthermore, the document attributes the downturn in domestic inflation to external factors like fluctuating crude oil prices, exemplifying the intricate interplay between global dynamics and India's economic trajectory.

Analysis and Critique

While the white paper espouses the successes of the NDA government, it has drawn scrutiny for its selective portrayal of economic realities. Critics argue that the document glosses over systemic issues such as unemployment and poverty, which persist despite purported improvements in certain indicators.
Moreover, the absence of comprehensive data on GDP growth over two decades and the failure to acknowledge the complexities of employment dynamics undermine the document's credibility in the eyes of detractors.
Despite laudable reforms like the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC), the white paper fails to address the nuanced challenges posed by underemployment and stagnant wages. It underscores the need for a more holistic appraisal of economic performance that transcends headline figures and embraces the multifaceted nature of India's socio-economic landscape.

The white paper on the Indian economy represents a pivotal contribution to the ongoing discourse surrounding economic governance and policy formulation. While it offers valuable insights into the trajectories of successive governments, it also underscores the need for a more nuanced, inclusive approach to economic policymaking.

By acknowledging the complexities of India's socioeconomic landscape and embracing a holistic perspective that transcends partisan narratives, policymakers can chart a course toward sustainable growth, equitable development, and shared prosperity. As India navigates the challenges of the 21st century, it must draw upon the lessons of the past decade to forge a future defined by resilience, innovation, and social cohesion.

Source- The Indian Express

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Home / Current Affairs / White paper on economy

White paper on economy

By : Author Desk
Updated : February 9, 2024

Recently Finance Minister Nirmala Sitharaman presented a white paper on the Indian economy in Parliament.
The document has been prepared by the Ministry of Finance.
The Document compares the 10-year record of economic governance under the Congress-led UPA governments (between 2004-05 and 2013-14) with the 10-year record of the BJP-led NDA governments (between 2014-15 and 2023-24).

What is meant by White Paper?

A white paper generally provides information about a specific issue.
For example government may present a white paper on black money to make people aware of the nature and scope of the problem and the possible ways to resolve it.
In this sense the document presented by Finance minister in Parliament is not exactly a white paper.
Because the document is a comparison between the record of two governments on a variety of economic parameters.
A comprehensive review of the state of the Indian economy as things stood in 2014, when the incumbent government first took charge of the country would have been a white paper on the economy.

Why is it being presented now ?

The document explains the fact why the white paper is being presented at the end of 10 years instead of at the start.
It is stated that government refrained from bringing out a white paper on the poor state of affairs then.
The publication of document back in 2014 would have given a negative narrative and shaken the confidence of all, including investors.
The need of the hour was to give hope to the people, to attract investments, both domestic and global and to build support for the much-needed reforms which the document now provides for.

What is its objective?

There are broadly four stated objectives and they are:

The document seeks to inform everyone of the nature and extent of governance, economic and fiscal crises that were bequeathed to the NDA government when it assumed office in 2014.
The document also informs about “the policies and measures that (NDA) government took to restore the health of the economy” since 2014.
The document also hopes to generate a wider, more informed debate on the paramountcy of national interest and fiscal responsibility in matters of governance over political expediency.”

Finally the document quotes Prime Minister Narendra Modi’s speech on last year’s Independence Day, “to commit ourselves to national development, with new inspirations, new consciousness, new resolutions, as the country opens up immense possibilities and opportunities.”

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Essay on Indian Economy for Students and Children

500+ words essay on indian economy.

India is mainly an agricultural economy . Agricultural activities contribute about 50% of the economy. Agriculture involves growing and selling of crops, poultry, fishing, cattle rearing, and animal husbandry. People in India earn their livelihood by involving themselves in many of these activities. These activities are vital to our economy. The Indian economy has seen major growth in the last few decades. The credit for this boom largely goes to the service sector. Agriculture and associated activities have also been improvised to match the global standards and the export of various food products has seen an upward trend thereby adding to the economic growth. The industrial sector does not lag behind a bit. A number of new large scale, as well as small scale industries, have been set up in recent times and these have also proved to have a positive impact on the Indian economy.

Government’s Role in Economic Growth

Majority of the working Indian population was and is still engaged in the agriculture sector. Growing crops, fishing, poultry and animal husbandry were among the tasks undertaken by them. They manufactured handicraft items that were losing their charm with the introduction of the industrial goods. The demand for these goods began to decline. The agricultural activities also did not pay enough.

The government identified these problems as hindering the economic growth of the country and established policies to curb them. Promotion of cottage industry, providing fair wages to the laborers and providing enough means of livelihood to the people were some of the policies laid by the government for the country’s economic growth.

Get the huge list of more than 500 Essay Topics and Ideas

The Rise of the Industrial Sector

The government of India also promoted the growth of small scale and large scale industry as it understood that agriculture alone would not be able to help in the country’s economic growth. Many industries have been set up since independence. A large number of people shifted from the agricultural sector to the industrial sector in an attempt to earn better.

Today, we have numerous industries manufacturing a large amount of raw material as well as finished goods. The pharmaceutical industry, iron and steel industry , chemical industry, textile industry, automotive industry, timber industry, jute, and paper industry are among some of the industries which have contributed a great deal in our economic growth.

The Growth in Service Sector

The service sector has also helped in the growth of our country. This sector has seen growth in the last few decades. The privatization of the banking and telecom sectors has a positive impact on the service sector. The tourism and hotel industries are also seeing a gradual growth. As per a recent survey, the service sector is contributing to more than 50% of the country’s economy.

Indian Economy after Demonetization

The worst affected were the people in the rural areas who did not have access to internet and plastic money. This affects many big and small businesses in the country very badly. Several of them were shut down as a result of this. While the short term effects of demonetization were devastating, this decision did have a brighter side when looked at from long term perspective.

The positive impact of demonetization on the Indian economy is a breakdown of black money, the decline in fake currency notes, increase in bank deposits, demonetization stopped the flow of black money in the real estate sector to ensure a fair play, increase in digital transactions, cutting monetary support for terrorist activities.

Many of our industries are cash-driven and sudden demonetization left all these industries starving. Also, many of our small scale, as well as large scale manufacturing industries, suffered huge losses thereby impacting the economy of the country negatively. Many factories and shops had to be shut down. This did not only impact the businesses but also the workers employed there. Several people, especially the laborers, lost their jobs.

The Indian economy undergoes several positive changes since independence. It is growing at a good pace. However, the rural regions of our country are still under-developed. The government must make efforts to improve the economic condition of these areas.

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NPA in India and its impact on Indian Economy | UPSC – IAS

Reasons for the Rise in NPA levels | UPSC – IAS

2004-05 to 2008-09 – In that period, commercial credit (or what is called ‘non-food credit’) doubled. It was a period in which the world economy as well as the Indian economy were booming. Indian firms borrowed furiously in order to avail of the growth opportunities they saw coming.

Most of the investment went into infrastructure and related areas — telecom, power, roads, aviation, steel.
Businessmen were overcome with exuberance and they believed, as many others did, that India had entered an era of 9% growth.
From 2000-2008, the Indian economy was in a boom phase and banks, especially public sector banks, started lending extensively to companies.
However, with the financial crisis in 2008-09, corporate profits decreased and the Government banned mining projects. The situation became serious with the substantial delay in environmental permits, affecting the infrastructure sector – power, iron, and steel – and resulting in volatility in prices of raw materials and a shortage of supply.
Another reason is the relaxed lending norms adopted by banks, especially to the big corporate houses, foregoing analysis of their financials and their credit ratings.

Recent Developments and Ways to Tackle NPA | UPSC – IAS

The Debt Recovery Tribunals (DRTs) – To decrease the time required for settling cases. They are governed by the provisions of the Recovery of Debt Due to Banks and Financial Institutions Act, 1993. However, their number is not sufficient therefore they also suffer from time lag and cases are pending for more than 2-3 years in many areas. The original aim of the Debts Recovery Tribunal was to receive claim applications from Banks and Financial Institutions against their defaulting borrowers
Using unclaimed deposits – Similar to provisions for unclaimed dividends, the government may also create a provision and transfer unclaimed deposits to its account. These funds in return can be transferred to banks as capital.
Monetization of assets held by Banks – In this case, banks with retail franchisees should create value by auctioning a bank assurance association rather than running it themselves as an insurance company. The current set-up blocks capital inflows and doesn’t generate much wealth for the owners.
Make Cash Reserve Ratio (CRR) attractive – At present, the RBI asks Indian banks to maintain a certain limit on CRR on which the RBI doesn’t pay interest and hence, banks lose out a lot on interest earnings. If the CRR is made more financially rewarding for banks, it can reduce capital requirements.
Refinancing from the Central Bank – The US Federal Reserve spent $700 billion to purchase stressed assets in 2008-09 under the “Troubled Asset Relief Program.” Indian banks can adopt a similar arrangement by involving the RBI directly or through the creation of a Special Purpose Vehicle (SPV).
Structural change to involve private capital – The compensation structure and accountability of banks create a problem for the market. Banks should be governed by a board while aiming to reduce the government’s stake and making the financial institutions attractive to private investors.
Credit Information Bureau – A good information system is required to prevent loan falling into bad hands and therefore prevention of NPAs. It helps banks by maintaining and sharing data of individual defaulters and willful defaulters.
Lok Adalats – They are helpful in tackling and recovery of small loans however they are limited up to 5 lakh rupees loans only by the RBI guidelines issued in 2001. They are positive in the sense that they avoid more cases into the legal system.
Compromise Settlement – It provides a simple mechanism for recovery of NPA for the advances below Rs. 10 Crores. It covers lawsuits with courts and DRTs (Debt Recovery Tribunals) however willful default and fraud cases are excluded.
Securitization – It refers to the process of converting loans and other financial assets into marketable securities worth selling to the investors.
Asset Reconstruction – It refers to conversion of non-performing assets into performing assets.
Enforcement of Security without the intervention of the Court.

Further, this act has been amended last year to make its enforcement faster.

ARC (Asset Reconstruction Companies) – The RBI gave license to 14 new ARCs recently after the amendment of the SARFAESI Act of 2002. These companies are created to unlock value from stressed loans. Before this law came, lenders could enforce their security interests only through courts, which was a time-consuming process.
Corporate Debt Restructuring – It is for reducing the burden of the debts on the company by decreasing the rates paid and increasing the time the company has to pay the obligation back.
5:25 rule – Also known as, Flexible Structuring of Long Term Project Loans to Infrastructure and Core Industries. It was proposed to maintain the cash flow of such companies since the project timeline is long and they do not get the money back into their books for a long time, therefore, the requirement of loans at every 5-7 years and thus refinancing for long term projects.
Joint Lenders Forum – It was created by the inclusion of all PSBs whose loans have become stressed. It is present so as to avoid loan to the same individual or company from different banks. It is formulated to prevent the instances where one person takes a loan from one bank to give a loan of the other bank.
Mission Indradhanush – The Indradhanush framework for transforming the PSBs represents the most comprehensive reform effort undertaken since banking nationalization in the year 1970 to revamp the Public Sector Banks (PSBs) and improve their overall performance by ABCDEFG.
Insolvency and Bankruptcy Code (IBC) – With the RBI’s push for the IBC, the resolution process is expected to quicken while continuing to exercise control over the quality of the assets. There will be changes in the provision requirement, with the requirement for the higher proportion for provisions going to make the books better.
Credit Risk Management – This involves credit appraisal and monitoring accountability and credit by performing various analysis on profit and loss accounts. While conducting these analyses, banks should also do a sensitivity analysis and should build safeguards against external factors.
Tightening Credit Monitoring – A proper and effective Management Information System (MIS) needs to be implemented to monitor warnings. The MIS should ideally detect issues and set off timely alerts to management so that necessary actions can be taken.
Amendments to Banking Law to give RBI more power – The present scenario allows the RBI just to conduct an inspection of a lender but doesn’t give them the power to set up an oversight committee. With the amendment to the law, the RBI will be able to monitor large big accounts and create oversight committees.
More “Hair-cut” for Banks – For quite some time, PSU lenders have started putting aside a large portion of their profits for provisions and losses because of NPA. The situation is so serious that the RBI may ask them to create a bigger reserve and thus, report lower profits.
Stricter NPA recovery – It is also discussed that the Government needs to amend the laws and give more power to banks to recover NPA rather than play the game of “wait-and-watch.”
Corporate Governance Issues – Banks, especially the public sector ones, need to come up with proper guidance and framework for appointments to senior level positions.
Accountability – Lower level executives are often made accountable today; however, major decisions are made by senior level executives. Hence, it becomes very important to make senior executives accountable if Indian banks are to tackle the problem of NPAs.

With the potential solutions above, the problem of NPA in Indian banks can be effectively monitored and controlled, thus allowing the banks to achieve a clean balance sheet

Impact of NPA on Indian Economy | UPSC – IAS

Stress in banking sector causes less money available to fund other projects, therefore, negative impact on the larger national economy.
Higher interest rates by the banks to maintain the profit margin.
Redirecting funds from the good projects to the bad ones.
As investments got stuck, it may result in it may result in unemployment.
In the case of public sector banks, the bad health of banks means a bad return for a shareholder which means that the government of India gets less money as a dividend. Therefore it may impact easy deployment of money for social and infrastructure development and results in social and political cost .
Balance sheet syndrome of Indian characteristics that is both the banks and the corporate sector have stressed balance sheet and causes halting of the investment-led development process.
NPAs related cases add more pressure to already pending cases with the judiciary.
Increase in Current Account Deficit: It is the main cause of the increase in current account deficit and interest rates, CRR, SLR are directly affected by the system.
Confidence in shareholders: Higher NPA loses the confidence of shareholders.
Effect on Borrowers: High NPA not only affect the serious borrowers but also affect borrowers with good credit scores.

Space Economy

Last updated on February 22, 2024 by ClearIAS Team

The term ‘space economy’ covers the goods and services produced in space for use in space. India is one of the very few countries that have built end-to-end capability in Space. As a result, there is a huge demand for Space-based services which have huge commercial potential. Read here to learn more about the Space economy.

Recently, the G20 Space Economy Leaders Meeting was organized under India’s G20 presidency by the Department of Space, Government of India.

India is an emerging space economy.

The Government has decided to open up the space sector for the Indian private industry through the 2020 Space Sector reforms to enhance their participation in end-to-end space activities with the holding of ISRO.

Table of Contents

Space economy

According to the latest reports, the space economy is worth at least $469 billion. The term ‘space economy’ covers the goods and services produced in space for use in space.

mining the moon or asteroids for material is an example of such activity.
The OECD defines it as any activity that involves “exploring, researching, understanding, managing, and utilizing space”.

There are currently 90 countries active in space, although there were only two superpowers when the space race first started.

Numerous private corporations are currently funding space initiatives to improve anything from science to potentially profitable economic prospects.

The space industry is proving to be a crucial facilitator of development and efficiency in other industries as well as a sector in itself.

The deployment of new space infrastructure has benefited several sectors, including meteorology, energy, telecommunications , insurance, transport, marine, aviation, and urban development.

There was a 19% jump in overall government spending on military and civilian space programs last year.

India raised spending by 36%, China invested 23% more and the US pumped another 18% into space ventures.

What is being termed the space renaissance- technological innovation is reducing costs and creating new capabilities all around the globe.

Rocket prices have reduced fourfold in the past decade.
The availability of cheaper components helps companies put satellites into space at lower investment costs.
More earth imagery by area is being produced, along with increased bandwidth of communications.
Commercial satellite data is giving the globe a bird’s-eye perspective of the situation in Ukraine, enabling anyone anywhere to see and document events there as they happen.
Additionally, corporations may use satellite imaging to measure their environmental, social, and governance performance, governments can use it to track CO 2 emissions, and farmers can use it to monitor their crops.

The increasing activity in space is also raising concerns about the amount of space debris in Earth’s orbit, which NASA says now totals 9,000 tonnes.

Space economy of India

India aims to make private industries a co-traveler in India’s Space journey by allowing them to undertake independent end-to-end space activities.

The increased private industry participation will eventually result in the increased contribution of India to the global space economy.

A nodal entity called the Indian National Space Promotion and Authorisation Center (IN-SPACe) has been created to promote and authorize private industries’ participation.

The creation of IN-SPACe has received overwhelming responses from the Indian space industry.
The first privately built sounding rocket was launched last November and a space start-up has established a launch pad inside ISRO’s launch complex. A few start-ups have built and launched satellites.

To give a further boost to private investments, the Union Cabinet approved India’s space policy which envisages and encourages private participation in all areas of space activities.

Indian Space Association (ISpA) was formed in 2021 as a premier industry association of space and satellite companies. It is a part of the government’s approach to space reforms based on:

Allowing the private sector freedom of innovation.
The government plays the enabler’s role.
Preparing youngsters for the future.
Treating the space sector as a resource for the progress of the common man.

ISpA is an apex, non-profit industry body exclusively working towards the successful exploration, collaboration, and development of the private and public Space Industry in India.

Its vision is to work with all stakeholders, to create an enabling environment for strengthening the private industry in the Indian Space sector.
ISpA envisions propelling India to the global forefront in the entire Space ecosystem echoing ‘ Atma nirbhar Bharat .

FDI in Space sector

In February 2024, the government opened the space sector to 100% Foreign direct investment (FDI). Earlier, FDI was only permitted through the government approval route.

Satellite-related activities in the space sector can get Foreign Direct Investment between 49-100 percent as the Union Cabinet approved an amendment in FDI policy.

Now, the satellite sub-sector has been divided into three different activities with defined limits for FDI in each such sector.

Up to 74% under Automatic route: Satellites Manufacturing & Operation, Satellite Data Products, and Ground Segment & User Segment. Beyond 74%, these activities are under the government route.
Up to 49% under Automatic route: Launch Vehicles and associated systems or subsystems, Creation of Spaceports for launching and receiving Spacecraft. Beyond 49%, these activities are under the government route.
Upto 100% under Automatic route: Manufacturing of components and systems/ sub-systems for satellites, ground segment, and user segment.

The ease in the FDI policy on the Space sector by prescribing liberalized FDI thresholds for various sub-sectors/activities is in line with the vision and strategy under the Indian Space Policy 2023.

The FDI policy reform will enhance the Ease of Doing Business in the country, leading to greater FDI inflows and thereby contributing to the growth of investment, income, and employment.
The policy aims to augment space capabilities, develop a flourishing commercial presence in space, use space as a driver of technology development and derived benefits in allied areas, pursue international relations, and create an ecosystem for effectively implementing space applications among all stakeholders.

Sustainable space economy

In the world of growing digitalization, space technologies will play a role in furthering social well-being and sustainable growth in the post-COVID-19 pandemic recovery.

Space technologies can contribute to bridging the digital divide, monitoring changing climate, extreme weather, and the use of natural resources, and creating new economic opportunities.

But the unprecedented growth of space infrastructure comes with its share of issues like space debris. With a growing societal reliance on space-based infrastructure and systems, debris-related incidents and collisions could have significant negative consequences globally.

Several G20 economies have made great progress in the economic measurement of their space activities.

They have identified the activities contributing to enhancing awareness of the contributions of the space economy to the economy and the accountability of public spending in this area.
These activities contribute to a better understanding and evaluation of the impacts of government investments and will prove useful for underpinning future government investments and policy decisions.

The advent of space tourism is also a leap in the direction of enhancing the economic prospects of space, but it also needs to be carried out with proper regulations, especially in terms of sustainability.

Way forward

As space budgets have grown and diversified in many countries, decision-makers need to better track the implementation and impacts of government investments in the space sector.

In the post-COVID-19 recovery efforts, economic growth and societal well-being are key objectives of most government space strategies, and this needs to be better reflected in data and indicators.

More and more governments are investing in the space sector and the growing contributions to innovation and entrepreneurship will propel the space economy forward.

Space observations play a crucial role in the study and monitoring of the climate. Space infrastructure furthermore contributes to monitoring the emission of greenhouse gases.

COVID-19 has highlighted the importance of digital connectivity for both economic development and social well-being. Despite considerable progress in the last decade, hundreds of millions of people in both high and lower-income countries still have no access to a fast and reliable fixed Internet connection.

Satellite-based broadband is one of the technologies that could bring connectivity to areas where other terrestrial alternatives are not available or too expensive to deploy, and new services are underway.

Space technologies are increasingly used also for development assistance purposes. Space-related official development assistance (ODA) includes technical assistance in telemedicine, geographic information systems, etc

Space-related ODA projects support a range of different objectives, such as monitoring the environment and natural resources, improving food safety, supporting government services, or developing economic infrastructures.

The space sector has evolved and spread with astonishing speed in the last two decades, but challenges remain to realize the full benefits of public space investments. While some of these challenges can be addressed by space organizations themselves, more often they rely on close coordination and cooperation with other government services.

-Article written by Swathi Satish

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Cashless Economy

Cashless Economy in India - UPSC GS-III Notes

When the transactions in an economy are not heavily based on the money notes, coins or any other physical form of money but are aided by the use of credit cards, debit cards and prepaid payment instruments, such an economy is called cashless economy.

The cashless Economy in India has been amplified with the Indian Government’s initiative of Digital India . This is a flagship programme with a vision to transform India into a digitally empowered society and knowledge economy.

The topic, ‘Cashless Economy’ is important for GS-III Indian Economy of the IAS Exam . This article will talk about it, the types of cash transfer modes, UPI and more.

Table of Contents:

Cashless Economy in India – UPSC Notes:- Download PDF Here

What is a Cashless Economy?

Cashless Economy can be defined as a situation in which the flow of cash within an economy is non-existent and all transactions must be through electronic channels such as direct debit, credit cards, debit cards, electronic clearing, and payment systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) in India.

To know the Difference Between RTGS and NEFT , visit the linked article

Highlights of Cashless Economy in India

Post Demonetization , the Centre is making a big push for online and card-based transactions in the country to achieve its target of becoming a largely cashless economy.
The rapid growth of e-payment startups in the country.
Launch of Unified Payments Interface (UPI) to facilitate cashless transactions.
The Covid-19 pandemic fueled a massive shift towards digital transactions in India aligning with the prime minister’s vision of a Digital India. In fact, according to the National Payments Corporation of India (NPCI) data, payments on UPI in June 2020 hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore.

Cashless Economy – Types of Cashless Modes and Payments

There are various cashless payment modes and these are mentioned below:

Mobile wallet: It is basically a virtual wallet available on your mobile phone. You can store cash in your mobile to make online or offline payments. Various service providers offer these wallets via mobile apps, which is to be downloaded on the phone. You can transfer the money into these wallets online using credit/debit card or Net banking. This means that every time you pay a bill or make a purchase online via the wallet, you won’t have to furnish your card details. You can use these to pay bills and make online purchases.

Plastic money: It includes credit, debit and prepaid cards. The latter can be issued by banks or non-banks and it can be physical or virtual. These can be bought and recharged online via Net banking and can be used to make online or point-of-sale (PoS) purchases, even given as gift cards. Cards are used for three primary purposes – for withdrawing money from ATMs, making online payments and swiping for purchases or payments at PoS terminals at merchant outlets like shops, restaurants, fuel pumps etc.

Net banking : It does not involve any wallet and is simply a method of online transfer of funds from one bank account to another bank account, credit card, or a third party. You can do it through a computer or mobile phone. Log in to your bank account on the internet and transfer money via national electronic funds transfer (NEFT), real-time gross settlement (RTGS) or immediate payment service (IMPS), all of which come at a nominal transaction cost.

The cashless economy in India is being promoted through various platforms and applications which provide easy methods of funds transfer and payments:

Cashless Economy – Prepaid Payment Instrument

The RBI classifies every mode of cashless fund transfer using cards or mobile phones as ‘prepaid payment instrument’ . They can be issued as smart cards, magnetic stripe cards, Net accounts, Net wallets, mobile accounts, mobile wallets or paper vouchers. They are classified into four types:

Open Wallets : These allow you to buy goods and services, withdraw cash at ATMs or banks and transfer funds. These services can only be jointly launched in association with a bank. Apart from the usual merchant payments, it also allows you to send money to any mobile number linked with a bank account. M-Pesa by Vodafone is an example.
Semi-Open Wallets : You cannot withdraw cash or get it back from these wallets. In this case, a customer has to spend what he loads. For example, Airtel Money/Ola Money is a semi-open wallet, which allows you to transact with merchants having a contract with Airtel/Ola.
Closed Wallets : This is quite popular with e-commerce companies; wherein a certain amount of money is locked with the merchant in case of a cancellation or return of the product or gift cards. Flipkart and Book My Show wallets are an example.
Semi-Closed Wallets : These wallets do not permit cash withdrawals or redemption, but it allows you to buy goods and services from listed vendors and perform financial services at listed locations. Paytm is an example.

Read in detail about the Fiscal Policy in India at the linked article.

Advantages of a Cashless Economy in India

The main advantage of a cashless society in India is that a record of all economic transactions through electronic means makes it almost impossible to sustain black economies or underground markets that often prove damaging to national economies. This reduces the chances of black money entering the system. It is also much riskier to conduct criminal transactions. An economy that is largely cash-based facilitates a rampant underground market which abets criminal activities such as drug trafficking, human trafficking, terrorism, extortion etc. Cashless transactions make it difficult to launder money for such nefarious activities.
Circulation of Fake Currency notes can be curbed.
Increase Tax base: It is difficult to avoid the proper payment of due taxes in a cashless society, such violations are likely to be greatly reduced. The increased tax base would result in greater revenue for the state and greater amount available to fund the welfare programmes.
Digital transactions bring in better transparency, scalability and accountability.
Digital transactions are convenient and improve market efficiency
It will eliminate the risks associated with carrying and transporting huge amounts of cash
The cashless economy will reduce the production of paper currency and coins. This will save a lot of production cost in turn.
A lot of data transfer happens due to the cashless transaction. This data will help the government plan for future expenses such as housing, energy management, etc from the pattern of the data transmission.

Challenges in transitioning to a Cashless society

Acceptance infrastructure and digital inclusion: Lack of adequate infrastructure is a major hurdle in setting up a cashless economy. Inefficient banking systems, poor digital infrastructure, poor internet connectivity, lack of robust digital payment interface and poor penetration of PoS terminals are some of the issues that need to be overcome. Increasing smartphone penetration, boosting internet connectivity and building a secure, seamless payments infrastructure is a prerequisite to transition into a cashless economy.
Financial Inclusion – For a cashless economy to take off the primary precondition that should exist is that there should be universal financial inclusion. Every individual must have access to banking facilities and should hold a bank account with debit/credit card and online banking facilities. Read more about Financial Inclusion in the linked article.
Digital and Financial Literacy – Ensuring financial and digital inclusion alone are not sufficient to transition to a cashless economy. The citizens should also be made aware of the financial and digital instruments available and how to transact using them.
Cyber Security – Digital infrastructure is highly vulnerable to cyber-attacks, cyber frauds, phishing and identity theft. Off late cyber-attacks have become more sophisticated and organised and poses a clear and present danger. Hence establishing secure and resilient payment interfaces is a prerequisite for going cashless. This includes enhanced defences against attacks, data protection, addressing privacy concerns, robust surveillance to pre-empt attacks and institutionalised cybersecurity architecture.
Changing habits and attitude – Indian economy functions primarily on cash due to lack of penetration of e-payment modes, digital illiteracy of e-payment and cashless transaction methods and thirdly habit of handling cash as a convenience. In this scenario, the ideal thing to do is to make people adopt e-payments in an incremental fashion and spread awareness to initiate behavioural change in habits and attitude.
Urban-Rural Divide – While urban centres mostly enjoy high-speed internet connectivity, semi-urban and rural areas are deprived of a stable net connection. Therefore, even though India has more than 200 million smartphones, it is still some time away for rural India to seamlessly transact through mobile phones. Even with regard to the presence of ATM’s, PoS terminals and bank branches there exists a significant urban-rural divide and bridging this gap is a must to enable a cashless economy.

To understand the Digital Divide in India , candidates can visit the linked article. This will also give them a brief idea of the areas of improvement to make India a cashless economy.

Challenges in Cashless transaction - cashless economy

Is India Ready for a cashless economy?

The difficulty in going digital is exemplified by the data on debit card usage — over 85% (in volume) and 94% (in value) of all debit card usage is at ATMs for the purpose of withdrawing cash. The principal purpose for cards in an Indian context is thus a means to withdraw cash. The exponential growth in debit cards (over 600 million) is a direct consequence of the financial inclusion drive that led to the opening of over 170 million bank accounts. Though the move put plastic money into the hands of millions, effectively it has only shifted cash withdrawals from banks to ATMs, which was not quite the intent.

Cashless Economy - Digitization of Money

India’s Cash to GDP ratio:

As calls for going cashless grows louder in India, a key challenge being faced at the global level is to check the continuing rise in the total value of the currency in circulation and its share in the overall GDP , a trend particularly seen in the US, Switzerland and Euro area.

Such a continuing rise in the circulation of currencies for economic activities could well be a major impediment in the transformation to a cashless and digital economy.

India’s cash to GDP ratio — an indicator of the amount of cash being used in the economy — is around 12 to 13%, which is much higher than major economies including the US, the UK and Euro area but below that of Japan (about 18%).

Cashless Economy in India & The Challenges ahead

Typically in India, a cashless economy may take a bit longer to be adaptable. The challenges with regard to the same have been discussed below:

A large part of the population does not have access to debit cards and smartphones, which is why they prefer to make transactions in cash
The maximum population uses debit cards to withdraw money rather than paying directly through it
People are not entirely aware and educated about the cashless methods of payment
As per the survey and data collected, only 26% has access to the internet and choose online payments as an option for transactions
Making the people aware of the privacy and security under cashless transactions is another challenge for the government. As the cashless economy in India is also taking time to recover as people do not trust the privacy terms of the online portals, platforms and applications

Penetration of Mobile Accounts

Cashless Economy and Government Initiatives

Paytm had witnessed 5 million daily usage post demonetisation as opposed to their average transaction of three million. It also saw a 700% increase in the overall traffic and a 1000% increase in the amount of money added to its account in the first two days of post-demonetization. Ola Money too saw a 1500% increase in its e-wallet.
Payment service providers (PSPs) to provide the interface between the payer and the payee. Unlike wallets, here the payer and the payee can use two different PSPs.
Banks will provide the underlying accounts. In some cases, the bank and the PSP may be the same.
NPCI will act as the central switch by ensuring Virtual Payment Address (VPA) resolution, affecting credit and debit transactions through IMPS.
Direct Benefit Transfer (DBT): It is a scheme that was launched by the Government of India to transfer the benefits and subsidies of various social welfare schemes like LPG subsidy, Old Age Pension, Scholarship, MGNREGA , etc. directly to the bank account of the beneficiaries. This allowed for the penetration of digital banking into rural India.
The Centre has set up a committee headed by NITI Aayog CEO Amitabh Kant, to formulate a strategy to expedite the process of transforming India into a cashless economy.
The panel is tasked with identifying various bottlenecks that are affecting access to digital payments.
The panel will engage regularly with all stakeholders – Central ministries, regulators, state governments, district administration, local bodies, trade and industry associations to promote adoption of digital payment systems.
The idea is to establish and monitor an implementation framework with strict timelines to ensure that nearly 80% of the transactions in India moves to the digital-only platform
The committee will also try to estimate the costs involved in various digital payments options and oversee the implementation of these measures to make such transactions between the government and citizens cheaper than cash-based transactions.
Pradhan Mantri Jan Dhan Yojana , one of the biggest financial inclusion initiatives in the world, was launched in 2014. It is a national mission on financial inclusion which has an integrated approach to bring about comprehensive financial inclusion and provide banking services to all households within the country. This scheme ensures access to a range of financial services like availability of basic savings, bank accounts, access to need-based credit, insurance and pension. It has played a significant role in the opening of bank accounts for the poor.
The terms of reference of the committee include identifying global best practices for implementing an economy primarily based on digital payments and examine the possibility of adopting these global standards in the Indian context.
The panel will also outline measures for rapid expansion and adoption of the system of digital payments like cards (Debit, Credit and pre-paid), Digital-wallets/ e-wallets, internet banking, Unified Payments Interface (UPI), banking apps, etc. and shall broadly come up with the roadmap to be implemented in one year.
Ratan Watal panel on digital payments

The panel, headed by former finance secretary Ratan Watal, was constituted in August to suggest ways to encourage India’s movement towards a cashless economy.

Recommendation of Watal Panel - Cashless Economy

Way Forward

India must learn from other countries in the developing world, which have managed to reduce their dependence on cash even while bringing in more people in the folds of the formal banking system. Kenya has been a well-documented success story, where mobile money has spread much faster and deeper than in India. Kenyan households with access to mobile money were able to manage negative economic shocks (like job loss, death of livestock or problems with harvests) better than those without access to mobile money.

The path forward is clear:

Invest in building the required financial and digital infrastructure
A nationwide financial and digital literacy campaign accompanied by a medium-term strategy to improve access to, and awareness of, electronic payments. Targeted financial education programs can improve financial skills and credit management, and increase account ownership.
the government must undertake the herculean task of changing attitudes towards digital payments among customers and merchants
Put in place all necessary cybersecurity measures

Cashless Economy – What is United Interface Payments (UPI)?

Cashless Economy in India - Unified Payments Interface (UPI)

How to Approach the topic ‘Cashless Economy in India’ for UPSC

Economics – Learn about UPI, Payments Modes etc.
Current Affairs – Check on important editorials related to the Indian economy.

General Studies III:

Indian Economy
Cashless Economy – a probable essay topic

Practice Questions:

Which of the following committees dealt with digital payments?
Urjit Patel committee
Bimal Jalan committee
Ratan Watal committee
Nachiket Mor committee
Critically Discuss the benefits of India transitioning into a cashless economy. Does India possess the required prerequisites?

Frequently Asked Questions on Cashless Economy in India

Q 1. what is cashless economy and is india ready for cashless economy, q 2. how is cashless economy beneficial.

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Guest Essay

This Is the Best Way for Biden to Talk About the Economy

Joe Biden in casual clothing and speaking into a megaphone.

Mr. Wu is a law professor at Columbia, a contributing Opinion writer and the author of “The Curse of Bigness: Antitrust in the New Gilded Age.” He served on the National Economic Council as a special assistant to the president for competition and tech policy from 2021 to 2023.

Since the early 2000s, most Americans have generally been dissatisfied with the economy, and many are insecure about their place in it. The dissatisfaction peaked during the Great Recession of 2007 to 2009 but persists, even as the economy is growing and unemployment and inflation combined are roughly where they were during the relatively upbeat days of the Kennedy administration. This is a stubborn, long-term disgruntlement.

Unlike short-term economic dissatisfaction, which lends itself to tinkering with interest rates and budgetary trade-offs, long-term dissatisfaction suggests a deeper, structural problem with the economy that requires more drastic measures. It is perhaps the signature achievement of the Biden administration that it has recognized this problem — specifically, the increasingly centralized, unbalanced nature of economic power in the United States over the past four decades — and is trying to address it.

But this policy wisdom also presents a political challenge. The administration’s strategy is unconventionally bold and far-reaching — an attempt to replace today’s toxic form of capitalism with an earlier, fairer model of free enterprise. Viewed through the narrow lens of conventional economic thinking, that strategy is easily misunderstood or overlooked, perhaps especially by its would-be allies in the political center and on the center-left. Today’s familiar left-right economic debates, for example, in which the left wins by taxing and spending and the right wins by cutting taxes, have precious little to do with the more ambitious vision of President Biden’s administration.

Americans are desperate for a fundamentally different, fairer kind of economy, and Mr. Biden is working to give them one. The urgent challenge, politically, is helping voters understand that.

To appreciate the novelty of the Biden administration’s approach to the economy, it is worth remembering that over the past 40 years the orthodoxy on the center-left has been a tax-and-transfer strategy. It has meant tolerating or even encouraging corporate consolidation and profit while maintaining the expectation that those profits would be redistributed in the service of the less powerful and less well-off. The popular metaphor of a national pie suggested focusing first on growing the pie and then on dividing it up equitably.

This logic has been a favorite of those arguing for deregulation and tax cuts since the 1980s. It was also used extensively to promote the World Trade Organization and free trade policies: The idea was that increased profits would be used to compensate displaced workers later on. Today, the same thinking would permit mergers between credit card companies like Discover and Capital One: Even if they charged higher rates and fees, we could always redistribute the profits later.

The problem is that “later” never seems to come. The pie metaphor has always been misleading: An actual pie must be divided before being eaten. But corporate profits aren’t like that. They go directly to the owners and managers and usually stay there. Redistributing profits requires prying money out of some very strong hands, hands that become stronger the wealthier they get. In a political system in which money talks, the pie will rarely get divided.

The Biden administration, in a break with center-left orthodoxy, seeks to address economic inequality not through taxation and transfers but through policies that allow more people and businesses to earn wealth in the first place. That is the meaning of the somewhat mysterious liberal catchphrase “growing from the middle out.” The goal is not the redistribution but the predistribution of wealth, to use a term popularized by the political scientist Jacob Hacker.

This approach calls for a different kind of capitalism — one that opposes the centralization of economic power and favors a market in which wealth can be earned by people and businesses in a broader set of regions, drawn from a wider array of social classes and involving a more diverse set of industries.

Over the past three years of the Biden administration, you can see this philosophy at work in what may seem like different areas. It is at the heart of the Justice Department’s continuing New Deal-style antimonopoly campaign, which has already prevented dozens of unwise mergers (like the recent proposed acquisition of Spirit Airlines by JetBlue Airways). It undergirds Mr. Biden’s renewed support for organized labor, as well as his worker-centered trade policy and the increasingly combative approach to the economic threat posed by China. It explains the reinvigoration of industrial policy on Capitol Hill, most notably through supporting regional manufacturing like the huge semiconductor factories being built in Arizona by the Taiwan Semiconductor Manufacturing Company. It also underlies the administration’s campaign against junk fees across the economy, including the creation of a rule limiting credit card late fees that will save Americans an estimated $10 billion a year.

These efforts are usually discussed and understood separately. But they share an underlying logic: All are aimed at leveling imbalances of economic power, and all assume that the economy works better for most Americans when it is more competitive and when earning power is more broadly distributed. (I worked on some of these issues on the National Economic Council, where I served as a special assistant to the president for competition and tech policy.)

There is arguably nothing more American than the balancing of power. The authors of the Constitution of the United States believed that unaccountable and centralized power was the chief evil facing any nation. Had the founders been familiar with the modern American corporation, surely they would have wanted to check its power.

Americans understand this instinctually. The National Football League, the nation’s most popular and successful sports league, doesn’t allow the richest organizations in places like New York or Los Angeles to build unbeatable teams. It has developed a structure of competition that rebalances power by way of a draft, salary cap and other techniques. No one thinks it unusual that a small city like Kansas City, Mo., can become a football powerhouse. In its own way, the N.F.L. — widely accepted as fair by Americans — provides a model for the U.S. economy.

When overly focused on metrics like growth and employment, economic analysis can fail to grasp how most Americans actually experience the economy. Most people understand all too well that those in the broad economic middle of the country are having a much harder time than their parents did — and that something went seriously astray starting in the early 2000s. They want a more fundamental kind of economic change.

To succeed in the 2024 election, Mr. Biden needs to convince voters that he has begun a long fight against today’s toxic form of capitalism. He needs them to understand that he is making the economy fairer and more productive. He needs to explain that Donald Trump’s invocations of economic grievance are real and justified but that unlike Mr. Trump — who used those grievances to fuel tribal politics while doling out corporate tax cuts and other giveaways to wealthy friends and donors — he is actually doing something about it.

Tim Wu, a law professor at Columbia, is the author of “The Curse of Bigness: Antitrust in the New Gilded Age.” He served on the National Economic Council as a special assistant to the president for competition and tech policy from 2021 to 2023.

The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips . And here’s our email: [email protected] .

Follow the New York Times Opinion section on Facebook , Instagram , TikTok , WhatsApp , X and Threads .

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Mongolia—Assessment Letter for the Asian Development Bank

Publication Date:

April 1, 2024

Electronic Access:

Free Download . Use the free Adobe Acrobat Reader to view this PDF file

This letter updates the assessment of Mongolia’s economic conditions since the conclusion of the IMF’s 2023 Article IV consultation on September 14, 2023. The assessment has been requested in relation to the program loan under the Asian Development Bank’s Policy Based Lending modality.

Policy Paper No. 2024/010

Monetary policy Political economy

9798400272233/2663-3493

PPEA2024010

Please address any questions about this title to [email protected]

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1 . Question

India Gaming Report 2024 is released by:

(a) Interactive Entertainment and Innovation Council
(b) Dream 11
(c) International Center for Responsible Gaming
(d) Both (b) and (c)

Explanation:

India Gaming Report 2024 Released by Interactive Entertainment and Innovation Council (IEIC) and WinZO
Key findings: India is the largest gaming market with 568 million users, accounting for 1 in 5 online gamers globally. The Indian gaming market is expected to reach $6 Billion by 2028. The number of Indian gaming companies surged from 25 in 2015 to over 1400 in 2023
Regulations: MeitY acts as the nodal agency for online gaming regulations and development; Draft National AVGC Policy, and National AVGC Centre of Excellence; 100% FDI allowed in the gaming sector utilizing automatic route within Electronic System and IT & BPM sectors

Refer: https://www.insightsonindia.com/2024/03/30/recent-reports-in-news-2/

2 . Question

Food Waste Index (FWI) Report 2024 is released by the

(a) United Nations Environment Programme
(b) Food and Agriculture Organization
(c) United Nations Environment Programme
(d) Intergovernmental Panel on Climate Change
Released by the United Nations Environment Programme (UNEP) . The report co-authored with WRAP (Waste and Resources Action Programme) was published ahead of International Day of Zero Waste (observed annually on 30 March)
Key Findings: Households across all continents wasted over 1 billion meals a day in 2022, while 783 million people were affected by hunger and a third of humanity faced food insecurity. Food Waste generates an estimated 8–10% of global greenhouse gas emissions.
Issues: Due to the lack of robust cold chains, hotter countries generate more food waste per capita in households; Fragmented food system.

3 . Question

Consider the following statements about International Finance Corporation (IFC):

It is a sister organization of the International Monetary Fund.
It is the largest global development institution focused exclusively on the private sector in developing countries.
Its goals are to increase sustainable agriculture opportunities, improve healthcare and education.

How many of the above statements are correct?

(a) Only one
(b) Only two
(c) All three
IFC —a sister organization of the World Bank and member of the World Bank Group —is the largest global development institution focused exclusively on the private sector in developing countries. The Bank Group has set two goals for the world to achieve by 2030: end extreme poverty and promote shared prosperity in every country.
The IFC is owned and governed by its member countries, but has its own executive leadership and staff that conduct its normal business operations.
It is a corporation whose shareholders are member governments that provide paid-in capital and which have the right to vote on its matters.
It offers an array of debt and equity financing services and helps companies face their risk exposures, while refraining from participating in a management capacity.
The corporation also offers advice to companies on making decisions, evaluating their impact on the environment and society, and being responsible.
It advises governments on building infrastructure and partnerships to further support private sector development.
Since 2009, the IFC has focused on a set of development goals that its projects are expected to target. Its goals are to increase sustainable agriculture opportunities, improve healthcare and education, increase access to financing for microfinance and business clients, advance infrastructure, help small businesses grow revenues, and invest in climate health.

4 . Question

Consider the following statements about the Group of Friends (GOF):

It was launched by India in 2022.
It aims to promote accountability for crimes against the Blue Helmets.

Which of the statements given above is/are correct?

(c) Both 1 and 2
(d) Neither 1 nor 2
The GOF was launched by India in 2022 to promote accountability for crimes against the Blue Helmets during its presidency of the UN Security Council.
India, Bangladesh, Egypt, France, Morocco and Nepal are co-chairs of the GOF, which comprises 40 member states.

Refer: https://www.insightsonindia.com/2024/03/30/group-of-friends-gof/

5 . Question

Consider the following statements about Dry Seeded Rice (DSR):

It involves transplanting rice seedlings into flooded fields.
It typically requires less water compared to traditional flooded rice cultivation.
It is primarily practiced in regions with abundant rainfall.
Context: The IRRI-South Asia Regional Centre (ISARC) aims to develop rice varieties with low methane emissions and improve the productivity of nutritious rice.
Dry Seeded Rice (DSR) is a modern rice cultivation technique where rice seeds are sown directly into dry soil rather than transplanting seedlings into flooded fields, as seen in traditional flooded rice cultivation. This method typically requires less water because flooding is not necessary during the initial stages of growth, unlike in flooded rice cultivation. By avoiding continuous flooding, DSR also reduces methane emissions and water pollution associated with traditional rice cultivation methods. Therefore, only statement 2 is correct.

Refer: https://www.insightsonindia.com/2024/03/30/rice-with-low-methane-emission/

6 . Question

With reference to the ‘White Rabbit’ technology, consider the following statements:

It is a high-precision time synchronization protocol based on the Precision Time Protocol (PTP).
It is primarily used for quantum computing research.
It is a blockchain-based technology used for secure data transmission.
Context: CERN has introduced the White Rabbit Collaboration to promote the adoption of its White Rabbit (WR) technology, initially developed to synchronize devices in particle accelerators with sub-nanosecond precision.
White Rabbit (WR) is a technology developed at CERN, the European Organization for Nuclear Research, to provide time synchronization and data transfer for the LHC accelerator chain.
WR is a deterministic Ethernet-based network that provides sub-nanosecond accuracy and picosecond precision of synchronization.
It uses the Precision Time Protocol (PTP) to achieve sub-nanosecond accuracy, which allows for precise adjustment of clock phase and offset. Hence, only statement 1 is correct.
WR also provides the flexibility and modularity of real-time Ethernet networks.

Refer: https://www.insightsonindia.com/2024/03/30/white-rabbit-collaboration/

7 . Question

‘Kalam-250’, which was in news recently, is related to:

(a) nuclear payload
(b) reusable launch vehicle
(c) rocket motor
(d) air defense system of India
Context: Skyroot Aerospace successfully conducted a test firing of the Stage-2 propulsion system , named Kalam-250 , of the Vikram-1 space launch vehicle.
Stage 2 is crucial for propelling the launch vehicle from the atmospheric phase to outer space.
It is a high-strength carbon composite rocket motor , which uses solid fuel and a high-performance Ethylene-Propylene-Diene terpolymers (EPDM) thermal protection system (TPS).
It also features a carbon ablative flex nozzle and high-precision electro-mechanical actuators for thrust vector control.

Refer: https://www.insightsonindia.com/2024/03/30/kalam-250/

8 . Question

Moyar Valley located in

(a) Mukurthi National Park
(b) Mudumalai Tiger Reserve
(c) Aanamalai Tiger Reserve
(d) Periyar National Park

Explanation: About Moyar Valley:

It is located in Mudumalai Tiger Reserve and is the only region with the largest nesting colony of Gyps vultures in the wild. This entire stretch is an important biome in the Nilgiri Biosphere Reserve

Refer: https://www.insightsonindia.com/2024/03/30/moyar-valley-tamil-nadu/

9 . Question

Consider the following statements about Gyps indicus (also known as the Indian vulture or White-backed vulture):

They primarily inhabit open grasslands.
They are classified as critically endangered by the IUCN.

Explanation: About Gyps indicus (also known as the Indian vulture or White-backed vulture)

They are characterized by whitish feathers on a dark head and neck, with a pale collar. They are colonial nesters and often found in flocks. However, their population is declining rapidly. They primarily inhabit open grasslands in states like Jharkhand, Madhya Pradesh, and Rajasthan. Classified as critically endangered by the IUCN and listed under Schedule I of the Wildlife Protection Act-1972 , conservation efforts include banning non-steroidal anti-inflammatory drugs like diclofenac and Ketoprofen for veterinary use, along with the implementation of the Vulture Action Plan 2020-25.

Refer: https://www.insightsonindia.com/2024/03/30/moyar-valley-tamil-nadu/

10 . Question

Consider the following statements:

The Global Geoparks Network (GGN) is a Non-Governmental Organization (NGO) grouping all UNESCO Geoparks in the world.
They are governed by a body with legal recognition under national legislation.
The designation as Global Geoparks by UNESCO is not permanent and is reassessed every four years.
Context: UNESCO has added 18 new sites to its Global Geoparks network, bringing the total to 213 across 48 countries.
UNESCO’s Global Geoparks (UGGPs) emerged in 2015, building upon the geopark concept that originated in the mid-1990s
UGGPs are unified geographical areas recognized for their international geological significance and managed with a holistic approach encompassing protection, education, and sustainable development.
They are governed by a body with legal recognition under national legislation. Designation as a UGGP is not permanent; it is reassessed every four years.
Additionally, membership in the Global Geoparks Network (GGN) is mandatory for UGGPs, promoting collaboration and networking among geoparks worldwide.

Refer: https://www.insightsonindia.com/2024/03/30/unesco-global-geoparks-network/

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Essay on Indian Economy for Students in English
Essay on Indian Economy: India is mainly an agrarian economy with agricultural supplies contributing up to 50% of the GDP index. The government has created fair policies with wage revisions and labourers rights to boost economic growth. The service sectors, manufacturing units, iron and steel companies, chemical and textile sectors, automobile industries contribute to the economy of the country.
India's Economy Challenges
India is a large and complex economy that faces many challenges and opportunities in its quest for growth and development. The country has undertaken various reforms to address its challenges and leverage its opportunities. India is one of the fastest-growing economies in the world, with a population of over 1.3 billion and a GDP of over $2.7 trillion. ...
Essay on Indian Economy for Students in English
Further, the economic reforms in the early 90s opened a new chapter in India's economic history. It gave India an opportunity to shake off the shackles of its past and emerge on the world stage as a progressive nation. This essay on the Indian Economy will help students know about the Indian economy in detail.
Economy
Insights IAS: Simplifying UPSC IAS Exam Preparation. InsightsIAS has redefined, revolutionized and simplified the way aspirants prepare for UPSC IAS Civil Services Exam. Today, it's India's top website and institution when it comes to imparting quality content, guidance and teaching for the IAS Exam.
Sectors of Indian Economy
India is likely to surpass the United Kingdom in the world's largest economy rankings in 2019, according to a report by global consultancy firm PwC. According to World Economic Outlook report of IMF, India's economy is expected to grow by 7.5 per cent in the 2019-20 fiscal year, keeping an upward trajectory as the rest of the world slumps.
Insights on Important Economic Issues
Economic Issues. ECONOMIC SURVEY - 2019 Summaries - Volume 1 and 2. Understanding Subsidies in India. India and WTO - Detailed Analysis of All Related Issues and Concepts. Mobilization of Resources - 3: Government Finances. Resource Mobilization - 2: Capital Markets. Mobilization of Resources 1 - Banking. Investments, Models and ...
UPSC Essay Topics
UPSC Essay Topics on Economic Growth. UPSC frequently includes IAS essay topics on economic growth, development, and the MNC (multi-national corporation) sector. To prepare for these topics, candidates can refer to Economy Notes for UPSC to get a general overview of the subject. Moreover, once you grasp the basics well, you can add examples ...
Indian Economy: Growth, Development and Employment
Issues in India's growth, development and employment: India's growth is declining. (currently at 5%). India's growth is largely contributed to by the service sector. There is stagnation in the manufacturing sector. Indian agriculture is still heavily dependent on monsoon. Nearly 50 % of the population dependent on agriculture which ...
PDF UPSC Mains 2022 Essay Paper Synopsis
UPSC Mains 2022 Essay Paper Synopsis NOTE: This is a mere outline to get you to start thinking about the topic. This is not a synopsis or a model essay. Just brainstorming. Were eager to read your insightful essays! Please post them in the comments. SECTION - A 1. Forests are the best case studies for economic excellence.
UPSC Essay Topics
UPSC Essay Topics on Economy. Essays concerning economic growth are frequently included in the Essay Paper. To tackle these topics effectively, you should refer to Economy Notes for UPSC to gain a comprehensive understanding. Once the fundamentals are grasped, you can enhance their essays by incorporating examples, data, and statistics to ...
E-rupee to Bolster Indian Economy
India launched its Central Bank Digital Currency (CBDC) or digital rupee or e-rupee on December 1, 2022. It is an electronic version of cash and will be primarily meant for retail transactions. The pilot will initially cover the four cities of Mumbai, New Delhi, Bengaluru, and Bhubaneswar. This makes it important to know what CBDCs are, how ...
Essay on Indian Economy for Students in 100, 200 and 500 Words
At present, the economy is driven by government initiatives like Make in India and Digital India. However, we have a long way to go. Also Read: Find Economics PYQ UPSC Mains Question Bank: 2021-2018. 200 words Essay on Indian Economy. Agriculture is the backbone of the Indian economy and of rural livelihoods.
Analysis of the white paper on the economy
It underscores the need for a more holistic appraisal of economic performance that transcends headline figures and embraces the multifaceted nature of India's socio-economic landscape. Conclusion. The white paper on the Indian economy represents a pivotal contribution to the ongoing discourse surrounding economic governance and policy formulation.
UPSC Prelims Economy Questions & Answers [2013-2023]
IAS Prelims Economy Questions 2013. 1. The balance of payments of a country is a systematic record of. (a) all import and transactions of a during a given period normally a year. (b) goods exported from a country during a year. (c) economic transaction between the government of one country to another.
White paper on economy
Recently Finance Minister Nirmala Sitharaman presented a white paper on the Indian economy in Parliament. The document has been prepared by the Ministry of Finance. The Document compares the 10-year record of economic governance under the Congress-led UPA governments (between 2004-05 and 2013-14) with the 10-year record of the BJP-led NDA ...
UPSC Essay Topics From Last 25 Years
UPSC Essay Topics - Latest 2020 IAS Mains Essay Topics. To make your IAS preparation easier, we have listed topic-wise all the essay questions asked in the UPSC mains exam from 1994 to 2018. ... Digital economy: A leveller or a source of economic inequality. (2016) Innovation is the key determinant of economic growth and social welfare. (2016)
Essay on Indian Economy for Students and Children
500+ Words Essay on Indian Economy. India is mainly an agricultural economy. Agricultural activities contribute about 50% of the economy. Agriculture involves growing and selling of crops, poultry, fishing, cattle rearing, and animal husbandry. People in India earn their livelihood by involving themselves in many of these activities.
Cashless Economy: Cashless India, Essay, Advantages
Cashless Economy UPSC. The concept of a cashless economy has gained significant importance in the UPSC economics syllabus, reflecting the evolving landscape of financial transactions and economic systems. In recent years, the adoption of digital payment methods and the reduction of cash transactions have emerged as critical factors in shaping ...
NPA in India and its impact on Indian Economy
2004-05 to 2008-09 - In that period, commercial credit (or what is called 'non-food credit') doubled. It was a period in which the world economy as well as the Indian economy were booming. Indian firms borrowed furiously in order to avail of the growth opportunities they saw coming.. Most of the investment went into infrastructure and related areas — telecom, power, roads, aviation, steel.
Space Economy
Space economy. According to the latest reports, the space economy is worth at least $469 billion. The term 'space economy' covers the goods and services produced in space for use in space. mining the moon or asteroids for material is an example of such activity. The OECD defines it as any activity that involves "exploring, researching ...
Cashless Economy in India
How to Approach the topic 'Cashless Economy in India' for UPSC. Prelims: Economics - Learn about UPI, Payments Modes etc. Current Affairs - Check on important editorials related to the Indian economy. General Studies III: Indian Economy; Essay: Cashless Economy - a probable essay topic; Practice Questions:
5 Things to Know to Understand India's Economy Under Modi
The most visible improvements to India's economy are in infrastructure. Atul Loke for The New York Times. Narendra Modi has big money behind him as he appears set to win a third term as India ...
Freebie Politics in India
UPSC Civil Services Examination, Previous Year Questions (PYQs) Q. Along with the Budget, the Finance Minister also places other documents before the Parliament which include 'The Macro Economic Framework Statement'. The aforesaid document is presented because this is mandated by (2020) (a) Long standing parliamentary convention
This Is the Best Way for Biden to Talk About the Economy
This Is the Best Way for Biden to Talk About the Economy. March 25, 2024. Evelyn Hockstein/Reuters. Share full article. 455. By Tim Wu. Mr. Wu is a law professor at Columbia, a contributing ...
UPSC CSE
Understand the concept of Weekly Current Affairs ( 20th March to 30th March 2024 ) with UPSC CSE - GS course curated by Arvindsingh Rajpurohit on Unacademy. The Current Affairs course is delivered in Hinglish. Log in Join for ... Economy Pill2: Taxes,Subsidy,Budget,FRBM,Disinvest. Mrunal Patel. Mar 22, 2023 • 1h . 5.9K. Practice set 1. Ankit ...
ESSAY STRATEGY By Anudeep Durishetty, UPSC Civil Services ...
Anudeep Durishetty - UPSC IAS Rank - 1 write in detail his essay strategy with examples and illustrations. Follow this strategy to boost essay marks. Call us @ 08069405205; Search Here. Search. Search Here. ... political and economic freedoms in propelling a nation forward. So my suggestion is, apart from UPSC related material, develop the ...
Mongolia—Assessment Letter for the Asian Development Bank
This letter updates the assessment of Mongolia's economic conditions since the conclusion of the IMF's 2023 Article IV consultation on September 14, 2023. The assessment has been requested in relation to the program loan under the Asian Development Bank's Policy Based Lending modality.
[Mission 2024] Current Affairs Quiz , 1 April 2024
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Essay on Indian Economy for Students in English | 500 Words Essay

Essay on Indian Economy 500 Words in English

History of the Indian Economy

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Essay on Indian Economy for Students in 100, 200 and 500 Words

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