[TOPICS] Indian Economy Concepts – You Should Not Miss Out!

These are the most important Indian Economy Concepts which you should not miss out on. Refer to any standard book or material and get good clarity on these concepts. Without understanding these concepts you cannot master yourself in the Economy. Please be thorough with these concepts before going to the Prelims and Mains.

I would suggest Sankar Ganesh and Vivek Singh as the Book source to cover the Indian Economy for UPSC Prelims and Mains.

GDP and its Related Terms
GDP
GNP

Types of Economy
Traditional Economy
Capitalist Economy
Socialist Economy
Mixed Economy
Blue Economy
Green Economy

Inflation
Cost-Push Inflation
Demand-Pull Inflation
Creeping Inflation
Galloping Inflation
Hyperinflation
Core Inflation
Headline Inflation
Stagflation
CPI
WPI

Deficits
Monetised Deficit
Current Account Deficit
Trade Deficit
Twin Deficit
Revenue Deficit
Effective Revenue Deficit
Primary Deficit

Unemployment
Disguised Unemployment
Seasonal Unemployment
Structural Unemployment
Cyclical Unemployment
Technological Unemployment
Frictional Unemployment
Philips Curve
MMGNREGA

LPG
Liberalisation
Privatisation
Globalisation
1991 Reforms

Taxes
Direct and Indirect Taxes
Cess and Surcharge
Excise Duty
Customs Duty
Ad Valorem and Specific Tax

Revenue
Tax Revenue
Non-Tax Revenue
Non-Debt Capital Receipts
Tax Buoyancy
Expenditure
External Debt
Internal Debt
Debt Trap

Money and Related Terms
Dear Money Policy
Cheap Money Policy
Cryptocurrency
Money Multiplier
Legal Tender

Banking and Related Terms
Reserve Bank of India
Nationalisation of Banks
Prompt Corrective Action
Basel III Norms
Open Market Operations
Repo Rate
Reverse Repo Rate
Monetary Policy Committee
National Payments Corporation of India
NABARD
Self Help Groups
Microfinance
Regional Rural Banks (RRB)
Non-Banking Financial Corporation (NBFC)
SEBI
Marginal Standing Facility
CRR and SLR
Bank Rate
Base Rate
Liquidity Adjustment Facility
Market Stabilization Scheme (MSS)
Capital to Risk-Weighted Assets Ratio
Seigniorage

Terms Related to Financial Market
Components of the Money Market in India
Capital Market
Primary Market
Secondary Market
SEBI
SENSEX
NIFTY
BSE and NSE
Peer to Peer Lending
Crowd Funding
Venture Capital
Hedge Fund
Mutual Funds
Gilt Edged Market

External Sectors
Balance of Payment
Trade Deficit
Current Account
Capital Account
Forex Reserves
Special Drawing Rights
Foreign Direct Investment and Foreign Portfolio Investments
Participatory Notes
Trade Barriers

Intellectual Property
Intellectual Property Rights

Finance Commission
14th Finance commission
15th Finance Commission

Important Terms related to Agriculture
Minimum Support Price (MSP)
APMC
e-NAM
Kisan Credit Card Scheme
Zero Budget Natural Farming
Direct Benefit Transfer (DBT)
Contract Farming
Commission for Agricultural Cost and Prices

Important terms related to Industry
Index of Industrial Production (IIP)
Strategic Disinvestment
Special Economic Zone (SEZ)
Purchasing Manager’s Index (PMI)
Navaratna Status
Maharatna Status
Miniratna Status
National Company Law Tribunal (NCLT)
National Company Law Appellate Tribunal (NCLAT)

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