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UPSC Prelims Notes | Subject-wise GS Notes for Prelims – Copy

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  • UPSC Prelims Notes | Subject-wise GS Notes for Prelims – Copy
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📊 GS Paper III · Indian Economy

Economy Notes for
UPSC Preparation

Crisp, exam-focused notes on Fiscal Policy, Banking, Monetary Policy, Taxation, Inflation & more — covering the full static Economy syllabus for Prelims.

52Topics covered
12–16Qs in Prelims
PYQTrend focused
✏️ Economy practice · Sample question Free
The repo rate is the rate at which the RBI lends money to:
A The general public
B Commercial banks
C Foreign governments
D State governments
💡 Correct: B — Commercial banks. The repo rate (repurchase rate) is the rate at which RBI lends short-term money to commercial banks against government securities.
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52 topics
Jump to section — hover to preview topics
Fundamentals of Economics 4
Fundamentals of Economics
Economic Systems Mixed Economy Capitalist / Market Economy Socialist Economy
Fiscal Policy, Budgeting & Deficits 5
Fiscal Policy, Budgeting & Deficits
Fiscal Policy Deficit Financing Budget Classification Public Debt Government Deficits
Monetary Policy 10
Monetary Policy
Monetary Policy RBI and its Functions Money Supply & Monetary Aggregates Monetary Policy Framework Agreement RBI Income & Surplus Distribution CBDC — Digital Rupee Seigniorage Demonetisation Financial Stability Board (FSB) FSDC
Banking 13
Banking
History of Indian Banking India's Banking & Financial Architecture All India Financial Institutions NABARD NaBFID D-SIBs Regional Rural Banks National Housing Bank (NHB) MUDRA NBFC +3 more topics →
Taxation 13
Taxation
Taxation: Objectives, Types, Challenges Direct and Indirect Taxes GST GST Council GST 2.0 Reforms Income-Tax Act 2025 Direct Tax Code (DTC) Laffer Curve +5 more topics →
Inflation 7
Inflation
Inflation Inflation Measures — CPI, WPI, PPI Consumer Price Index (CPI) Wholesale Price Index (WPI) WPI vs CPI GDP Deflator Phillips Curve
📝
Economy Practice Tests — mixed topic questions Our current tests cover all Economy topics together. Read the notes for any topic, then head to the test series to practise.
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Fundamentals of Economics

4 topics
01

Economic Systems

Notes live  · Capitalist · Socialist · Mixed
📖 Notes
02

Mixed Economy

Notes live  · Features · Advantages · Disadvantages
📖 Notes
03

Capitalist Economy / Market Economy

Notes live  · Laissez-faire · Free market
📖 Notes
04

Socialist Economy (Planned Economy)

Notes live  · Central planning · State ownership
📖 Notes

Fiscal Policy, Budgeting & Deficits

5 topics
05

Fiscal Policy

Notes live  · FRBM · Expansionary · Contractionary
📖 Notes
06

Deficit Financing

Notes live  · Borrowing · Money creation
📖 Notes
07

Budget Classification

Notes live  · Revenue & Capital receipts/expenditure
📖 Notes
08

Public Debt

Notes live  · Internal · External debt
📖 Notes
09

Government Deficits

Notes live  · Revenue · Fiscal · Primary deficit
📖 Notes

Monetary Policy

10 topics
10

Monetary Policy

Notes live  · Repo Rate · CRR · SLR · Tools
📖 Notes
11

RBI and its Functions

Notes live  · Roles · Objectives · Powers
📖 Notes
12

Money, Money Supply & Monetary Aggregates

Notes live  · M0 · M1 · M3 · M4
📖 Notes
13

Monetary Policy Framework Agreement

Notes live  · MPC · Inflation targeting · 4%±2%
📖 Notes
14

RBI's Income & Surplus Distribution

Notes live  · ECF · Bimal Jalan Committee
📖 Notes
15

Central Bank Digital Currency (CBDC) — Digital Rupee

Notes live  · e₹ · Retail · Wholesale
📖 Notes
16

Seigniorage

Notes live  · Currency printing profit
📖 Notes
17

Financial Stability Board (FSB)

Notes live  · G20 · Global financial regulation
📖 Notes
18

Demonetisation

Notes live  · 2016 · ₹500 & ₹1000 note ban
📖 Notes
19

Financial Stability and Development Council (FSDC)

Notes live  · Systemic risk · Chaired by FM
📖 Notes

Banking

13 topics
20

History of Indian Banking

Notes live  · Nationalisation · Banking reforms
📖 Notes
21

Overview of India's Banking & Financial Architecture

Notes live  · Scheduled banks · Structure
📖 Notes
22

All India Financial Institutions

Notes live  · Development finance institutions
📖 Notes
23

NABARD

Notes live  · Rural credit · Agriculture finance
📖 Notes
24

National Bank for Financing Infrastructure & Development (NaBFID)

Notes live  · DFI · Infrastructure finance
📖 Notes
25

Domestic Systemically Important Banks (D-SIBs)

Notes live  · Too big to fail · SBI · HDFC
📖 Notes
26

Regional Rural Banks (RRBs)

Notes live  · Rural areas · Sponsored by commercial banks
📖 Notes
27

National Housing Bank (NHB)

Notes live  · Housing finance · Apex institution
📖 Notes
28

MUDRA

Notes live  · Shishu · Kishore · Tarun
📖 Notes
29

Non-Banking Financial Company (NBFC)

Notes live  · Shadow banking · Regulation
📖 Notes
30

Small Industries Development Bank of India (SIDBI)

Notes live  · MSME · Small industry credit
📖 Notes
31

Export-Import Bank of India (EXIM Bank)

Notes live  · Trade finance · Export promotion
📖 Notes
32

Base Rate, MCLR and External Benchmark Rate

Notes live  · Lending rate evolution
📖 Notes

Taxation

13 topics
33

Understanding Taxation: Objectives, Types, Challenges

Notes live  · Progressive · Regressive · Proportional
📖 Notes
34

Inverted Duty Structure

Notes live  · GST anomaly · Input tax credit
📖 Notes
35

Direct and Indirect Taxes in India

Notes live  · Income tax · Customs · Excise · GST
📖 Notes
36

Tax Expenditure

Notes live  · Revenue foregone · Exemptions
📖 Notes
37

Direct Tax Code (DTC)

Notes live  · Simplified tax framework
📖 Notes
38

Base Erosion and Profit Shifting (BEPS)

Notes live  · OECD · Multinational tax avoidance
📖 Notes
39

Transfer Pricing & Advance Pricing Agreements

Notes live  · APA · Related party transactions
📖 Notes
40

Some Tax Related Terms

Notes live  · PAN · TDS · Surcharge · Cess
📖 Notes
41

Income-Tax Act, 2025

New  · New direct tax code 2025
📖 Notes
42

Goods and Services Tax (GST)

Notes live  · CGST · SGST · IGST · Rates
📖 Notes
43

Laffer Curve

Notes live  · Tax rate vs revenue · Optimal taxation
📖 Notes
44

GST 2.0 Reforms

Notes live  · Rate rationalisation · Simplification
📖 Notes
45

GST Council

Notes live  · Composition · Chaired by FM
📖 Notes

Inflation

7 topics
46

Inflation

Notes live  · Demand-pull · Cost-push · Stagflation
📖 Notes
47

Understanding Inflation Measures — CPI, WPI, PPI

Notes live  · Comparison · Base year
📖 Notes
48

Consumer Price Index (CPI)

Notes live  · Retail inflation · MOSPI
📖 Notes
49

Wholesale Price Index (WPI)

Notes live  · DPIIT · Office of Economic Adviser
📖 Notes
50

WPI vs CPI

Notes live  · Key differences · Which matters more
📖 Notes
51

GDP Deflator

Notes live  · Nominal vs Real GDP · Implicit deflator
📖 Notes
52

Phillips Curve

Notes live  · Inflation-unemployment trade-off
📖 Notes
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