📊 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.

52 topics

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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

Fundamentals of Economics

4 topics

Economic Systems

Notes live · Capitalist · Socialist · Mixed

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

Economy Notes forUPSC Preparation

Fundamentals of Economics

Economic Systems

Mixed Economy

Capitalist Economy / Market Economy

Socialist Economy (Planned Economy)

Fiscal Policy, Budgeting & Deficits

Fiscal Policy

Deficit Financing

Budget Classification

Public Debt

Government Deficits

Monetary Policy

Monetary Policy

RBI and its Functions

Money, Money Supply & Monetary Aggregates

Monetary Policy Framework Agreement

RBI's Income & Surplus Distribution

Central Bank Digital Currency (CBDC) — Digital Rupee

Seigniorage

Financial Stability Board (FSB)

Demonetisation

Financial Stability and Development Council (FSDC)

Banking

History of Indian Banking

Overview of India's Banking & Financial Architecture

All India Financial Institutions

NABARD

National Bank for Financing Infrastructure & Development (NaBFID)

Domestic Systemically Important Banks (D-SIBs)

Regional Rural Banks (RRBs)

National Housing Bank (NHB)

MUDRA

Non-Banking Financial Company (NBFC)

Small Industries Development Bank of India (SIDBI)

Export-Import Bank of India (EXIM Bank)

Base Rate, MCLR and External Benchmark Rate

Taxation

Understanding Taxation: Objectives, Types, Challenges

Inverted Duty Structure

Direct and Indirect Taxes in India

Tax Expenditure

Direct Tax Code (DTC)

Base Erosion and Profit Shifting (BEPS)

Transfer Pricing & Advance Pricing Agreements

Some Tax Related Terms

Income-Tax Act, 2025

Goods and Services Tax (GST)

Laffer Curve

GST 2.0 Reforms

GST Council

Inflation

Inflation

Understanding Inflation Measures — CPI, WPI, PPI

Consumer Price Index (CPI)

Wholesale Price Index (WPI)

WPI vs CPI

GDP Deflator

Phillips Curve

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Economy Notes for
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