Indian Economy

Introduction to the Indian Economy

The structure of the Indian economy — types of economic systems, the three sectors, organised vs unorganised, and the landmark 1991 LPG reforms.

National Income Accounting (GDP, GNP, GVA)

How a nation's income is measured — GDP, GNP, NNP, NDP and GVA, the difference between nominal and real, and the three methods of measurement.

Economic Planning & NITI Aayog

Planning in India — the Planning Commission and the Five-Year Plans, the shift from imperative to indicative planning, and the creation of NITI Aayog in 2015.

Money & the Banking System

The functions of money, the measures of money supply (M0–M4), the role of the RBI, and the types of banks that make up India's banking system.

Monetary Policy & the RBI's Toolkit

How the RBI manages money and credit — the quantitative and qualitative instruments, the Monetary Policy Committee, inflation targeting, and policy transmission.

Inflation: Types, Causes and Measurement

Inflation is a sustained rise in the general price level. Understand its types, causes, how India measures it (CPI and WPI), and how the RBI controls it.

Financial Markets & SEBI

The money market and the capital market — their instruments, the primary vs secondary market, stock exchanges and indices, and the role of SEBI as regulator.

Government Budget & Fiscal Policy

The Union Budget — the Annual Financial Statement, the structure of receipts and expenditure, the three government funds, and how fiscal policy steers the economy.

Deficits & the FRBM Framework

Understanding revenue, fiscal and primary deficits, how they are financed, and the FRBM Act's discipline on government borrowing.

Taxation in India & the GST

Direct vs indirect taxes, the structure and working of the Goods and Services Tax (GST), the GST Council, and how input tax credit avoids the cascading of taxes.

Balance of Payments & the External Sector

The record of a country's transactions with the world — the current and capital accounts, the balance of trade, the current account deficit, and forex reserves.

International Trade, Exchange Rates & the WTO

Exchange-rate regimes, appreciation vs depreciation, FDI vs FPI, and the World Trade Organization — its principles and key agreements.

Growth, Development & Human Development

The difference between economic growth and development, the Human Development Index, and the measurement of poverty and inequality.

Employment & Unemployment

Types of unemployment, how it is measured through the Periodic Labour Force Survey, key labour indicators, and the challenge of India's informal economy.

Agriculture & Food Security

The Green Revolution, Minimum Support Price and procurement, the Public Distribution System and the National Food Security Act, and India's colour revolutions.