Author: Prince Luthra Sir (UPSC CSE AIR 577)

  🟠 Topic 7: Circular Flow of Income 📌 Introduction The Circular Flow of Income is a fundamental economic model that explains how money, goods, and services flow between different sectors of the economy....

  🟠 Topic 6: Sectors of the Economy – Primary, Secondary, Tertiary 📌 Introduction The economic structure of a country can be understood by classifying its economy into three broad sectors — Primary, Secondary,...

🟠 Topic 5: Methods of Calculating National Income  📌 Introduction National Income represents the total monetary value of all goods and services produced in a country within a specific period (usually a year). Measuring...

🟠 Topic 4: National Income – GDP, GNP, NNP, NDP 📌 Introduction National income is one of the most fundamental concepts in macroeconomics. It represents the aggregate monetary value of all goods and services...

🟠 Topic 3: Elasticity of Demand and Supply 📖 Explanation (1000+ Words) 📌 Introduction One of the most important concepts in microeconomics is elasticity, which measures how responsive demand or supply is to changes...

🟠 Topic 2: Demand and Supply – Market Equilibrium 📖 Introduction (1000+ Words) Demand and supply form the foundation of market economics. They determine prices, production levels, and consumer choices, shaping economic activity at...

🟠 Topic 1: Introduction to Economics – Micro and Macro 📖 Explanation Economics, as a subject, studies how individuals, societies, and governments allocate scarce resources to satisfy unlimited wants. It involves understanding production, distribution,...

  Indian Financial System and Financial Inclusion What is the Financial System? The financial system refers to the network of institutions, instruments, markets, and regulations that facilitate the flow of funds between savers, investors,...

  Poverty, Inequality and Unemployment Poverty Poverty refers to a state where individuals lack sufficient income to meet basic needs such as food, shelter, clothing, healthcare, and education. It is a multi-dimensional problem in...

  Sustainable Development and Climate Change Policies What is Sustainable Development? Sustainable development refers to economic growth that meets the needs of the present without compromising the ability of future generations to meet their...

  Inclusive Growth and Social Sector Initiatives What is Inclusive Growth? Inclusive growth refers to economic growth that benefits all sections of society, especially the marginalised, poor, and disadvantaged groups. It ensures that economic...

  Infrastructure and Investment Models What is Infrastructure? Infrastructure refers to the basic physical and organisational structures necessary for an economy to function efficiently. It acts as the backbone of economic development by facilitating...

  Public Sector Enterprises and Disinvestment Public Sector Enterprises (PSEs) Public Sector Enterprises are companies owned fully or partially by the government. They play a critical role in India’s economic development, especially in strategic...

  Foreign Trade Policy and Trade Agreements What is Foreign Trade Policy (FTP)? The Foreign Trade Policy (FTP) is a comprehensive framework of rules, incentives, and strategies formulated by the Ministry of Commerce and...

  External Sector and Balance of Payments (BoP) What is the External Sector? The external sector refers to a country’s economic interactions with the rest of the world, including trade in goods and services,...

  Fiscal Policy and Government Budgeting What is Fiscal Policy? Fiscal policy refers to the government’s use of taxation, public spending, and borrowing to influence economic growth, employment, and inflation. It’s primarily handled by...

  Monetary Policy and Role of RBI What is Monetary Policy? Monetary policy refers to the process by which the central bank (RBI) manages money supply and interest rates in the economy to achieve...

  Industrial Policy and MSMEs What is Industrial Policy? An Industrial Policy refers to the set of government strategies, policies, and regulations aimed at promoting industrial development, investment, technology upgradation, employment generation, and regional...

Agriculture and Food Management Importance of Agriculture in India Agriculture contributes around 15-18% to India’s GDP but employs nearly 45% of the workforce. It plays a crucial role in food security, rural livelihoods, and...

  Inflation and Business Cycle Inflation Inflation refers to a sustained rise in the general price level of goods and services in an economy over a period of time. It reduces the purchasing power...

  Economic Reforms in India – Liberalisation, Privatisation, Globalisation (LPG) Background By the early 1990s, India faced a severe economic crisis caused by: High fiscal deficit Low foreign exchange reserves (barely enough to cover...

  Economic Planning in India Economic planning refers to the process where the government sets goals and priorities for economic development and allocates resources accordingly. In India, economic planning played a central role in...

  Economic Systems – Capitalist, Socialist, Mixed Economy An economic system defines how resources are allocated, how goods and services are produced and distributed, and the role of the government in economic decision-making. The...