Vision IAS Economy Notes 2024 For UPSC IAS

If you are thinking of giving the UPSC Civil Services exam this year or next year, then Vision IAS economy notes pdf will play a major role in the upcoming exam for you. Because economics has been considered a compulsory part of the UPSC syllabus – both in IAS Preliminary and Main Examination. Whereas in the Mains exam it has been kept optional.

These notes are offered by Vision IAS Institute. You can also use them for different exams like State PCS etc. This printed study material is specially designed for UPSC students. Recent Current Affairs have also been included which play a major role in the examination.

What is the economy

The economy of India is characterized as a middle-income developing market economy. It is the world’s sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 145th by GDP (nominal) and 122nd by GDP (PPP).

Real GDP and Nominal GDP

Nominal GDP refers to the current year production of final goods and services valued at current year prices.

Real GDP on the other hand refers to the current year production of goods and services valued at base year prices. Such base-year prices are constant prices.

Real GDP is a much better way to calculate the GDP because in a particular year GDP may be bloated up because of the high rate of inflation in the economy. Real GDP, therefore, allows us to determine if production increased or decreased, regardless of changes in inflation and purchasing power of the currency.

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Indian Foreign Trade Policy (FTP) 2015 – 2020

The primary objective was to boost Indian exports alongside strengthening schemes like Make in India, and Digital India, thereby focusing on manufacturing in India along with Ease of Doing business.

Key Features

• To increase India’s exports to US $ 900 billion by 2019-2020.

• FTP would reduce export obligations by 25% and give a boost to domestic manufacturing.

• FTP benefits from both MEIS & SEIS will be extended to units located in SEZs.

These notes of Vision IAS economy will cover all the important notes of economics like Money and Banking Economic Reforms Government Budgeting Land Reforms etc. download the complete pdf from the below section.

Currency Exchange Rate

• The price of one currency in terms of the other is called the exchange rate. It could be defined as the amount of domestic currency required to buy one unit of foreign currency.

• Usually it is defined as the price of foreign currency in terms of the domestic currency. This is called the bilateral nominal exchange rate.


  • National Income Accounting
  • Money and Banking
  • Central Bank and Monetary Policy
  • Fiscal Policy
  • Government Budgeting
  • Inflation
  • External Sector and Currency Exchange
  • Economic Reforms
  • Industrial Policy
  • Land Reforms
  • Infrastructure
  • Investment Model
  • Agriculture Subsidies and MSP
  • PDS, Buffer Stock and Food Security
  • Economics of Animal Rearing
  • Technology Mission
  • Major Crops and Cropping Pattern
  • Irrigation System
  • Food Processing Industries
  • E-Technology in the Aid of Farmers
  • Indian Economy and Issues Related to
    Mobilisation of Resources
  • Storage, Transport, and Marketing of Agricultural
    Produce and Issues and Related Constraints
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Other Notes & Material By Vision Institute:

Vision IAS EconomyVision IAS Environment
Vision IAS Indian SocietyVision IAS Indian Geography
Vision IAS GovernanceVision IAS International Relations Notes
Vision IAS World HistoryVision IAS Ethics Notes
Vision IAS Social Justice NotesVision IAS Modern History
Vision IAS Disaster Management NotesVision IAS Internal Security
Vision IAS Case StudiesVision IAS Art and Culture
Vision IAS Modern History NotesVision IAS Sci-Tech Notes
Vision IAS Eco,EVS & Disaster ManagementVision IAS World Geography Notes

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