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 MILESTONE: ECONOMIC & SOCIAL DEVELOPMENT
MT-1: Introduction to Economics • Sustainable
MT-3: Poverty, Inequality and Unemployment
Development - SDG India Index
• Opportunity Cost • Meaning of Poverty
• Factors of Production o International Poverty Line (IPL)
• Types of Capital: Physical vs Human Capital; Fixed o Headcount Ratio
vs Working Capital; Social Capital o Multi-dimensional Poverty Index (MPI)
• Economic vs Non-Economic Activities o National MPI
• Sectors of Economy – Agrarian, Industrial, Service • Types of Poverty: Absolute vs Relative Poverty
• Structural Transformation • Measurement of Absolute Poverty
• Types of Economy: Socialist vs Capitalist System • Poverty Line Estimation (PLE): Alagh Committee
• Types of Goods: Public vs Private; Merit vs (1979); Lakdawala Committee (1993); Tendulkar
Demerit and Consumer vs Capital Committee (2004-05); Rangarajan Committee
(2012); Hashim Committee (2012); N C Saxena
• Basic concepts of Microeconomics
Committee (2008); Socio-Economic Caste Census.
o Law of Demand: Price Elasticity of Demand;
• Data Collection Method for NSSO Expenditure
Cross-Price Elasticity and Income Elasticity of
Survey: URP, MRP and MMRP
Demand
• Terms related to Poverty - Poverty Gap; Poverty
o Law of Supply
Depth; Headcount Ratio, etc.
o Market Structure: Monopoly, Duopoly, • Relative Poverty - Gini Coefficient; Kuznets Curve
Oligopoly, Monopolisation and Perfect • Poverty Alleviation Programmes
Competition • Inclusive Growth
• Associated Concepts: Economic Agents; Real • Key Terminologies of Unemployment - Working
Sector of an Economy; Flow vs Stocks and Age Population, Labour Force, Labour Force
Incremental Capital Output Ratio (ICOR) Participation Rate, Unemployment Rate and
Worker Population Ratio (WPR)
MT-2: National Income Accounting • Categorisation of Workforce:
o Based on Employment status - Self-employed
• Gross Domestic Product (GDP) workers, Casual/Contract Labour and
• Real GDP vs Nominal GDP - Base Year Regular/Salaried Labour
• Green GDP o Based on the sector - Formal (Organised) vs
• Gross National Product (GNP) Informal (Unorganised)
• Market Price vs Factor Cost • Initiatives for Unorganised Sector: E-shram
portal; Atal Pension Yojana; Pradhan Mantri
• Other Indicators: Net National Product (NNP);
Shram Yogi Maandhan (PM-SYM); Gig Worker
Net Domestic Product (NNP); National Income;
• Types of Unemployment - Cyclical
Personal Income; Disposable Income; Per Capita
Unemployment; Structural Unemployment;
Income
Frictional Unemployment; Disguised
• Methods of Estimating National Income:
Unemployment and Seasonal Unemployment
Expenditure Approach; Income Method; Value
• Approaches to measure Unemployment - Usual
Added Method (Product Method)
Status, Weekly Status and Daily Status Approach
o Gross Fixed Capital Formation (GFCF)
• Estimates of Unemployment
• New GDP Series o Periodic Labour Force Survey (PLFS)
• Gross Value Added (GVA) • Living Wages vs Floor Wages vs Minimum Wages
• Potential Output • 4 Labour Codes
• GDP Deflator • Government Initiatives related to Unemployment
• Limitations of GDP
MT-4: Public Finance – Fiscal Policy
• Economic Cycle – Recovery, Boom, Recession,
Depression • Meaning of Fiscal Policy
• Types of Economic Recovery – V-shaped, W- • Types of Fiscal Policy: Expansionary vs
shaped, etc Contractionary; Pro-cyclical vs Counter-cyclical
• Measures of Development and Welfare - HDI; • Budget: Constitutional Provisions; Types of
GII; GNH, etc Budgeting

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 • Budgeting Process in India • Monetary Policy and Types - Expansionary vs
• Types of Funds under Indian Constitution Contractionary
• Components of Budget: Revenue vs Capital • Monetary Policy Framework in India - Goals,
Receipts; Revenue vs Capital Expenditure; MPC
Effective Capital Expenditure • Quantitative Tools of Monetary Policy - LAF
• Types of Deficits: Revenue Deficit; Effective (Repo and Reverse Repo); SDF; MSF; Reserve
Revenue Deficit; Budget Deficit; Fiscal Deficit and Requirements; Open Market Operations (OMOs);
Primary Deficit. Market Stabilisation Scheme.
• Deficit Financing • Qualitative Tools of MP
• Fiscal Consolidation - FRBM Act, 2003; FRBM • Monetary Policy Transmission
(Amendment) Act, 2012 and N K Singh • Operation Twist
Committee • Incremental Cash Reserve Ratio (I-CRR)
• Total Liabilities of the Government
MT-7: Inflation
o Public Debt: Internal vs External Debt
o Public Account Liabilities • Meaning of Inflation
o Extra-Budgetary Resources
• Causes of Inflation: Demand-Pull vs Cost-Push
• Borrowing Power of Centre and States
Inflation
• Ways and Means Advances
• Types of Inflation: Creeping vs Walking vs
• Small Savings Schemes
Running vs Hyperinflation
• 15th and 16th Finance Commission
• Indices to Measure Inflation: PPI vs WPI vs CPI vs
• Disinvestment
GDP Deflator
MT-5: Public Finance – Taxation o Multiple CPI Indices - CPI (IW); CPI (AL) and CPI
(RL)
• Terms associated with Taxation - Tax Incidence,
• Important Concepts: Inflation vs Deflation vs
Tax Burden, Tax Base, Tax Buoyancy, etc.
Disinflation vs Reflation; Headline vs Core
• Methods of Taxation - Proportional vs
Inflation; Skewflation: Protein inflation or Food
Progressive vs Regressive Taxation
inflation; Greedflation; Structural Inflation;
• Principles of Taxation
Philips Curve; Stagflation; Inflation Tax; Inflation
• Types of Taxes - Direct vs Indirect
Spiral; Inflationary vs Deflationary Gap, etc.
• Direct Taxes: Income Tax; Corporate Tax;
• Effects of Inflation
Minimum Alternate Tax (MAT); Capital Gain Tax
• Measures by RBI and Government to contain
(CGT); Digital Service Tax (DST); Securities
Inflation
Transaction Tax (STT); Tobin Tax; Commodities
Transaction Tax (CTT) MT-8: Banking System
• Cess and Surcharges
• Classification of Banks - Scheduled vs Non-
• Other Concepts : Double Taxation Avoidance
Scheduled; Commercial vs Cooperative Banks
Agreement (DTAA); Round Tripping; Transfer
• Evolution of Banking system in India
Pricing; Base Erosion and Profit Shifting (BEPS);
• Different Types of Banks: Regional Rural Banks;
Global Minimum Corporate Tax; Advance Pricing
Local Area Banks; Small Finance Banks; Payment
Agreements (APAs)
Banks; Neo Banks
• Goods and Services Tax (GST): GST Council; GST
• Banking Parameters
Tax Structure; GST Composition Scheme; GST
o Priority Sector Lending (PSL)
Compensation Cess; E-Way Bill System; Reverse
o Priority Sector Lending Certificates (PSLCs)
Charge Mechanism
o Minimum Lending Rate - Internal Benchmark
MT-6: Money and Monetary Policy Lending Rate (IBLR) vs External Benchmark
Lending Rate
• Money: Concept, Evolution and Functions
o Basel Norms - Capital Adequacy Ratio (CAR),
• Types of Money: Commodity Money; Fiat
Additional Tier-1 Capital, Liquidity Coverage
Money; Fiduciary Money; Demand & Time
Ratio, Leverage Ratio, Capital Conservation
Deposits; Electronic Money
Buffer, etc.
o Cryptocurrency
• Non-Performing Assets (NPAs)
o Central bank Digital Currency (CBDC)
• Four Balance Sheet Problem
• Money Supply - M1, M2, M3 and M4
• Special Mention Accounts (SMAs)
• High Powered Money (M0)
• Provisioning Coverage Ratio (PCR)
• Money Multiplier

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 • Measures taken to address NPAs • Securities and Exchange Board of India (SEBI)
o Debt Recovery Tribunals (DRTs) o Market Infrastructure Institution (MII)
o Lok Adalats • Insurance and Regulatory Development
o SARFAESI Act, 2002 Authority of India (IRDAI)
o Asset Reconstruction Company (ARC) o Evolution of Insurance industry
o Prompt Corrective Action (PCA) o Domestic Systemically Important Insurers (D-
o 'Indradhanush' Framework SIIs)
o Domestic Systemically Important Banks (D- o Deposit Insurance and Credit Guarantee
SIBs) Corporation (DICGC)
o Bank Board Bureau (BBB) o Export Credit and Guarantee Corporation Ltd.
o Insolvency and Bankruptcy Code (IBC) (ECGC)
o Bank Recapitalisation o Insurance Schemes
o Project Sashakt • Pension Fund and Regulatory Development
o 4R Strategy Authority of India (PFRDA)
o Bad Bank (NARCL and IDRCL) o National Pension System (NPS)
• Non-Banking Financial Institutions (NBFIs) • International Financial Service Centre Authority
• All India Financial Institutions (AIFIs) (IFSCA)
MT-9: Financial Markets MT-11: External Sector
• Structure of Financial Market - Money Market vs • Balance of Payments
Capital Market • Components of BoP - Current Account vs Capital
• Instruments of Money Market: Treasury Bills (T- Account
Bills); Cash Management Bills (CMBs); Call Money • Current Account - Facts, Current Account
Market; Certificate of Deposit (CD); Commercial Balance, Impact of Events on CAD
Paper (CP); Commercial Bills (CBs) • Capital Account - FDI vs FPI, External Debt
• Other concepts - LIBOR, SOFR, MIBOR, MIFOR • BoP Surplus or Deficit - Forex Reserves
• Capital Market: Debt-based vs Equity based • Conceptual understanding of Exchange Rate
Financing; Primary vs Secondary Market • Types of Exchange Rate - Fixed vs Floating;
• Debt-based Instruments Nominal vs Real ER; NEER vs REER
o Dated Securities - Important terminologies • Currency Convertibility – Current vs Capital
related to Bonds such as Bond Yield and Account
factors affecting it, etc; Retail Direct Scheme • Associated Concepts
o Bonds vs Debentures o Internationalisation of Rupee
o Convertible vs Non-Convertible Debentures o Types of Currency - Hard vs Soft vs Hot Money
o External Commercial Borrowings (ECBs) o Currency Depreciation and its Impact
o Types of Bonds: Inflation-Indexed Bonds o Currency War vs Reverse Currency War
(IIBs); Foreign Currency Convertible Bonds o J-Curve
(FCCBs); Green Bonds; Blue Bonds; Sovereign o Currency Swap Agreement
Gold Bonds (SGBs); Surety Bonds, etc. o Forex Swap
• Equity Instruments o Dutch Disease
o Primary Market Instruments - IPO, FPO, o Net International Investment Position (NIIP)
Rights Issue, Private Placement, Depository o Liberalised Remittance Scheme (LRS)
Receipts such as ADRs, GDRs, etc.
MT-12: WTO and Multilateral Institutions
o Secondary Market - Stock Exchange
• Other Instruments • World Trade Organisation - Structure, Salient
o P-Notes, Chit Funds, Nidhi Companies, Features, Most Favoured Nation (MFN),
Alternative Investment Funds (AIFs), Credit Generalised System of Preferences (GSP).
Default Swaps (CDS), Credit Rating Agencies • WTO Agreements
(CRAs), Exchange Traded Funds (ETFs) o Agreement on Agriculture (AoA)
o TRIPs Agreement
MT-10: Financial Regulatory Bodies
o General Agreement on Trade in Services
• Financial Stability and Development Council (GATS)
(FSDC) o TRIMs Agreement
• Reserve Bank of India: Functions; Subsidiaries; o Agreement on Fisheries Subsidies
RBI Surplus Transfer; Assets & Liabilities/ o Trade Facilitation Agreement

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 o Agreement on Sanitary and Phytosanitary • Indices to measure Industrial Production – PMI,
Measures IIP, Index of Core Industries, ASI, etc.
• Levels of Economic Integration • Evolution of industrial Policies since
o India's agreements with countries Independence
o Important Groupings under WTO o IPR 1948; IPR 1956; IPR 1991; National
• Associated Concepts Manufacturing Policy, 2011; Make in India;
o Developing Country Status Industrial Corridors; Atmanirbhar Bharat;
o Tariff vs Non-Tariff Barriers - Rules of Origin, Production Linked Incentive (PLI) Scheme
Anti-Dumping Duty, Counter-vailing Duty, etc. • National Investment Manufacturing Zones
• International Monetary Fund (IMF) (NIMZs) – NIMZ vs SEZ
• World Bank Group - IBRD, IDA, IFC, MIGA, ICSID • MSME Initiatives
• Regional Development Banks - ADB, NDB, AIIB, • Mining Industry – Constitutional Provisions;
AfDB, EBRD, etc. Regulatory Authorities; Minor vs Major Minerals
MT-13: Indian Agriculture • Mining Legislation and Amendment – MMDR
Act, 1957; MMDR (Amendment) Act, 2015;
• Important Facts about Indian Agriculture MMDR (Amendment) Act, 2021; MMDR
o Agricultural Revolutions (Amendment) Act, 2023
o 10th Agricultural Census o District Mineral Foundation (DMF)
• Farm Credit – NABARD; Kisan Credit Card; o National Mineral Exploration Trust (NMET)
Interest Subvention Scheme. etc. • Critical Minerals
• Agricultural Insurance – Pradhan Mantri Fasal
Bima Yojana (PMFBY) MT-15: Infrastructure Sector
• Irrigation • Types of Infrastructure
o Surface Irrigation – Tubewell Irrigation, Canal • Harmonised Master List of Infrastructure
Irrigation, Tank Irrigation • PM Gati Shakti Scheme
o Micro Irrigation – Drip Irrigation, Sprinkler o Sector-wise scheme – Bharatmala Pariyojana,
irrigation Sagarmala, UDAN scheme.
o Government Initiatives – Pradhan Mantri
• Logistics Sector – Multi-modal Logistics Parks;
Krishi Sinchayee Yojana, Micro Irrigation Fund
National Logistics Policy, 2022; Unified Logistics
(MIF)
Interface Platform (ULIP); Dedicated Freight
• Fertiliser Sector – Facts; Fertiliser Policy in India
Corridors
o Government Initiatives – Nutrient Based
• Infrastructure Financing
Subsidy (NBS) scheme; Soil Health Card (SHC);
o Development Financial Institutions (DFIs) –
PM-PRANAM; Nano Liquid Urea; One Nation,
NaBFID
One Fertiliser (ONOF); Neem-coated Urea.
o Asset Monetization – National Monetisation
• Farm Mechanisation – Custom Hiring Centre (CHC)
Pipeline; National Land Monetisation
• Minimum Support Prices (MSP) Corporation (NLMC)
• Fair and Remunerative Price (FRP) o Public Private Partnership (PPP) Models –
• Agricultural Marketing – APMC, e-NAM, Agri- BOT (Toll); BOT (Annuity); EPC; Hybrid Annuity
Market Infrastructure Fund (AMIF), Agricultural Model (HAM)
Infrastructure Fund (AIF) o Infrastructure Investment Trust (InvIT)
• Farmer Producer Organisations (FPOs) o Real Estate Investment Trusts (REITs)
• Negotiable Warehouse Receipts (NWRs) o National Investment and Infrastructure Fund
• Agriculture Exports (NIIF)
• Technology in Agriculture • Power Sector – Power Generation, Power
• Allied Activities – Milk Sector, Horticulture Transmission, Power Distribution
Sector, Fisheries, etc. o Coal Sector; Oil & Gas Sector; Renewable
Energy
MT-14: Industrial Sector
o Power Schemes
• Important Facts – Share of Industrial Sector in
GDP or Employment; Definition of MSME, etc.

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