NCERT Indian Economy notes
Indian Economy glossary A–Z
2,596 terms explained, 984 in depth.
Foundations and Microeconomics
- Scarcity, Choice and Economic Systems — concepts; planned vs market economies (20th c. - 1991 reforms)
- Factors of Production, Entrepreneurship and Startups — concepts; present-day India
- Consumer Behaviour, Demand and Elasticity — micro theory
- Production Function, Returns and Costs — micro theory
- Theory of the Firm, Supply and Perfect Competition — micro theory
- Markets, Equilibrium and Government Intervention — micro theory; Indian price policy
- Market Structures, Market Failure and Competition — micro theory; competition law in India
- Schools of Economic Thought and Economic Laws — 16th c. mercantilism - Keynes (1936) - behavioural economics
Macroeconomics
- Money: From Barter to Digital Currency — ancient India (karshapana) - 2016 demonetisation - UPI era
- Payment Systems and Digital Finance — cheques - cards and net banking - UPI (2016) - present
- Banking, Credit Creation and Monetary Policy — RBI 1935 - present
- Banking Regulation, NPAs and Financial Stability — 1969 bank nationalisation - Basel norms - insolvency regime (2016) - present
- Financial Markets, Instruments, Insurance and Pensions — 1875 (BSE) - capital-market reforms of the 1990s - fintech era
- National Income Accounting: GDP, GVA and Welfare — macro theory; India's 2011-12 base series (introduced 2015; base since revised - verify current series)
- Inflation and Index Numbers: CPI, WPI, IIP and the Deflator — India's index series (NCERT uses 2011-12/2012 bases; CPI-IW moved to 2016 base in 2020; newer bases being rolled out - verify)
- Aggregate Demand, Income Determination and the Multiplier — macro theory (Keynesian, 1936 onward)
- Economic Growth Theories and Business Cycles — Harrod-Domar (1940s) - Solow (1956) - post-COVID recoveries
- Government Budget, Fiscal Policy and FRBM — Art. 112; FRBM Act 2003 - present
- Taxation: Direct and Indirect Taxes, GST and Global Tax Issues — income tax (1860) - GST (2017) - global minimum tax
- Fiscal Federalism: Finance Commission, Devolution and Centre-State Finances — Constitution 1950 (Arts. 270, 275, 280, 293) - GST Council (2016) - present
- Balance of Payments and Exchange Rates — Bretton Woods - 1991 BoP crisis - managed float today
Indian Economic Development
- Indian Economy on the Eve of Independence — c. 1757 - 1947
- Economic Planning in India: Goals, Models and Import Substitution — 1950 - 1990 planning era; Planning Commission replaced by NITI Aayog (2015), last Five Year Plan ended 2017
- Land Reforms, the Green Revolution and Farm Subsidies — 1950s - 1980s, with present-day subsidy debate
- Industrial Policy, Public Sector, MSMEs and Disinvestment — IPR 1948 / 1956 - 1991 - present
- The 1991 Crisis and LPG Reforms: An Appraisal — 1991 - present
- Globalisation and MNCs — 1950s protection - 1991 opening - present
- International Trade Policy, WTO and Intellectual Property — GATT (signed 1947, in force 1948) - WTO (1995) - FTAs, sanctions and trade fragmentation
- Comparative Development: India, China and Pakistan — late 1940s - 2020s
Development and Sectoral Issues
- Measuring Development: Income, HDI and Sustainability — concepts; HDR 2025 and NFHS-5 data
- Poverty and Inequality: Measurement and Policy — Naoroji's poverty estimates - poverty-line methods - multidimensional poverty
- Sectors of the Indian Economy — 1972-73 - 2023-24
- Employment, Unemployment and Informalisation — 1972-73 - PLFS 2023-24
- Human Capital: Education, Health and Demographic Dividend — 1951 - NEP 2020
- Rural Credit, Microfinance and Financial Inclusion — 1969 (social banking) - PMJDY 2014 - present
- Agricultural Marketing, MSP, Buffer Stocks and PDS — 1960s - e-NAM (2016) - farm laws (2020-21)
- Rural Development: Diversification, Allied Sectors and Organic Farming — 1946 (AMUL) - present
- Infrastructure: Transport, Communications and Energy — 1853 (railways) - 2025
- Environment and Sustainable Development — 1974 (CPCB) - 1987 (Brundtland) - SDGs 2015-2030
- Consumer Rights and Consumer Protection — 1960s movement - COPRA 1986 - CPA 2019
- Economic Data: Census, NSS, Surveys and Statistical Tools — Census 1881 - NSS/PLFS - present