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The Indian economy is a mixed economy combining public and private sectors. Knowing its structure, sectors and key terms forms the base for the whole economics syllabus.
GDP, GNP and national income measure the total output and earnings of a country. These terms and their differences are asked in almost every economics paper.
Inflation is a sustained rise in the general price level that reduces the value of money. Its types, causes and measurement indices are key exam topics.
The RBI is India's central bank, established in 1935. It issues currency, controls credit and regulates the banking system, making it a core exam topic.
Monetary policy is how the RBI controls money supply and interest rates. Tools like repo rate, CRR and SLR are among the most asked banking exam topics.
India's banking system is led by the RBI and includes commercial, cooperative and regional rural banks. Its structure and key reforms are common exam topics.
The Union Budget is the government's annual statement of income and expenditure. Its parts, terms and constitutional basis are widely asked in exams.
Taxes are the main source of government revenue. India has direct taxes paid by income earners and indirect taxes on goods and services, both vital exam topics.
GST is a single indirect tax on the supply of goods and services launched in 2017. Its slabs, council and one-nation-one-tax idea are key exam points.