Highlight on Economics Contemporary - Expected Questions 2017 Part-2 (Download PDF)


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We will be covering the important questions and topics for competitive examinations for 2017 related to Economics Contemporary and related policies. As per video tutorials and lectures at YouTube@Examrace

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Expected Questions on Economics: UPSC IAS Prelims & Mains 2017

Dr. Manishika Jain in this video covers a variety of topics which are important for 2017. These include the expected questions on economics and banking.

Travel & Tourism Competitiveness Index

  • By WEF in 2017
  • Ranks 136 nations on 14 dimensions
  • India ranks 40 (was 52 in 2015)
  • 1st – Spain
  • 2nd – France
  • 3rd - Germany

Economic Freedom Index

  • India ranks 143 out of 186 nations in 2017
  • Released by US think tank – The Heritage Foundation
  • India scored 52.6 points
  • Based on 10 factors of economic freedom, separated into four categories, using statistics from international organizations like World Bank, IMF, Economist Intelligence Unit and Transparency International.
  • Hong Kong (1st), Singapore (2nd) and New Zealand (3rd), Switzerland (4th) and Austria (5th).
  • USA – 17th
  • China – 111th

EMEIA Fraud Survey 2017

  • EY Europe, Middle East, India and Africa (EMEIA) Fraud Survey 2017
  • India ranks 9th among 41 surveyed countries in bribery and corrupt practices in businesses.

Energy Architecture Performance Index

  • India ranks 87 amongst 127 countries
  • Part of Geneva based World Economic Forum
  • 18 indicators on 3 sides of the ‘energy triangle’- economic growth and development, energy access and security and environmental sustainability.
  • Top 5 Nations: Switzerland (1), Norway (2), Sweden (3), Denmark (4) and France (5)

India Innovation Index

  • By Niti Ayog & CII
  • Rank states on innovation through portal
  • Would follow Global Innovation Index (uses 82 indicators)

Corruption Perception Index

  • India ranks 79 out of 176 countries
  • Released by Transparency International
  • New Zealand & Denmark together at 1st place

Global Talent Index

  • India ranks 92 out of 118 countries
  • Produced by global business school INSEAD in partnership with Adecco Group and Human Capital Leadership Institute (HCLI) of Singapore
  • Switzerland (1st), Singapore (2nd), United Kingdom (3rd)

Inclusive Development Index

  • India ranks 60 out of 76 developing countries
  • Title: World Economic Forum’s (WEF) ‘Inclusive Growth and Development Report’.
  • Developing Nations: Lithuania (1st), Azerbaijan (2nd), Hungary (3rd)
  • Advance economies: Norway (1st), Luxembourg (2nd), Switzerland (3th)

International Intellectual Property Index

  • India ranks 43 amongst 45 countries
  • Report Title: Roots of Innovation
  • Index includes 90 % of global GDP & 7 new economies Egypt, Hungary, Kenya, Pakistan, Philippines, Saudi Arabia, and Spain
  • United States (1st), United Kingdom (2nd), Germany (3rd), Japan (4th), Sweden (5th)

Employees Compensation Amendment Bill, 2016

  • It amends Employee’s Compensation Act, 1923
  • Ensures compensation up to Rs. 1 lakh to employee if an injured in an industrial accident and imposes hefty penalty in case of any violation by employers.
  • Employer will be penalized if he fails to inform his employee of his right to compensation. Such penalty may be between Rs. 50,000 to Rs. 1 lakh.

Amendment to NABARD Act, 1981

  • Increase authorized capital of NABARD (development bank) from Rs. 5,000 crore to Rs. 30,000 crore
  • Increase it beyond Rs. 30,000 crore in consultation with RBI
  • Changes in long title
  • Bring Handlooms and Medium Enterprises in NABARD’s mandate
  • Transfer of 0.4 % equity of RBI in NABARD amounting to Rs. 20 crores to the Union Government

SBI Merger

  • State Bank of Bikaner and Jaipur
  • State Bank of Hyderabad
  • State Bank of Mysore
  • State Bank of Patiala
  • State Bank of Travancore
  • Bhartiya Mahila Bank
  • Marhet share increase to 22.5 - 23%

Vodafone, Idea Merger

  • Idea merges with Vodafone
  • Create world’s second largest (after China Mobile) and India’s largest telecom company by overtaking Bharti Airtel Ltd.
  • 400 million customers with 35 % customers and 41 % revenue market share
  • Vodafone (45.1%) & Idea (26%) & rest to public
  • Merger to be completed in 2018

Enforcement Department

  • To effectively monitor banks in case they violate regulations and speed up regulatory compliance
  • Operation from 1 April 2017
  • By RBI


  • General Anti Avoidance Rule – effective 1st April 2017
  • Prevent companies from routing transactions through other countries to avoid taxes.
  • India - 17th nation in the world to have laws that aim to close tax loopholes.
  • Give IT department powers to scrutinize transactions structured in such a way as to deliberately avoid paying tax in India.

NK Singh Panel

  • Report on Changes in FRBM (Fiscal Responsibility and Budget Management) Act
  • 1st volume: Address fiscal roadmap, fiscal policy, international experience and recommendations
  • 2nd volume: International experience from a lot of international organizations particularly OECD, the World Bank, ILO
  • 3rd volume: Centre-State issues
  • 4th volume: Views of domain experts both from national and international appropriate for fiscal policy

Steel Policy, 2017

  • Double steel production to 300 million tons by 2030 - 31
  • Rs. 10 lakh crore fresh investment
  • Create 11 lakh new jobs
  • Globally competitive industry for inter-sectoral growth
  • Technologically advanced, globally competitive and promotes inclusive growth
  • Greenfield steel plant along coastline – under Sagarmala Project
  • Cluster based approach

1st International Exchange At GIFT City

  • India INX is a wholly-owned subsidiary of Bombay Stock Exchange (BSE)
  • Indian firms need to compete on equal footing with offshore firms
  • Works 22 hours a day
  • Has 250 trading members
  • Turnaround time of 4 seconds

Financial Data Management Center

  • Headed by Ajay Tyagi
  • Set up statutory FDMC under the aegis of the FSDC (Financial Stability and Development Council) to facilitate integrated data aggregation and analysis in the financial sector

Tourism Zones

  • Integrated Development of Tourist Circuits around specific themes under Swadesh Darshan scheme
  • 100 crore for Pilgrimage Rejuvenation and Spiritual Augmentation Drive (PRASAD)
  • Rs. 412 crore for promotion and publicity
  • 13 thematic circuits: North-East India Circuit, Buddhist Circuit, Himalayan Circuit, Coastal Circuit, Krishna Circuit, Desert Circuit, Tribal Circuit, Eco Circuit, Wildlife Circuit, Rural Circuit, Spiritual Circuit, Ramayana Circuit and Heritage Circuit
  • PRASAD Scheme: 13 cities Ajmer, Amritsar, Amravati, Dwarka, Gaya, Kamakhaya, Kancheepuram, Kedarnath, Mathura, Patna, Puri, Varanasi and Velankanni


  • Vikram Limaye – MD & CEO of NSE
  • Rajan Anandan (Google Vice President for SE Asia & India) – Chairman of IAMAI (Internet & Mobile Association of India)
  • Usha Ananthasubramanian: Head of Allahabad Bank
  • Melwyn Rego: Head of Syndicate Bank
  • Rajkiran Rai G: Head of Union Bank of India
  • R Subramaniakumar: Head of Indian Overseas Bank
  • Sunil Mehta: Head of PNB
  • Dinabandhu Mohapatra: CEO of Bank of India
  • R A Sankara Narayanan: CEO of Vijaya Bank
  • Viral V Acharya – Deputy Governor of RBI
  • Surekha Marandi – Executive Director of RBI

Important Topics

GST (Don’t miss)

Economic Survey

Double Taxation Avoidance Agreement (DTAA) – India & Singapore

Masala Bonds

Option Trading/Futures

- Published/Last Modified on: June 21, 2017


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