UPSC Economy notes

GAS-BASED POWER IN INDIA: GRID STABILITY, RENEWABLE INTEGRATION AND ENERGY SECURITY

Grid India and the Ministry of Power are relying on gas-based power plants and proposing SYNCON conversions to manage peak summer demand and stabilise the grid against renewable energy fluctuations.  

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GLOBAL SKILLS CHALLENGE 2026: FUTURE OF SKILLED WORKFORCE

The Global Skills Challenge prepares India’s youth for the biennial WorldSkills Competition. By participating in these elite platforms, India benchmarks its vocational training against global standards, driving initiatives like PMKVY and the Skill India Mission to harness its massive demographic dividend effectively.

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APEDA: ROLE, FUNCTIONS AND IMPORTANCE IN AGRICULTURAL EXPORT

APEDA serves as India’s apex statutory export promotion body under the Ministry of Commerce. It drives agricultural growth by setting global quality standards, funding infrastructure, and connecting regional farmers to premium international markets through value-added, compliant organic and processed exports.

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INDIA EMERGES AS THE WORLD'S LARGEST SHIP RECYCLING NATION: OPPORTUNITIES AND CHALLENGES

India emerged as the world’s top ship recycling nation in 2025, holding a 35.4% global share. Supported by the HKC-aligned Recycling of Ships Act 2019, the Alang yard drives a massive circular economy, converting end-of-life vessels into premium scrap steel.

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END OF CHEAP GLOBAL MONEY: IMPACT ON INDIA

The era of cheap global money is ending, triggering foreign capital outflows and Rupee depreciation. However, India's robust macroeconomic fundamentals, domestic market reliance, and recent inclusion in the JPMorgan global bond index provide vital resilience against global liquidity shocks.

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ADVANCE AUTHORISATION SCHEME & NEW GOLD IMPORT RULES EXPLAINED

The Advance Authorisation Scheme allows duty-free imports of essential inputs for export production. Recently, the government capped duty-free gold imports at 100 kg per licence to curb domestic diversion, implementing strict compliance checks, mandatory physical inspections, and prior export obligations.

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ANNUAL SURVEY OF INCORPORATED SERVICES SECTOR ENTERPRISES (ASISSE)

The National Statistical Office (NSO) launched ASISSE to bridge data gaps in the formal services sector using GSTN-backed information. This tech-driven survey enhances GDP calculation precision and evidence-based policy, marking a monumental step toward data-driven governance and modernising the Indian economy.

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