Top 10 Must Read Topics for IAS Mains GS Paper 3|Effects of Monsoon on Indian Economy

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Top 10 Must Read Topics for IAS Mains GS Paper 3 | Effect of Monsoon on Indian Economy

Top 10 Must Read Topics for IAS Mains GS Paper 3: IAS Mains GS Paper 3 consists of themes of Technology, Economic development, Agriculture, Biodiversity, Environment, Security & Disaster Management. Being tricky by nature, this paper gives you an advantage over other aspirants if you score well.

The course structure of the exam is so that it requires rigorous preparations from the side of the aspirant. It requires you to have proper study material to cover various topics. The paper requires both analytical and factual knowledge of the candidate and thus becomes a tough nut to crack.

Over here we are sharing Top 10 Must Read Topics for IAS Mains GS Paper 3. Let us initiate with the first topic.

 

Top 10 Must Read Topics for IAS Mains GS Paper 3 | Effects of Monsoon on Indian Economy

The monsoon is the lifeblood for India’s farm-dependent $2 trillion economy, as at least half the farmlands are rain-fed. The country gets about 70% of annual rainfall in the June-September monsoon season, making it crucial for an estimated 263 million farmers.

Recent Trends

India witnessed a normal monsoon in 2016 but only after two back-to-back poor monsoons in 2014 and 2015 that affected the overall growth in the country. However, with a good chance of a normal monsoon in 2017, analysts expect the growth momentum to continue.

“The second consecutive year of normal monsoon will help revive consumption demand, which was severely affected by the de-legalisation of ₹500 and ₹1,000 notes,” India Ratings and Research said.

Monsoon Impact on Indian Economy

  • The monsoon rains are vital for farm output and economic growth in India, the world’s second-biggest producer of rice, wheat, sugar and cotton. Farm sector shares for about 15 percent of India’s nearly $2 trillion economy, Asia’s third biggest.
  • India is largely self-sufficient in major foodgrains such as rice and wheat, but drought can send the country to global markets. In 2009, India had to import sugar, sending global prices to record highs and pushing up inflation.
  • Higher farm output would rein in food prices and help the government to take steps to cut the fiscal deficit and farm subsidies.
  • By lifting farm output, the monsoon boosts rural incomes, pushing up sales of everything from consumer goods to cars. Higher demand from rural consumers, who form two-thirds of the population, gives critical impetus to growth.
  • Monsoon rains impact demand for gold in India, as purchases get a boost when farming incomes rise amid high crop output.
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Expected Question: What are the Effects of Monsoon on Indian Economy?? Discuss.

Over here we conclude our article on Top 10 Must Read Topics for IAS Mains GS Paper 3. Stay tuned with us for the rest of the topic that we will discuss day by day.
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