SSC CGL - Detailed Guide 2025
Self-Paced Course
Miscellaneous for MCQs (Economy)
Reference: Economic Survey, RBI Reports, Budget Documents
1. Important Committees (Related to Economy)
| Committee Name | Purpose / Focus | Headed By |
|---|---|---|
| Narsimham Committee I (1991) | Banking sector reforms | M. Narsimham |
| Narsimham Committee II (1998) | Strengthening financial institutions | M. Narsimham |
| Kelkar Committee | Fiscal consolidation, rationalizing subsidies | Vijay Kelkar |
| Urjit Patel Committee | Revamping Monetary Policy Framework (Inflation Targeting) | Dr. Urjit Patel |
| Nachiket Mor Committee | Financial Inclusion | Nachiket Mor (RBI) |
| Malegam Committee | Regulation of Microfinance Institutions (MFIs) | Y.H. Malegam (RBI) |
| Shanta Kumar Committee | Restructuring FCI and food procurement | Shanta Kumar |
| Bimal Jalan Committee | Efficient utilization of RBI's surplus funds | Dr. Bimal Jalan |
| D.K. Mohanty Committee | Monetary Policy transmission | D.K. Mohanty (RBI) |
| Bibek Debroy Committee | Restructuring Indian Railways | Bibek Debroy |
Tip: Focus on Narsimham, Urjit Patel, Kelkar, and Nachiket Mor for SSC exams.
2. Banking Abbreviations (Frequently Asked in MCQs)
| Abbreviation | Full Form | Meaning |
|---|---|---|
| NPA | Non-Performing Asset | Loans overdue > 90 days |
| KYC | Know Your Customer | Customer identification verification |
| NEFT | National Electronic Funds Transfer | Batch-based electronic fund transfer |
| RTGS | Real-Time Gross Settlement | Instant high-value fund transfer (min ₹2 lakh) |
| IMPS | Immediate Payment Service | Real-time 24x7 interbank payment service |
| UPI | Unified Payments Interface | Mobile-based instant payment system |
| CRR | Cash Reserve Ratio | % of deposits banks must keep with RBI in cash |
| SLR | Statutory Liquidity Ratio | % of deposits banks must maintain in securities |
| Repo Rate | Repurchase Rate | Rate at which RBI lends to banks (short-term) |
| Reverse Repo | Reverse Repurchase Rate | Rate at which RBI borrows from banks |
| IFSC | Indian Financial System Code | Code used for identifying bank branches |
| NBFC | Non-Banking Financial Company | Financial firm not having full banking license |
| SWIFT | Society for Worldwide Interbank Financial Telecommunication | International payments network |
3. Key Economic Indices
| Index | Full Form | Published By | Measures |
|---|---|---|---|
| IIP | Index of Industrial Production | CSO (NSO) | Industrial growth |
| CPI | Consumer Price Index | NSO | Retail inflation |
| WPI | Wholesale Price Index | Office of Economic Adviser | Wholesale inflation |
| PMI | Purchasing Managers' Index | S&P Global | Business activity (manufacturing /services) |
| GDP Deflator | – | Ministry of Statistics | Inflation based on GDP |
| Core Inflation | – | Derived | Inflation excluding food & fuel |
IIP base year: 2011–12
CPI (Combined): Official inflation measure used by RBI for targeting
PMI: >50 = Expansion, <50=Contraction
4. NABARD, SIDBI, SEBI, IRDA – Roles and Functions
NABARD – National Bank for Agriculture and Rural Development
- Established: 1982
- Regulator of: RRBs, Cooperative Banks
- Focus: Refinance for rural development and agriculture
- Other Functions: SHG promotion, Rural Infrastructure Development Fund (RIDF)
SIDBI – Small Industries Development Bank of India
- Established: 1990
- Focus: Finance and development of MSMEs
- Provides: Loans, venture capital, refinancing, guarantees
- Implements schemes like: Stand-Up India, PMEGP
SEBI – Securities and Exchange Board of India
- Established: 1988 (statutory in 1992)
- Regulates: Capital markets (stock market, mutual funds, brokers)
- Protects investors and promotes fair trade
- Powers: Investigate, regulate IPOs, issue penalties
IRDAI – Insurance Regulatory and Development Authority of India
- Established: 1999
- Regulates: Insurance sector (life & general)
- Ensures financial soundness, policyholder protection
- Approves insurance products, monitors solvency
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5. India's Economic Developments – Milestones
| Year | Event |
|---|---|
| 1947 | Independent India; agriculture-based economy |
| 1951 | 1st Five-Year Plan (Focus: Agriculture) |
| 1969 | Bank Nationalization (14 major banks) |
| 1991 | LPG Reforms (Liberalization, Privatisation, Globalization) |
| 2000 | Dotcom boom; rise of IT sector |
| 2005 | VAT introduced in most states |
| 2010 | Introduction of Aadhaar and JAM trinity |
| 2014 | Jan Dhan Yojana; Make in India launched |
| 2016 | Demonetization (₹500/₹1000 notes invalidated) |
| 2017 | GST launched – One Nation One Tax |
| 2020 | Atmanirbhar Bharat, PLI Schemes initiated |
| 2022 | Digital Rupee (CBDC pilot by RBI) announced |
| 2024 | India becomes 5th largest economy (Nominal GDP) |
Developed By Jan Mohammad
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