#138: 'Economy' Concepts & Keywords

Taken from my personal notes

I am writing a lot of Mains answers these days and maintain a sheet of keywords mapped to syllabus.

Explaining 8 'economy' concepts in this thread 🧵

Save link to this post to revise later for #UPSC Mains GS3 answers🔖

1. Creator Economy🎥

Scope

• 40k+ channels having 100k+ subscribers in India

• YouTube alone created 6.8 lac full time jobs

• Added ₹6800 crores to Indian GDP in 2020

Safe to say, it is a profession whose 'idea' has come!

Challenges

• "Hyper-pareto" market i.e. 95%+ revenue cornered by top 5% players

• Policy issues, lack of clarity on GST norms and paperwork

Notes from: "Unshackling the creative sector" report by Business Standard

2. Concert Economy🎤

Artists like Taylor Swift are hit the road with world tours with concerts coining the term 'Concert Economy'

What's happening?

• Concerts -> tickets -> industry push

• How? More tickets, more people in a place, more maintenance

• From security to hospitality, it brings economic revival especially for economies still recovering from the pandemic

How to use it as an aspirant?

• Use this keyword as a solution to revive economy

• Refer to it for promoting Indian soft power abroad by promoting artists

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3. Night Economy🍸🌃

India is changing fast with work culture taking nocturnal shape. End result?

Higher demands for night cafes, entertainment pubs, eateries, gyms, and access to the public spaces.

How to use this?

• Delhi govt is working on policy for night life

• Present a unique culture adoption for 24*7 cities

• Reflect this as a solution in moderated space for your answers

4. Fitness & Sports Economy🏃‍♂️🥇

India is in a unique transition phase now. Three things here:

1. Ripple effect of medals: Neeraj Chopra's Olympic gold has brought new wave in entire country and especially north-central Haryana for Javelin
2. Qatar hosting FIFA: Led to an economic revival centered around Sports
3. Ordinary people:
a) More people hitting the gyms, thanks to internet driven health awareness
b) More brands like Decathlon making it 'cool' to be in sports
c) More 'style' cautious people active in sports and fitness

How to use this in your answers?
Above three points are self explanatory

5. Knowledge Economy🧠

From India in space to Indians as CEOs, our Knowledge Economy has earned great reputation across the globe. With indigenous vaccines reaching 100+ countries, the faith has only grown stronger!

How?

• State support (for ISRO, IITs, Pharma)

• Demographic Dividend

Challenges

• Brain drain

• Chinese rise

• Fewer foreign students in India

How to improve?

Just focus on diversification of state and private support and address the challenges

6. Gig economy🎫

• A world of 'temporary' jobs

• From food you order to Uber you take; all run by gig workers

• Even freelancing opportunities sit well with definition of gig workers

Why on rise?

Flexible work hours

• Opportunity to do ‘n’ jobs

• Suits growth for the internet businesses

Issues

- Unregulated nature
- More generalists, less specialists
- Mismatch skewing the market ratio

Teach yourself on ways to

- deal with this new emerging trend
- make most of this trend to make money on side with #UPSC prep

7. Civilisational economy🛕🙏

Opening of Kushinagar airport for Buddhist circuit to revamping of ancient temples, what exactly is happening?

Revival of the civilisational links giving fresh impetus to the economy. The keywords is self explanatory; develop pros and cons etc by self.

8. Political Economy🚩

Although a sociological concept, the one discussed here is about the GDP contributions of the politics in the country.

Frequent elections, regular meetings and leader visits bring joy for the local logistics and operations businesses

Think of banners you see on the poles to posters, the flowers to stage, rally management to security; all that accounts for the Political Economy

Further, you can explore more to make your answers creative:

- statue economy
- transport economy
- electronics economy (PLI)
- chip economy
..and many more

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