Yes, you should practice writing essays on contemporary economic issues. Here's why:

1. Enhances understanding:
Practicing writing essays on contemporary economic issues helps you develop a deeper understanding of various economic concepts and principles. It allows you to explore different perspectives and analyze real-world economic situations in detail.

2. Improves critical thinking skills:
Writing essays requires you to critically analyze information, evaluate evidence, and present logical arguments. By practicing essay writing on economic issues, you can enhance your critical thinking skills and learn to make well-reasoned judgments.

3. Develops research skills:
Writing essays on contemporary economic issues necessitates conducting thorough research to gather relevant and reliable information. This practice improves your research skills, including data collection, analysis, and interpretation, which are valuable in any academic or professional setting.

4. Enhances writing proficiency:
Regular practice in writing essays allows you to improve your writing skills, including grammar, vocabulary, sentence structure, and coherence. This is essential for effective communication and expressing complex economic ideas in a clear and concise manner.

5. Prepares for exams and competitions:
If you are preparing for exams or competitions like the UPSC, practicing essay writing on contemporary economic issues will help you become well-versed in economic concepts and current affairs. It enables you to articulate your thoughts effectively and concisely, aiding you in scoring better in essay-based assessments.

6. Increases awareness of economic issues:
Writing essays on contemporary economic issues helps you stay updated with current economic affairs. You become more aware of global economic trends, policies, and challenges, which can be advantageous in understanding the world around you and making informed decisions.

7. Builds analytical and problem-solving skills:
Essay writing on economic issues requires you to analyze complex problems, identify their causes, and propose feasible solutions. This process enhances your analytical and problem-solving skills, which are valuable in various academic, professional, and personal contexts.

In conclusion, practicing writing essays on contemporary economic issues offers numerous benefits, including enhanced understanding, improved critical thinking and research skills, better writing proficiency, exam preparation, increased awareness, and strengthened analytical and problem-solving abilities. It is a valuable exercise for anyone interested in economics or aiming to excel in exams and competitions like the UPSC.