|Table of contents|
|Importance of Economy as a subject|
|How to Prepare for the Indian Economy|
|Step 1: Understand the Syllabus of the Indian Economy|
|Step 2: Analyze Previous Year Questions (PYQs)|
|Step 3: Build your Foundation: NCERTs|
|Step 4: Read Important Reference Books: Ramesh Singh & Others|
|Step 5: Perfect Your Concepts through Video Lectures & Detailed Notes.|
|Step 6: Attempt Topicwise Tests|
|Step 7: Focus on Newspapers, Current Affairs, Budget & Economic Survey|
|Step 8: Improve your understanding by Answer Writing|
|Step 9: Mock Tests of Indian Economy|
|Other Important Links|
Indian Economy is an interesting topic and as future administrators, UPSC aspirants need to possess a reasonably good understanding of the basic tenets of economics.
The economy of any country serves as the foundation for its growth and development. As a potential member of the bureaucracy, it is important to have a sound understanding of how the Indian economy works. The GS III paper in UPSC CSE Mains assesses the candidate’s knowledge in this regard. Indian economy is also included in the General Studies Paper in Prelims wherein the major focus is on the budget allocation and recently launched schemes.
Indian economy is included in all the three stages of the UPSC CSE exam, hence, it is pertinent to prepare it extremely well. Questions related to recent development and growth vis-a-vis industry, agriculture, trade, and transportation are asked in prelims, mains, and even during the interview process.
The teachers of EduRev, who have mentored thousands of students in the last 3-years, including Anudeep Durishetty AIR 1 UPSC CSE 2017, Monica Kishore AIR 41 2018, Swati Sharma AIR 18 2019 & others, and found one thing that was common among all the toppers is the strategy that they had to prepare for the exam. So, keeping that in mind, we wish to provide you with relevant information as a UPSC Aspirant, helping you to devise your strategy, which would save tonnes of your valuable and limited time and ensure that you get great marks in the exam by studying what actually matters in the preparation.
The syllabus of Indian Economy in the official notification of UPSC is given as: Economic and Social Development-Sustainable Development, Poverty, Inclusion, Demographics, Social Sector Initiatives, etc.
EduRev team has explained the topics for your understanding researching from previous year papers & best books recommended by the toppers:
1. Introduction to Economics: What is Economy?; Macro & Micro Economics; Economic System; Defining Economics
2. Growth, Development, and Happiness: Introduction; Progress; Economic Growth; Economic Development; Happiness; Insights into Human Behaviour; Nudge and Public Policy
3. Evolution of the Indian Economy: The Background; Prime Moving Force: Agriculture vs. Industry; Planned and Mixed Economy; Emphasis on the Public Sector
4. Economic Planning: Introduction; Definition; Origin and Expansion of Planning; Types of Planning
5. Planning in India: Introduction; Background; Major Objectives of Planning; Planning Commission; National Development Council; Central Planning; Multi-Level Planning
Way to Decentralised Planning; The Planning Commission & The Finance Commission; A Critical Evaluation; Inclusive Growth; NITI Aayog; Major Documents of the NITI; NITI Performs
6. Economic Reforms: Introduction; Economic Reforms; Economic Reforms in India; Liberalisation; Privatisation; Globalisation; Generations of Economic Reforms; The Reform Approach
7. Inflation and Business Cycle: Introduction; Types of Inflation; Other Variants of Inflation; Other Important Terms; Wholesale Price Index; Consumer Price Index; Producer Price Index; Housing Price Index; Service Price Index & all.
8. Agriculture and Food Management: Introduction; Green Revolution; Food Management; Farm Subsidies; Food Security; Farm Mechanisation; National Food Security Act & all.
9. Industry and Infrastructure: Introduction; Review Of Industrial Policies Upto 1986; New Industrial Policy, 1991; Disinvestment; MSME Sector; Make In India; Start-Up India & all.
10. Services Sector: Introduction; Overall Performance; Trade-In Services; Sectoral Situation; Offshore Fund Management; Manufacturing Vs. Services; Global Negotiations; Restrictions And Regulations; The Need For Reforms; Outlining FUTURE;
11. Indian Financial Market: Introduction; Indian Money Market; Mutual Funds; Dfhi; Indian Capital Market; Financial Regulation;
12. Banking in India: Introduction; Reserve Bank Of India; Monetary Policy; Nationalisation And Development Of Banking In India; Financial Sector Reforms; Banking Sector Reforms & others
13. Insurance in India: Definition; Insurance Industry; Aicil; Insurance Reforms; Reinsurance; Deposit Insurance And Credit Guarantee Corporation (Dicgc); Export Credit Guarantee Corporation (Ecgc) & all.
14. Security Market in India: Definition; Primary And Secondary Markets; Stock Exchange; Sebi; Commodity Trading & all.
15. External Sector in India: Definition; Forex Reserves; External Debt; Fixed Currency Regime; Floating Currency Regime; Managed Exchange Rates; Foreign Exchange Market; Exchange Rate In India & all.
16. International Economic Organisations & India: International Monetary System; International Monetary Fund; World Bank; Asian Development Bank; Oecd; World Trade Organization (WTO) & all.
17. Tax Structure in India: Tax; Methods Of Taxation; A Good Tax System; Methods Of Expenditure; Value Added Tax; Goods And Services Tax; Commodities Transaction Tax; Securities Transaction Tax; Capital Gains Tax; Minimum Alternate Tax; Corporate Tax Reform & all.
18. Public Finance in India: Introduction; Budget; Deficit Financing; Fiscal Policy; Indian Fiscal Situation: A Summary; Limiting Government Expenditure; Fiscal Consolidation In India; Output-Outcome Framework; Types Of Budgets & all.
19. Sustainability and the Climate Change: India & the World: Introduction; Global Emissions; Sustainable Development Goals & all.
20. Human Development in India: Introduction; Human Development; Gender Issues; Poverty Estimates; Promoting Inclusive Growth; Demographics; Socio-Economic And Caste Census; Education For All; Skill Development & all.
21. Burning Socio-Economic Issues: Economic Impact Of The Covid-19; Exploring A New Economic Model; From Green Revolution To Green Methods; Bad Bank & all.
Once you’re through the syllabus, pick up the previous year's papers and skim through them to get an understanding of what is actually asked in the exam.
Attempt mock tests to understand your level of preparation and for self-evaluation. You can find subject-wise mock tests of the Indian Economy in the UPSC CSE Prelims Mock Test Series.
EduRev has provided all the study material & tests which matters in your preparation for UPSC, compiled under multiple courses. You can refer to this document “How to study Indian Economy using the EduRev App? ” to understand it better & ace the exam smartly.
1. Courses for all the subjects with detailed notes, video lectures & tests are available on EduRev:
History for UPSC CSE, Geography for UPSC CSE, Indian Polity for UPSC CSE, Science & Technology for UPSC CSE, Economy for UPSC CSE & others.
2. Check-Out subject wise Syllabus, Booklist & Strategy from these links:
Happy Learning with EduRev!