How to prepare Indian Economy for UPSC

How to prepare Indian Economy for UPSC in 2021

Indian Economy is considered the toughest subject in comparison to other mainstream subjects of the UPSC CSE examination. Generally Economy is a technical subject than the other subjects and the aspirants must not skip this subject.

The Economy paper is basically current affairs based, so no one can guarantee any textbook to complete Economy.

The best way to start Indian Economy is by understanding its concept and revising again and again and keep updated with current affairs

Read this article till last to find out ” How to prepare Indian Economy for UPSC“.

Syllabus for Indian Economy

The Indian Economy syllabus goes like this —

  1. Indian Economy– Here we have to read topics like planning in India, the role of Niti aayog, the growth and related concept, employment and poverty, and so on.
  2. Inclusive growth and issues arising from it — Basically inclusive growth means employment opportunities and reducing poverty. It includes providing opportunity, empowering people through education and skill development.
  3. Government Budgeting– Here we have to focus on the government budget which comes in the month of March and the economic survey of India.
  4. Effects of liberalization on the Economy– Here we have to read changes in the industrial policy and its effects.
  5. Infrastructure– Here we have to focus on the topics related to energy, ports, roads, airports, and railway.
  6. Investment models

Booklist for Indian Economy

  • The first basic book we have to focus on is NCERT class 11th (Indian Economic development ) and class 12th( Macroeconomics ). These two books are more than sufficient enough to build a strong foundation.
  • In the standard book, I will mention four sources, you have chosen anyone and you have to stick to that source throughout your preparation
  1. Mrunal’s Economy handout.
  2. Sriram’s printed notes.
  3. Vajiram class notes.
  4. Sanjiv Verma book on Indian Economy.
  5. For current affairs, you have to read one newspaper daily.
  6. The most important sources you have to refer to for the Indian economy are the ” Economy survey of India” and the budget speech. Keep in mind that most of the questions are asked from economic surveys of India.
  7. For development and growth-related topics, you have to read Yojana and Kurukshetra magazines.
  8. Refer to websites like Arthpedia, Investopedia, and mrunal which will help in solving all your queries related to the Indian economy.

How to prepare Indian Economy for UPSC (Approach)

  • Go through previous years’ questions of prelims and mains from 2013 to the present. Get familiarized with the subject and get familiarized with what type of questions UPSC is asking and think over what type of answers are expected from you.
  • Generally, you can start with a free video of Mrunal’s available on YouTube. These videos will help in building your concepts strong in the Indian Economy.
  • Focus on various issues and keywords related to the Economy while reading newspapers and magazines.

Also read | How to read newspaper for UPSC CSE

  • While reading the economic survey, read the most current one. There would be tons of authentic information along with an interesting representation of graph pie charts etc. Here you have to focus on the introduction and conclusion part as it will help you in mains answer writing.
  •  Note that, in mains examination, almost no questions are asked from Money and banking sector but in Prelims, you have to focus on money, banking and external sector i.e. world trade and balance of payment, etc.
  • Also focus on global bodies like the world trade organization, IMF, world bank. They are indices and India-specific projects and India’s ranking important for Prelims.
  • Also, watch the budget speech and do read budget highlights also.
  • Make your notes properly and keep revising from time to time.
  • Practice answer writing regularly and keep giving mock tests.

FREQUENTLY ASKED QUESTIONS

(1) How can I study Indian economy for UPSC?

ANS- If you have read this article till now then you must got answer to this question.

(2) Is Ncert Economics enough for UPSC?

ANS- For the basic concepts and terminologies of economicsNCERT books are enough for IAS Preparation. It is essential to reach the Macroeconomics Class 12th textbook by NCERT because it covers the basic terminologies of an economy which are quite helpful for understanding the growth and development of a country.

(3) Which is better Ramesh Singh or Sanjeev Verma book?

ANS- If your optional is economics then Ramesh Singh won’t be bored to you, but if you want to study for GS though it is exhaustive, it is not so much needed. … So better go with sanjeev verma first and if you consider that still you lack some clarity on some selected topics then opt Ramesh Singh.

So that’s it. Hope you have liked this article on How to prepare Indian Economy for UPSC“. 

If I have missed anything regarding this article tell me in the comment section below.

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