How to prepared economics for UPSC?
Economics is very important subject in UPSC. First of all you need to understand basic economics than you need to know the concepts like GDP, REPO, Reverse REPO, Cash reserve ratio (CRR), Statutory liquidity ratio (SLR), Inflation indices, Growth, Inclusion, Development so on and so forth. At this stage your text books and class notes will help you a lot but you need to apply these fundamental concepts like ‘Why we do we need to reduce CRR’, ‘What will happens when we increase REPO rate’ etc. So, these are the applications of the fundamental concepts. If aspirants preparing for UPSC Civil Services Exam are confused about one particular subject, that is Indian Economy! Candidates are doubtful about the approach and study-materials for Economics section of IAS Prelims and Mains. They keep on asking about the single, all-in-one-book to cover Economics.
Economics is literally the toughest nut to crack for majority of IAS aspirants in both IAS Prelims and Mains. Many aspirants search for a ultimate book for this but that does not exist in economics and you need multiple sources to prepare, because it is a huge course. Few phases are analytical and technical including the use of mathematics, graphs, equations, numbers etc.
Why to study economy? By Vedanta IAS academy-
Study economy provide people with valuable insight into: some important study materials is given below.
- NCERT Books of 6th to 12th
- Ramesh Singh’s Indian Economy
- Read The Hindu (Economy sections without fail)
- Economic Survey (always read recent edition)
- Budget: Railway, Annual Financial Statement (AFS)
- Join Vedanta IAS academy online/offline classes
- How foreign and domestic markets operate (Stock exchange, Indian banking, monetary policy, fiscal policy etc.)
- financial literacy
- financial management and planning
UPSC gives a significant weightage to economics in both pre and main exam.
- Microeconomics deals with decision making at level of individual entity (like Government, household, firms and public financial institutions etc.)
- Macroeconomics deals with behaviour of aggregates.
- Indian Economy deals with economy at the level of India.
- International Economy deals at international level (like World Bank)
Both Indian and International economy are co-related and affect each other very significantly.
Mains Syllabus of Economics
- Indian economy and issues related to planning, mobilization of resources, growth and development etc.
- Employment Issues, Inclusive growth and issues arising from the same.
- Poverty and its eradication
- Financial inclusion
- Policies and Programmes for inclusive growth
- Government Budgeting
- Major Crops cropping pattern in the country and irrigation systems, storage, transport, marketing. Issues related to direct and indirect farm subsidies, Public distribution system, buffer stocks and food security, technology missions.
- Economics of animal-rearing, Food processing and industries etc.
- Land reform, Effect of liberalization on Economy and industrial growth, Infrastructure (Energy, port, roads, airports, railways etc. Investment models.