IAS mains examination is the second stage of the UPSC selection process. UPSC Mains comprises of 9 examinations in total. Indian Economy is the part of Paper-IV of UPSC Mains GS-3 paper. It is also very significant for the UPSC Prelims. So, this makes Economics for UPSC an unavoidable part.
Economy (GS): Syllabus for Economics for UPSC Mains
- Indian Economy and issues relating to planning, mobilization of resources, development, growth and employment.
- Inclusive growth
- Major cropping patterns in different parts of the country, different types of irrigation, transport and marketing of agricultural produce and issues and associated constraints; e-technology for
- Direct and indirect farm subsidies and minimum support prices; PDS- objectives, functioning, limitations; issues of buffer stocks, food security; economics of animal-rearing, Technology missions.
- Food processing and related industries
- Land reforms
- Effects of liberalization
- Infrastructure: energy, roads, ports, airports, and railways
- Investment models
Economy (GS): Few things Before the Strategy
Before we start with the strategy for Economy (GS) for UPSC civil services examination, you need to remember a few things:
- Strongly etch your memory with the entire syllabus of UPSC. If possible, memorize the syllabus by reading it many times.
- Start your day by reading out the UPSC syllabus.
- Do not indulge in mastering all the topics, you just need the basic understanding of the topics along with the ability to analyze.
- A basic understanding will develop after multiple readings, and the ability to analyze will come from answer writing practice.
Economy (GS): Strategy to Follow
- Start with NCERT to get a basic understand of Economics.
- Use graphs and tables in your answer to justify your point, and explain it in a better way. This will enhance your GS answer in UPSC Mains.
- Focus precisely on the words used under the topics of Economics. You cannot use the word income in the place of revenue, it will change the entire meaning of the sentence. So ensure that you memorize the correct technical words.
- While writing an answer in UPSC mains validating your answer with figures and data will enhance your answer. This can impress the examiner that you have command over the concepts of the topics and has a clear understanding of current scenarios. This way can be effective for scoring marks in UPSC mains.
- Always try to give example from real-life incidents or current issues to rationalize your answer.
- Answer writing practice is done before and is always effective in fetching that extra marks in the UPSC Mains. So do not forget to add daily answer writing practice in your studies schedule.
- Do not go for reading so many books for a single topic. You should not go for a Ph.D. level of information. Going for too many books will cost your time and you will not be able to remember so many things clearly.
- Stick to single study material or source for covering the entire syllabus of the economy. Make short notes and read them again and again. You might feel tempted for doing the research on a topic but save your time and do some productive work.
Economy (GS): Important Topics and Expected Number of Questions
|Topics||Expected Number of Questions|
|Micro and Macro Economics||35-40|
|Money, Banking & Public Finance||10-15|
|Growth and Development||10|
Economy (GS): Important Points to Focus
- Features of Indian Economy – division of economic activities, poverty, unemployment, HDR, measures to eradicate poverty
- Basic Economic Indicators – national income, price index, production, population, foreign trade
- Population – growth, census, consumption pattern (energy)
- National income – concepts, methods of calculation
- Agriculture – crops, seasons, agricultural credit agencies, Kisan Credit agencies, land reforms, insurance, green, white, blue, yellow revolutions, irrigation
- Industry – industrial policies (1948, 1956, 1991), small scale industries, key industries, industrial sickness, the different committees, disinvestment, PSU policy, industrial finance
- Foreign trade – composition, direction, EXIM policy, WTO, balance of payments, measures to improve foreign trade
- Money and banking – Money market, credit control (different rates), commercial banks, cooperative banks, NBFCs, committees, SEBI, stock market developments, insurance industry, new banking sector reforms, money supply measures, inflation, deflation
- International organisations
- Planning commission – five year plans
- Public finance – finance commission, taxation, deficit financing, public spending and debt
Covering and understanding the entire syllabus all by yourself might be a little difficult. Guidance from the subject matter expert can show you better ways to tackle this important subject. To follow a systematic approach for the coverage of the Economy syllabus, click here.