How to read Economic Survey for UPSC 2018?
The Finance Ministry of the Government of India releases the Economic Survey every year. This document includes valuable information on the economic developments of the past one year in India, the performance of the major developmental programmes and the policy initiatives of the government. The Finance Minister submits this document to the upper and lower houses of Parliament during the Budget Session. The Economic Survey is a heavy document containing vast amounts of data. Aspirants are often confused about how to go about reading this book. This article guides you on how to read the Economic Survey for the IAS exam.
To know more about why the Economic Survey is important for the UPSC exam, click on the link: Importance of Economic Survey for Civil Services Examination
How to study Economic Survey 2018 for UPSC
- Don’t focus too much on the numbers.
There are a lot of figures in this document as expected. Apart from the major figures like the basic macroeconomic numbers, you can skip all the minute details. You should understand the general trends and patterns rather than remember the actual numbers.
- You don’t have to read the Survey from cover to cover.
Another important tip is that a summary of the facts and trends given in the Survey is what is needed and not the document in its entirety. You don’t need all the data given in this document since you are not researching on economics. So, as an IAS aspirant, you don’t need to spend a whole lot of time reading the Economic Survey.
- Read the information given in the boxes. They contain valuable content and questions can be asked from them straightaway.
- Read about the various new schemes and governmental policies. You should read about the main objectives of the schemes and also the ministry in charge of them.
- Also read about the macroeconomic trends and analyses given in the document. Again, avoid cramming numbers. Not only is it impossible, it is unnecessary for the IAS exam.
- Do read the first chapter.
The first chapter in this document contains the brief summary of the whole Survey. In this chapter, you can identify the parts you need for UPSC preparation.
- Watch out for the major economic indicators.
Watch out for the basic economic indicators like inflation, fiscal deficit, current account deficit, food inflation, foreign reserves, balance of payments, trade balance, Index of Industrial Production, etc.
- Not all charts and graphs are necessary.
Needless to say, this document would be filled with graphs and charts. You don’t have to go through all of them. There would be an overflow of information in these graphs and the return on investment in studying them is rather low.
- Summarise in your own words.
After reading the document, make your own notes and summarise the content. This will help in revision and help you remember what you have learnt.
It is advisable to read the XII standard NCERT book on macroeconomics before venturing into the Economic Survey.
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