As an IAS applicant, you are well aware of the importance of Economics in the UPSC CSE Exam. Economics is heavily weighted in both the preliminary test and the UPSC Mains. However, because the majority of the questions are focused on current events, most aspirants struggle to discover materials to prepare for the topic. In the previous 4-5 years, almost 25-26 questions from this area have been asked in prelims. Even in Mains, Economics accounts for over half of the paper in GS-3.
Before beginning their preparation, candidates should acquaint themselves with the UPSC Syllabus for Economics. In this post, we have provided a list of articles that must be read in order to understand economics and that are significant for the exam.
Note– Learn about the 10 Must-Watch TV Programmes that may be useful if you are preparing for UPSC CSE.
| Aspirants are recommended to go through the following links for preparation of Indian Economy for UPSC: |
List of Must Read Concepts
Given below is the list of topics that are very important from the exam’s perspective:
- Basic Concepts:
- Factors of Production, National Income, GDP, GNP, NDP, NNP, Personal income,
- Indian Economy Overview
- India’s New GDP Series 2011-12.
- Inflation:
- Definition,
- WPI, CPI, Deflator
- Measurement
- Types and Causes.
- Fiscal Policy:
- Budget and Vote on Account.
- Cut Motions: Policy Cut, Economy Cut, and Token Cut
- Tax Expenditure and Budgetary Policies.
- Fiscal Deficit and Current Account Deficit.
- Government Budgeting in India
- FRBM Act
- Taxation in India
- Goods and Services Tax (GST)
- Universal Basic Income (UBI)
- Monetary Policy
- Monetary Policy in India
- Money Supply
- Expansionary vs Contractionary Monetary Policy
- REPO, Reverse REPO, CRR, SLR, MSF, CRAR
- Rupee Devaluation, Depreciation, Export and Import.
- Unified Payment Interface (UPI)
- Planning and Federalism
- Issues Related to Planning.
- Investment Models
- Mobilization of Resources.
- Growth, Development, and Employment.
- 12th Five Year Plan 2012-17
- 15th Finance Commission
- NITI Aayog
- Growth and Development
- Poverty and Human Capital
- National Education Policy 2020
- Self Help Groups (SHG) and Non-Governmental Organizations (NGOs)
- Economic Growth versus Economic Development
- Measures of Economic Development: Human Development Index, Green GDP, Gross National Happiness Index
- Economic and Social Development in India: Millennium Development Goals
- Sustainable Development Goals and India
- Indian Economy – Sectors
- Primary (Agriculture) Sector
- Food Processing and Related Industries in India.
- Public Distribution System (PDS): Challenges and Reforms
- Land reforms in India.
- Agricultural Marketing Reforms: Model APMC Act and NAM
- Minimum Support Price (MSP)
- 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
- Direct and indirect farm subsidies
- PDS- objectives, functioning, limitations; issues of buffer stocks, food security
- Secondary (Industrial) Sector
- Index of Industrial Production (IIP)
- Make In India Initiative
- Indian Companies Act 2013
- Micro, Small and Medium Enterprises (MSME)
- Tertiary (Service) Sector
- National Investment and Infrastructure Fund (NIIF)
- Insolvency and Bankruptcy Code
- Banking in India: Definition, Functions, and Types of Banks
- Development Finance Institutions
- Nationalisation of Banks
- Banking Sector Reforms in India: Narasimhan Committee, Nachiket Mor Committee, P J Nayak Committee
- Problem of Non Performing Assets in India
- Non-Banking Financial Companies in India
- Small Finance Banks vs Payment Banks
- Financial Inclusion in India
- Foreign Trade
- Balance of Payments
- India’s Free Trade Agreements
- Masala Bonds
- Foreign Direct Investment (FDI)
- Infrastructure: energy, roads, ports, airports and railways
- Financial Market
- Speculation, Hedging, Arbitrage and Investment.
- Money Market and Capital Market
- SEBI (Securities and Exchange Board of India).
- World Economy
- WTO and Trade Facilitation Agreement
- Fiscal Cliff and Fiscal Drag
- Bitcoin, NFTs and Cryptocurrency
- Ease of Doing Business
- Budget and Economic Survey
Given above are important topics that must be done to revise economics effectively. The ambit of economics is huge and it covers most of the current related topics. So once you are thorough with the basics of economics, then only move to the advanced topics. Basically NCERTs are recommended to cover the basics of economics. You can use one advanced book after completing the NCERT textbooks. Economic Survey and Budget must be covered to complete the syllabus of the exam.
Note: You may get all the Economy Questions of the UPSC Mains exam by visiting the linked article.
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