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How To Prepare Economy? Exam Microeconomics Macroecono Mics Indian Economy

This document provides guidance on preparing for economy-related questions that may appear on various competitive exams in India. It outlines the key topics to study from microeconomics, macroeconomics, and the Indian economy. For the UPSC exam, it recommends studying all three areas in depth across NCERT textbooks and supplementary books. Specific guidance is given on how to approach different topics like national income, money and banking, taxation, agriculture, industrialization, poverty and more. The document emphasizes the importance of current affairs and maintaining notes from various sources for the UPSC exam. Overall, it provides a comprehensive overview of the important concepts and sources to refer to for preparing economy portions of different competitive exams in India.

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Achuth Gangadharan
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335 views8 pages

How To Prepare Economy? Exam Microeconomics Macroecono Mics Indian Economy

This document provides guidance on preparing for economy-related questions that may appear on various competitive exams in India. It outlines the key topics to study from microeconomics, macroeconomics, and the Indian economy. For the UPSC exam, it recommends studying all three areas in depth across NCERT textbooks and supplementary books. Specific guidance is given on how to approach different topics like national income, money and banking, taxation, agriculture, industrialization, poverty and more. The document emphasizes the importance of current affairs and maintaining notes from various sources for the UPSC exam. Overall, it provides a comprehensive overview of the important concepts and sources to refer to for preparing economy portions of different competitive exams in India.

Uploaded by

Achuth Gangadharan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 8

How to prepare Economy?

Exam

Microeconomics

Macroecono
mics

Indian Economy

UPSC /CSAT

barely 1-2 MCQs

yes

yes from British raj till current era.

IBPS/Banking

no

monetary
policy related

banking sector related (from evolu

SSC/Staff selection

barely

yes

Mostly current affairs- PIN/GK type.

IIM interviews

yes

yes

CAPF (Assistant
commandant)

barely

yes

Mostly current.

CDS

yes, quite a few MCQs from here

only overview

only overview

State service PSC

depends

few

Current affairs/PIN/GK type.

British raj to post-independence-ti

Mainly corporate sector related cur


& contemporary.

Prep. Sources for UPSC


The new syllabus of Mains exam is designed in such way that youll encounter
economy in GS1, GS2 and GS3 directly and indirectly. Therefore good command
over economy=essential for writing high quality answers- even essays and
interviews.
Books to refer:
.
1. Indian Economy by Ramesh Singh (Tata Macgrawhill publication)
2. Indian Polity by M.Laxmikanth: meant for Indian Constitution topic, but
also important for preparing budget making, CAG, parliamentary Committees,
central-state taxes and other issues related to Indian economy.
3. India Yearbook 2014: for government schemes, Ministries and
departments.
4. Bipin Chandra: Indias struggle for independence: Meant for the History
preparation but also required for understanding economy during British Raj.
(Mains GS1)
5. Bipin Chandra: India since independence: meant for Post-Indepdence
topic for Mains GS1 topic. But also helps in Land reforms, cooperative

movement, bank nationalization, five year planning related topics of Indian


Economy.
Other sources:
SOURCE

INDIAN ECONOMY

pib.nic.in

for government scheme, planning related

Mrunal.org/econom
yes
y
12th FYP report PDF

overview given @end of each chapter

Hindu/Indianexpres
Must maintain daily notes.
s
Economy Survey
Budget
Rail budget

summaries given in Mrunal.org

Hardly useful. just get an overview of MCQ worthy info. dont waste more tim
doing Ph.D.

Competitive
magazines

Just to update your notes, in case you missed any important development fr
use magazine as primary source for economy preparation.

frontline, EPW

helps in descriptive, essay and interview. Should be read from library.

Yojana Magazine

Deals with government schemes and planning related issues.

Kurukshetra

deals mainly with Rural development. Important for Public Administration. B


general studies- depends on your time and mood.

Not required/useless/bogus
1. Dutt Sundaram, Mishra Puri, Uma Kapila = these are all academic
books. For general studies/competitive exams you dont need to prepare that
deep. so, Dont waste time in them. Certain (coaching) sites from 90s era still
mention these as reference sources. My advice: Avoid.
2. Economics Times, Financial Express, Business line etc.= In certain
doctored (fake) topper interviews published in certain magazines, the topper
would claim I read all these newspapers every day for preparing economy.
This is overkill, humanly impossible. At most one newspaper is sufficient. For
competitive exam you dont need to prepare that deep from three-four

different newspapers. However, if a topic is really important (such as


GST/DTC related development) then you may use google to dig more from
those newspapers. But dont waste time reading three newspapers per day.
3. Coaching material/Postal material: Most of them just bullet the
paragraphs given in Hindu and sell it as Current affairs compilation. Waste
of time and money.
ya but How to kick start the Economy preparation (UPSC)
Basic approach for UPSC Civil Service Exam is given below. (For other exams it
varies according to their pattern)
Approach: Microeconomics
Only do selective study from NCERT Class 11 Microeconomics, as following.
1. Elasticity of demands (ch2) + Giffen goods (internet)
2. Law of diminishing marginal product (ch 3.4)
3. Perfect competition (ch4.1): only features.
4. Non-competitive markets: (ch.6)
a. features given @intro
b. Monopolistic competition (ch.6.2.1)
c. Oligopolistic competition (ch 6.2.2)
2. Price ceiling and Price floors (ch5.2): only basic definition
3. Glossary: only MCQ worthy definitions.
Approach: Macroeconomics + Indian Economy
NCERT Class 12 Macroeconomics

After NCERT

Ch. 2 National Income Accounting

Circular flow of income.

How to calculate national income


(ignore minute details/fomulas)

GDP, GNP, NNP, deflator and their


formulas.

Ch2 GDP vs Welfare topic (given at the end


of this chapter)

Ramesh: Ch1. subtopic ideas of national income

1. RAMESH: Ch 2 growth and development.


2. Human Development index: Theory +
3.

current (Mrunal under Economic Survey ch. 1

Schemes.

4. Then newspaper + Yojana/Kuru +Magazines =


GDP GNP Growth Basics

NCERT Class 12
Macroeconomics

After NCERT
Ramesh

Ch. 3 Money & Banking:


Supply of money, Functions of
RBI

12 Banking

11. Financial market => 14 Securities Market (Stock excha

13 Insurance

Current:

Economic Survey ch5 (FI)

Legal angle: CSR, company law, SEBI powers

Committees: Mayaram FDI-FII, Bimal Bank License, Nachik


PJ Nayak Governance in Bank boards. list goes on.

Scam like: Bitcoin, Ponzi Scheme, NSEL, SEBI-SAHARA, Mo

Growth/Inclusion Angle

Money Banking Finance


Foreign Investment/ Foreign Trade
NCERT Class 12 Macroeconomics

After NCERT

NCERT 12/macro/ch.6

Ramesh

Balance of Payment, Foreign Exchange

Ch15: External Sector

Gold standard, Bretton woods.

Ch16: IMF, World banks, OECD, ADB and other intl.org

ignore Formulas and Charts. only one


formula important: National income:
Y=C+I+G+X-M

+prepare all the terms in Glossary.

(even for Mains)


Current (focus on these news)
1. CAD high, Rupee weak (Govt+RBI)
2. Bilateral investment
1. India 2015 Ch. on Commerce. (for Mains.)

2. Visits and agreements. (make notes)


3. WTO: current (Bali summit, agro subsidy)
4. Infra, Food processing related (GSM3)
Taxation/ Fiscal policy
NCERT Class 12 Macroeconomics
Chapter 5

Revenue and capital account

Measures of deficit

Changes in Expenditure : ignore graph and formulas

Debt, deficit

After NCERT
.
Laxmiankths book on Indian Polity. also available in Hindi
Ch. on parliament=>budget making, chapters on Central state relations, federalism
and CAG.
Ramesh Singh :

Ch. 18 Public finance.

Ch.17 Taxation

Lastly, GSM (MCQ)

(optional) Laxmikanths book on Pub.Ad:

Chapter on Financial Administration,

Union Government in India (PSU)

Approach: Indian Economy (for UPSC)


For Indian Economy- the approach must be prelim cum mains. (Prelim-oriented
jugaad preparation doesnt work anymore- because UPSC professors designing
tough MCQs to break the backs of coaching classes and senior players.) Anyways
you should approach the basic of Indian Economy following sequence:
#1: Background + British Raj/Pre-independence
NCERT 12: Fundamental of Human Geo.
1. Unit III (ch.5 to 9): sectors of economy
Colonialism, Imperialism, industrial revo.

1. NCERT (old) class 10, first chapter (Mrunal.org/history)


2. Bipin Chandra (Ch7) Economic Critique
3. NCERT class11 (economy) Chapter 1
#2: Agriculture/land reforms

NCERT (economy) class11 Chapter #2:


1. Planning topic ==>Ramesh 4 and 5
2. Land reforms topic => India Yearbook for schemes (rural development).
a. To prepare land reforms for Mains, go through
i.

Mrunal.org/polity

ii.

Bipin Chandra: India Since Independence (ch.29 to 31)

2. Green revolution
1. NCERT geography books for more on Indian agriculture, cropping
patterns, soil types.
2. India Yearbook 2014: MSP, NAFED etc from agriculture chapter
3. Ramesh Singh Ch.8.
4. Mains: Food processing- Ive written whole article series [Food
processing], links given above.
5. Mains: Bipin Chandra: India Since Independencech33
+ Maintain notes from Yojana, newspapers, PIB etc. for issues related to land
reforms, subsidies, rural development and planning.
#3: Rural development
NCERT class11: Ch.6 Rural development

Rural banking=>RRB, financial inclusion (Mrunals articles)

Agri.marketing=> Food processing (Mains) (Mrunals articles)

Organic farming & its benefits.

Eco.Survey ch8 (agri. Food Management)

IYB chapter (Agri, rural urban Development)

#4: Industrial development

NCERT (economy) class11

Chapter 2: Industrial policy resolution, Import substitution, Permission


raj

Chapter 3: LPG

Ramesh Singh

Ch.6 (Economic Reforms)

Ch7 Inflation. (+newspaper)

ch9 (Indian industry and infra.) licensing, policy, disinvestment

Budget + Economic survey + IYB

Mains: Bipin PI Ch.25-28

#5: Infrastructure
1. NCERT class11: Ch.7 infrastructure
a. Energy=> renewable/non sources (GSM1); infra. (GSM3). For
geography angle, refer to Majid Hussian or DR Khullar.
b. Health infra.=> MDG, Public health, Schemes (GSM2 social sector
schemes)- given onMrunal.org/snt
2. Ramesh Ch 9 and ch.22
3. Economic Survey ch. 9, 10 and 11
For Mains: 12th FYP plans points/recommendations for infrastructure.
#6: Poverty, Human resources

NCERT class11:
1. Ch4 Poverty: poverty line, Causes of poverty
2. Ch5 human capital formation
3. Ch7 Employment

Prelim cum mains (GS1 and GS3)


1. Ramesh: ch.21 Demographic dividend, Ch. 22 human development
2. Eco. Survey ch.2 and ch.13
3. Census 2011, skill Development (Yoj/Kur/12th FYP/Schemes)

#6: Sustainable development / Desi liquor


1. NCERT class11: 9
a. Carrying capacity, ozone depletion etc. basic
b. for biodiversity /environment angle: additionally prepare NCERT
sci/geography, NIOS
2. Ramesh Ch.20
3. RIO+20 (Mrunal.org/enb) This summit is old topic but gives decent fodder
points for essay/interview.
4. Economic Survey ch. 12
Once this is done, you may go through remaining chapters of NCERT/Ramesh as per
your time/mood.

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