Aimed at the UPSC Economics Preparation, aspirants need to keep stick to topics related to the mentioned subject with dogged determination and perseverance. As excelling in this subject indicates a lot of struggle and effort. Applicants are uncertain with regard to correct method and contents for Economics section of Prelims and Mains. Through the exam preparation, students must come across single, inclusive book to cover Economics.
Textbooks are also meant for any subject preparation, nevertheless, as Economy section for UPSC exam is based on current affairs, aspirants can’t even get a hint that any textbook will be whole. If possible, individual must have as a minimum one book on Indian Economy in addition to the latest economic review. Too, the newest budget must be correctly analyzed. Economic and Political Weekly (EPW) is a magazine which is recommended as the best source of information.
Books to study Economics
Indian Economy – Ramesh Singh.
India Year Book.
Indian Economy Since Independence – Uma Kapila.
Indian Economy – Datt and Sundaram.
Additional Books to study Indian Economy for IAS Mains
Indian Economy – Sanjeev Varma.
Indian Economy – Mishra and Puri.
Indian Economy – Performance and Policies – Uma Kapila.
March of Indian Economy.
In what way To Prepare Economy for Civil Services Exam?
Economics preparation for UPSC includes 2 steps.
- Stage 1: Understanding the concepts including Vocabularies such as GDP, REPO, Reverse REPO, CRR, SLR, Inflation Indices, Growth, Inclusion, Development and so on. Textbooks don’t include here.
- Stage 2: Understanding the application of the concepts – Application of the fundamental concepts in day to day scenarios. It is necessary to keep the strategy you learned in the initial phase.
Study Materials and Books which can help in Stage 1
The initial part is building the conceptual knowledge. If you are obvious with the theoretical portion, knowledge economics will be always exciting. Then there will not be any additional practice, nonetheless only co- linking the topics you might be familiar with on regular setups.
Emphasize the theoretical information from these sources:
- Economics notes which you shouldn’t miss!
- Indian Economy – Ramesh Singh.
- NCERT Texts.
Study Materials and Books which can help in Stage 2
The actual effort for Economics is meant here. The basic information of economics is tested on practical scenarios. While most of the IAS mains exam question will be featuring here, the practical acquaintance on economics must be confirmed in UPSC Prelims. An example question for Civil Services Prelims:
Question: If the rate of Inflation is high, what will be the step taken by RBI?
- Option A: Decrease REPO
- Option B: Increase REPO
- Option C: Increase CRR
- Option D: Both B and C
- Option E: None of the above.
Aspirants who have the clear understanding of economic concepts will be up to answer these sorts of questions. Just revising these topics will not clear the concept. Then all at once, it is also significant to take in that to effectively get in touch with Indian economy linked questions for Prelims and Mains (GS), it is not essential to when you are planning to opt for PhD. in economics.
In excess of books, the economy unit of standard English newspaper (The Hindu) will be most beneficial at this stage. Books and magazines which will balance the economy preparation in Stage 2 are given below.
- Economic Survey.
- India Year Book.
- Indian Economy – Sanjeev Varma.
- Economic and Political Weekly (EPW).
- ClearIAS Economics Notes.
Indian Economy – Prelims vs Mains
Indian Economy intended for Prelims and Mains needs different approaches. Mains syllabus specifically mentions about the aspects of Indian Economy like issues relating to planning, mobilization of resources, growth, development, and employment, Government Budgeting, cropping patterns, Public Distribution System, Technology missions, Liberalization, Infrastructure and Investment models. When the questions are analyzed, it is possible to come across the questions based on Indian Economy section for the exam, the design and ilk of questions will turn out to be straightforward. Theoretical consideration of economics and Indian Economy is a must for answering most of the questions.