What is Economics?
Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. The building blocks of economics are the studies of labour and trade.
If we pay keen attention to UPSC Exam Syllabus this subject is mostly Current News oriented. Hence Aspirants will have to be updated with Current Affairs.
What is the Economics syllabus for prelims?
- Economic growth and development – basic concept and definition of economy and economics, uses and transfer of resources, distributive effects, macro and micro economic policy, micro-macro balance, distributive impact of economic policies, development versus growth, determinant of growth and development, concepts such as HPI/MPI, HDI, PQLI, GEM, GDI/GII, TAI, Green index, sustainable development, India’s ranking in the various indices.
- Poverty – definitions, causes, distribution-deprivation, income versus calories, measurement of poverty, status of poverty, eradication programmes, poverty and resource policy, tribal rights and issues, livelihood mission.
- Inclusion – definition, relevance, types, financial inclusion, recent initiatives.
- Demographics – census data, populations by gender, by state, by age group, socio-economic status, caste, religion, literacy levels, etc. Trends in human development – interstate comparison, etc.
- Fiscal policy – definition, component, receipts, revenue and capital account, tax revenue, expenditure, budget.
- Social issues – financing health policy, education policy, sanitation, drinking water, social security, infrastructure policy, international trade issues, regional cooperation.
- Also, focus on issues currently in news related to the above topics – MNREGA, MSMEs, Make in India, industrial corridors, NITI Ayog, black money, international treaties and organisations, India’s policies with neighbours.
UPSC syllabus for 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 liberalisation
- Infrastructure: energy, roads, ports, airports and railways
- Investment models.
Booklist for the prelims and mains for general studies paper 3
- NCERT textbook classes X, XI, XII
- Indian Economy – Ramesh Singh
- Indian Economy – Sanjeev Varma
- Ministry websites of water, power, etc.
- Economic Survey
- Administrative Reforms Commissions (ARC) Reports
Preparation strategy for economics:
- Start with the NCERT’S of the subject and then move to reference books
- NCERT helps in understanding complex terms and words.
- Give at least 4 to 5 reading from book you are referring before making notes
- Strictly adhere to the syllabus.
- Revise and conceptualize the topic with current events
- Make mind maps and revise them .