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 (Chapter 2) + Giffen Goods (Internet)

2.

Law of Diminishing Marginal Product (Chapter 3.4)

3.

Perfect Competition (Chapter 4.1): Only features.

4.

Non-competitive Markets: (Chapter 6)

1. Features given @Intro
2. Monopolistic Competition (Chapter 6.2.1)
3. Oligopolistic Competition (Chapter 6.2.2)

2 Price Ceiling and Price Floors (Chapter 5.2): Only basic definition
3 Glossary: Only MCQ worthy definitions.
Approach: Macroeconomics + Indian Economy

GDP GNP Growth Basics

NCERT Class 12 Macroeconomics

After NCERT

Chapter 2: National Income Accounting

Circular flow of income.

How to calculate national income (ignore

minute details/fomulas)

GDP, GNP, NNP, deflator and their formulas.

Ramesh Singh: Chapter 1: Subtopic ideas of National Income

Chapter 2: GDP vs Welfare topic (given at the end

1.

Ramesh Singh: Chapter 2: Growth and Development.

2.

Human Development index: Theory + Current (Mrunal

under Economic Survey Chapter 13 Summary) + Schemes.

of this chapter)

Then Newspaper + Yojana/Kurukshetra + Magazines

3.

pib.nic.in

Money Banking Finance

NCERT Class 12 Macroeconomics

After NCERT
Ramesh Singh

12. Banking

11. Financial market 14 Securities Market (Stock exchange,

FII, QFI etc.)

13. Insurance

Current:
Chapter 3: Money & Banking: Supply of Money,
Functions of RBI

Economic Survey Chapter 5 (FI)

Legal Angle: CSR, Company Law, SEBI Powers

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

Fin. Services, PJ Nayak Governance in Bank boards. list goes on.

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

Laundering

Foreign Investment/ Foreign Trade

Growth/Inclusion Angle

NCERT Class 12 Macroeconomics

After NCERT
Ramesh

Chapter 15: External Sector

Chapter 16: IMF, World banks, OECD, ADB and

other intl.org (even for Mains)

NCERT 12/Macro/Chapter 6

Balance of Payment, Foreign Exchange

Gold Standard, Bretton woods.

Ignore Formulas and Charts. Only one formula

Current (focus on these news)

1.

CAD high, Rupee weak (Govt+RBI)

2.

Bilateral Investment

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

1.

+Prepare all the terms in Glossary.

Mains.)
2.

WTO: Current (Bali Summit, Agro Subsidy)

4.

Infra, Food processing related (GSM3)

NCERT Class 12 Macroeconomics

Chapter 5

Revenue and capital account

Measures of deficit

Changes in Expenditure : ignore graph and formulas

Debt, deficit

Laxmiankths book on Indian Polity.

Visits and Agreements (make notes)

3.

Taxation/ Fiscal policy

After NCERT

India 2015 Chapter on Commerce. (for

Chapter on Parliament Budget Making, Chapters on Central-State Relations, Federalism and CAG.
Ramesh Singh :

Chapter 18: Public Finance.

Chapter 17: Taxation

Lastly, GSM (MCQ)

(Optional) Laxmikanths book on Public Administration:

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 (Chapters 5 to 9): Sectors of Economy

Colonialism, Imperialism, Industrial Revolution

1.

NCERT (old) Class 10, First Chapter (Mrunal.org/history)

2.

Bipin Chandra (Chapter 7) Economic Critique

3.

NCERT Class11 (Economy) Chapter 1

#2: Agriculture/land reforms

NCERT (Economy) Class 11 - Chapter 2:

1.

Planning Topic Ramesh Singh 4 and 5

Land Reforms Topic India Yearbook for Schemes (Rural Development)

2.

1. To prepare Land Reforms for Mains, go through

1. Mrunal.org/polity
2. Bipin Chandra: India Since Independence (Chapters 29 to 31)
3. 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 Chapter 8
4. Mains: Food Processing - Ive written whole article series [Food Processing], links given above.
5. Mains: Bipin Chandra: India Since Independence Chapter 33
+ Maintain notes from Yojana, Newspapers, PIB etc. for issues related to Land Reforms, Subsidies, Rural Development and Planning.

#3: Rural development

NCERT Class11: Chapter 6: Rural Development

Rural Banking RRB, Financial Inclusion (Mrunals articles)

Agricultural Marketing Food Processing (Mains) (Mrunals articles)

Organic Farming & Its Benefits.

Economic Survey: Chapter 8 (Agricultural Food Management)

Indian Year Book: Chapter (Agriculture, Rural Urban Development)

#4: Industrial Development

NCERT (Economy) Class11

Chapter 2: Industrial Policy Resolution, Import Substitution, Permission Raj

Chapter 3: LPG
Ramesh Singh

Chapter 6 (Economic Reforms)

Chapter 7 Inflation (+Newspaper)

Chapter 9 (Indian Industry and Infrastructure) Licensing, Policy, Disinvestment

Budget + Economic Survey + Indian Year Book

Mains: Bipin Chandra: Post Independence: Chapters 25-28

#5: Infrastructure

1.

NCERT Class11: Chapter 7: Infrastructure

1. Energy Renewable/Non Sources (GSM1); Infrastructure. (GSM3). For Geography angle, refer
to Majid Hussian or DR Khullar.
2. Health Infrastructure MDG, Public Health, Schemes (GSM2 Social Sector schemes) - given on
Mrunal.org/snt

2 Ramesh Singh: Chapter 9 and Chapter 22

3 Economic Survey: Chapter 9,10 and 11
For Mains: 12 FYP Plans Points/Recommendations for Infrastructure.
th

#6: Poverty, Human Resources

NCERT Class11:
1. Chapter 4 - Poverty: Poverty Line, Causes of Poverty
2. Chapter 5 - Human Capital Formation

3. Chapter 7 - Employment
Prelim cum Mains (GS1 and GS3)
1. Ramesh Singh: Chapter 21: Demographic Dividend, Chapter 22: Human Development
2. Economic Survey: Chapter 2 and Chapter 13
3. Census 2011, Skill Development (Yojana/Kurkshetra/12 th FYP/Schemes)

#6: Sustainable Development / Desi Liquor

1.

NCERT Class11: Chapter 9

1. Carrying Capacity, Ozone Depletion etc. basic
2. For Biodiversity/Environment angle: Additionally prepare NCERT Science/Geography, NIOS

2 Ramesh Singh: Chapter 20

3 RIO+20 (Mrunal.org/enb) This summit is Old topic but gives Decent Fodder Points for
Essay/Interview.
4 Economic Survey: Chapter 12
Once this is done, you may go through Remaining Chapters of NCERT/Ramesh Singh as per your Time/Mood.