How to prepare Economy?ExamMicroeconomicsMacroeconomicsIndian Economy

UPSC /CSATbarely 1-2 MCQsyesyes from British raj till current era.

IBPS/Bankingnomonetary policy relatedbanking sector related (from evolution in British raj to post-independence-till now)

SSC/Staff selectionbarelyyesMostly current affairs- PIN/GK type.

IIM interviewsyesyesMainly corporate sector related current & contemporary.

CAPF (Assistant commandant)barelyyesMostly current.

CDSyes, quite a few MCQs from hereonly overviewonly overview

State service PSCdependsfewCurrent affairs/PIN/GK type.

Prep. Sources for UPSCThe 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.Free Downloads / Textbooks1. NCERT Textbooks(Free Download available under Mrunal.org/download)2. If youve time you may also consult NIOS textbooks. else ignoreBooks 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:SOURCEINDIAN ECONOMY

pib.nic.infor government scheme, planning related

Mrunal.org/economyyes

12th FYP report PDFoverview given @end of each chapter

Hindu/IndianexpressMust maintain daily notes.

Economy Survey Budgetsummaries given in Mrunal.org

Rail budgetHardly useful. just get an overview of MCQ worthy info. dont waste more time in doing Ph.D.

Competitive magazinesJust to update your notes, in case you missed any important development from newspapers. dont use magazine as primary source for economy preparation.

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

Yojana MagazineDeals with government schemes and planning related issues.

Kurukshetradeals mainly with Rural development. Important for Public Administration. But for general studies- depends on your time and mood.

Not required/useless/bogus1. 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.Approach: MicroeconomicsOnly 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 @introb. Monopolistic competition (ch.6.2.1)c. Oligopolistic competition (ch 6.2.2)5. Price ceiling and Price floors (ch5.2): only basic definition6. Glossary: only MCQ worthy definitions.Approach: Macroeconomics + Indian EconomyGDP GNP Growth BasicsNCERT Class 12 MacroeconomicsAfter 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.Ramesh: Ch1. subtopic ideas of national income

Ch2 GDP vs Welfare topic (given at the end of this chapter)1. RAMESH: Ch 2 growth and development.2. Human Development index: Theory + current (Mrunal under Economic Survey ch. 13 summary) + Schemes.3. Then newspaper + Yojana/Kuru +Magazines =>pib.nic.in

Money Banking FinanceNCERT Class 12 MacroeconomicsAfter NCERT

Ch. 3 Money & Banking: Supply of money, Functions of RBIRamesh 12 Banking 11. Financial market => 14 Securities Market (Stock exchange, FII, QFI etc.) 13 InsuranceCurrent: Economic Survey ch5 (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 Growth/Inclusion Angle

Foreign Investment/ Foreign TradeNCERT Class 12 MacroeconomicsAfter NCERT

NCERT 12/macro/ch.6 Balance of Payment, Foreign Exchange Gold standard, Bretton woods. ignore Formulas and Charts. only one formula important: National income: Y=C+I+G+X-M +prepare all the terms in Glossary.Ramesh Ch15: External Sector Ch16: IMF, World banks, OECD, ADB and other intl.org (even for Mains)Current (focus on these news)1. CAD high, Rupee weak (Govt+RBI)2. Bilateral investment1. 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 policyNCERT Class 12 MacroeconomicsChapter 5 Revenue and capital account Measures of deficit Changes in Expenditure : ignore graph and formulas Debt, deficitAfter NCERT. Laxmiankths book on Indian Polity. also available in HindiCh. 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-independenceNCERT 12: Fundamental of Human Geo. 1. Unit III (ch.5 to 9): sectors of economyColonialism, Imperialism, industrial revo.1. NCERT (old) class 10, first chapter (Mrunal.org/history)2. Bipin Chandra (Ch7) Economic Critique3. NCERT class11 (economy) Chapter 1#2: Agriculture/land reforms

NCERT (economy) class11 Chapter #2:1. Planning topic ==>Ramesh 4 and 52. Land reforms topic => India Yearbook for schemes (rural development).a. To prepare land reforms for Mains, go throughi. Mrunal.org/polityii. Bipin Chandra: India Since Independence (ch.29 to 31)3. Green revolutiona. NCERT geography books for more on Indian agriculture, cropping patterns, soil types.b. India Yearbook 2014: MSP, NAFED etc from agriculture chapterc. Ramesh Singh Ch.8.d. Mains: Food processing- Ive written whole article series [Food processing], links given above.e. 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 developmentNCERT 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: Infrastructure1. NCERT class11: Ch.7 infrastructurea. 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 on Mrunal.org/snt2. Ramesh Ch 9 and ch.223. Economic Survey ch. 9, 10 and 11For Mains: 12th FYP plans points/recommendations for infrastructure.#6: Poverty, Human resources NCERT class11:a. Ch4 Poverty: poverty line, Causes of povertyb. Ch5 human capital formationc. Ch7 Employment Prelim cum mains (GS1 and GS3)a. Ramesh: ch.21 Demographic dividend, Ch. 22 human developmentb. Eco. Survey ch.2 and ch.13c. Census 2011, skill Development (Yoj/Kur/12th FYP/Schemes)#6: Sustainable development / Desi liquor1. NCERT class11: 9a. Carrying capacity, ozone depletion etc. basicb. for biodiversity /environment angle: additionally prepare NCERT sci/geography, NIOS2. Ramesh Ch.203. RIO+20 (Mrunal.org/enb) This summit is old topic but gives decent fodder points for essay/interview.4. Economic Survey ch. 12Once this is done, you may go through remaining chapters of NCERT/Ramesh as per your time/mood.