UPSC Mains – Economy (GS Paper III / Optional Subject)
1.
Recommended Books & Resources
|
Book / Resource |
Purpose / Details |
|
Ramesh Singh – Indian Economy |
Comprehensive coverage of Indian
Economy: Structure, Development, Policies, Growth, Inflation, Banking, Fiscal
& Monetary Policy. Useful for both
Prelims and Mains. |
|
Economic Survey |
Annual government report; gives latest economic trends, data, government policies, schemes, and
analysis. Essential for current
context in answers. |
|
Union Budget Highlights |
For understanding government allocations, fiscal deficit, reforms, and initiatives. |
|
PIB / Yojana / Government Reports |
Updates on recent
schemes, programs, and implementation. |
|
Newspapers (The Hindu / Indian Express) |
For linking economy topics to current affairs, international trade, and policy developments. |
2.
Strategy to Cover Economy for Mains
Step
1: Conceptual Clarity – Ramesh Singh
·
Cover basic
concepts first:
o National
Income (GDP, GNP, NNP)
o Inflation
& Deflation
o Fiscal
& Monetary Policy
o Banking
& Financial System
o Poverty,
Unemployment, Human Development Indicators
o Economic
Planning & Reforms
·
Focus on tables,
graphs, and definitions for easy recall.
Step
2: Current Data & Trends – Economic Survey
·
Read Economic
Survey executive summary and key chapters
·
Focus on:
o Growth
rates, sectoral contribution (Agriculture, Industry, Services)
o Government
schemes & reforms (Make in India, Startup India, Atmanirbhar Bharat)
o Budgetary
allocations, fiscal deficit, inflation trends
o International
trade & agreements
·
Make short
notes / charts for quick revision
Step
3: Linking Theory with Current Affairs
·
Example: Link GDP
growth trends with COVID-19 impact
·
Use case
studies from Economic Survey or PIB reports in answers
·
Integrate recent
government schemes to substantiate answers
Step
4: Answer Writing Strategy
·
Structure:
Introduction → Explanation / Analysis → Examples → Conclusion / Suggestions
·
Include charts,
percentages, schemes, or statistics wherever relevant
·
Keep answers concise,
structured, and analytical
3.
Important Topics for Economy (Prelims + Mains)
|
Section |
Key Points |
|
Basic Concepts |
GDP, GNP, NNP, National Income, Per
Capita Income, Inflation, Deflation |
|
Indian Economy Structure |
Sectors (Primary, Secondary,
Tertiary), Agriculture, Industry, Services |
|
Economic Planning |
Five-Year Plans, NITI Aayog
initiatives, Development policies |
|
Banking & Financial System |
RBI, Monetary Policy, Banking
reforms, Financial Inclusion |
|
Government Budget & Fiscal Policy |
Union Budget, Fiscal Deficit,
Revenue & Expenditure, GST |
|
Poverty & Unemployment |
Indicators, Programs, MGNREGA,
PMGKAY |
|
International Trade & Agreements |
WTO, Regional Trade Agreements,
Export-Import policies |
|
Current Economic Issues |
Inflation trends, NPAs, Startups,
Make in India, Digital Economy, Renewable Energy |
4.
Sample Questions – Economy (Mains / Descriptive)
1.
Discuss
the impact of COVID-19 on the Indian economy and suggest measures for recovery.
o Introduction:
Pandemic impact
o Sectors
affected: Agriculture, Industry, Services
o Government
response: Stimulus packages, PMGKY, fiscal and monetary measures
o Conclusion:
Suggestions for sustainable recovery
2.
Examine
the role of NITI Aayog in economic planning and policy reforms in India.
o Introduction:
Transition from Planning Commission to NITI Aayog
o Functions:
Policy formulation, Monitoring, Strategy, Cooperative federalism
o Examples:
Health Index, Sustainable Development Goals, Aspirational Districts
o Conclusion:
Impact on governance and economy
3.
Analyse
the trends in India’s fiscal deficit and its implications for economic
stability.
o Introduction:
Definition & importance of fiscal deficit
o Trends:
Recent data from Budget / Economic Survey
o Implications:
Inflation, borrowing, investment, growth
o Measures:
Fiscal consolidation, GST, rationalization of subsidies
4.
Evaluate
the contribution of the service sector to India’s GDP growth.
o Introduction:
Overview of service sector
o Contribution:
IT, banking, telecom, tourism
o Employment
generation & exports
o Challenges
& conclusion
5.
Discuss
the significance of Make in India and Startup India initiatives for economic
development.
o Introduction:
Policy objectives
o Achievements:
Investment, employment, innovation
o Challenges:
Infrastructure, skilled labor, regulations
o Conclusion:
Long-term potential
5.
Preparation Tips – Economy (Mains)
1.
Read
Ramesh Singh → Focus on basic concepts, sectors, policies
2.
Economic
Survey / Budget → Latest data, schemes, trends
3.
Make
Notes & Charts → Sectoral contribution, schemes,
statistics
4.
Answer
Practice → Integrate current examples, policies, and schemes
5.
Link
Economy with Other GS Papers → Polity, Environment, Governance
6.
Revise
regularly → Keep updated with PIB / The Hindu economic news
Summary Table – Economy
Preparation
|
Section |
Book / Source |
Strategy |
|
Concepts & Theory |
Ramesh Singh – Indian Economy |
Understand definitions, concepts,
examples, and diagrams |
|
Current Trends & Schemes |
Economic Survey, PIB, Budget
Highlights |
Note statistics, government
policies, and reforms |
|
Answer Writing |
Previous Year Mains Questions |
Structured answers: Introduction →
Analysis → Example → Conclusion |
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