How to prepare Indian Economy for IAS Main Exam
Indian Economy is one of the toughest subjects in comparison of other mainstream subjects of UPSC IAS Syllabus. Particularly, GS Economy is technical than other subjects and the aspirants must not skip to study it. The reason is that while you are writing answers of other GS subjects of IAS Mains Exam you may require to mention the economic dimensions of questions asked. The aspirants must have the prime motive of scoring good in every subject either it is Economy, Polity, Geography, History, Science and Technology or Environment and Ecology, they have to study all the subjects as well during IAS Preparation.
Indian Economy Syllabus
• Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.
• Inclusive growth and issues arising from it.
• Government Budgeting.
• Major crops cropping patterns in various parts of the country, different types of irrigation and irrigation systems storage, transport and marketing of agricultural produce and issues and related constraints; e-technology in the aid of farmers
• Issues related to direct and indirect farm subsidies and minimum support prices; Public Distribution System- objectives, functioning, limitations, revamping; issues of buffer stocks and food security; Technology missions; economics of animal-rearing.
• Food processing and related industries in India- scope and significance, location, upstream and downstream requirements, supply chain management.
• Land reforms in India.
• Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth.
• Infrastructure: Energy, Ports, Roads, Airports, Railways etc.
• Investment models.
Indian Economy Topics
1. Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.
Initially, it is obvious that an aspirant with non economics background will find it difficult to understand the various terms of GS Economy but the aspirants should not feel as disappointing. Before going into the next level of IAS Preparation, they should compulsorily finish the basic study materials first which I would like to mention here.
NCERT Class X – Understanding Economic Development
NCERT Class XI – Indian Economic Development
NCERT Class XII – Macroeconomics
Daily Newspaper- any one standard Newspaper
The above study materials are much helpful for static as well as for dynamic portion of GS Economy section. The aspirants must revise these books 2-3 times which will make their basic concepts of Economy clear and broader. Usually, the aspirants find it difficult to understand the economy articles given in the newspapers or any business magazine but after studying the above NCERT books helps them to understand the recent events of an economy.
After revising these books, the aspirants should go for the next level of their preparation and they should study Indian Economy for Civil Services Examinations by Ramesh Singh of TMH publication. In market there are lot of books available for Indian Economy but the IAS aspirants should not waste their precious time on reading number of books.
2. Inclusive growth and issues arising from it
Under this topic, the IAS aspirants have to understand the emergence of the concept, objective, goals and achievement of Inclusive growth in India. What were the strategies of government to make it successful initiative and how much it helped to make the Indian economy more inclusive? Such matters can be found online on the website of concerned departments and ministries of Indian Government. Otherwise, such materials related to Five year Plans of Indian Economy are also given in Indian Economy by Ramesh Singh.
3. Government Budgeting
For this, IAS aspirant have to go through the Union Budget of the government. Sometimes, the Union Budget of the Government also called as the Fiscal Policy of the government. In this, IAS aspirants need to make notes of sectoral expenditure and revenue allocation of respective sectors. Memorising facts related information regarding Union Budget will not help the aspirants but they have to make sectoral analysis of allocation of revenues and expenditures with respective to the Budget of previous financial year. The static portions of the topic like various concepts of budget will be covered while you studying the NCERT book for Macroeconomics.
4. Major crops cropping patterns in various parts of the country, different types of irrigation and irrigation systems, storage, transport and marketing of agricultural produce and issues and related constraints; e-technology in the aid of farmers.
The major cropping patterns, types of irrigation system, storage, transport and marketing of agriculture produce also are the parts of GS Geography and simultaneously it can be studied under GS Economy also. The only difference while you are preparing these topics under GS Economy, you have to make focus on the economy perspective of the topics like how it is economically viable for the country.
For this too, IAS aspirants can refer Ramesh Singh’s Indian Economy and the Economy Survey. Economic Survey used to be updated information regarding the performance and targets of various sectors of Indian Economy but it is very exhaustive and time taking job to read the volumes of Economic Survey. If the IAS aspirants able to find out the notes of Economic Survey in market will be best for them other they should be very selective while reading Economic Survey. Other than Ramesh Singh’ Indian Economy and Economic Survey, the daily Newspapers are much helpful for this topic of GS Economy.
5. Issues related to direct and indirect farm subsidies and minimum support prices; Public Distribution System- objectives, functioning, limitations, revamping; issues of buffer stocks and food security; Technology missions; economics of animal-rearing.
For this topic, any book will not help out the IAS aspirants. These topics need to be updated from time to time because it depends on the changing policies of government but the static part like objectives, functioning, limitations, revamping can be studied from the resources of IGNOU and NCERT. The dynamic part of the topic is available online on respective websites of ministries and departments of the government.
For the Technology missions, governments use to take initiatives time to time, so, the aspirants need to stick with the Newspapers and Magazines like Krukshetra, Yojana, and Indian Economy extra issue by Upkar Publication etc. Simultaneously, in the way the IAS aspirants can do study for economics of animal-rearing.
6. Food processing and related industries in India- scope and significance, location, upstream and downstream requirements, supply chain management.
To cover this topic, the aspirants need to stick with the articles of Newspapers and Magazines. The IAS aspirants can also refer the PRS and PIB for the developmental initiatives taken by the government for food processing and industries.
7. Land reforms in India
The IAS aspirants can find various study materials for this topic. This topic has also been covered in GS II Paper of IAS Mains Exam. So, the IAS aspirant does not require putting much effort for the preparation of this topic. However, this topic could be covered by studying the resource provided by IGNOU as well.
8. Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth.
This topic is brilliantly explained by Ramesh Singh in his Indian Economy for Civil Services Examinations, quite enough for the preparation of these topics.
9. Infrastructure: Energy, Ports, Roads, Airports, Railways etc.
These topics can be covered from recent edition of India Year Book and from Economic Survey as well.
10. Investment models
If the IAS aspirants have better preparation of above topics then there is no further requirement of separate study for this section because the investment models, generally adopted by the government in their various programmes and public policies, The most likely investment model is PPP (Public Private partnership) model, has been came into the existence after the economic liberalisation of 1991-92.