A comprehensive knowledge of the economy is essential for UPSC exam preparation, given its importance in both Prelims and Mains. Furthermore, aspiring civil servants need to grasp the fundamental workings of the economy to actively participate in and contribute to economic structures in their future responsibilities. Let’s understand how to prepare economics for UPSC.
Preparation Strategy for Economics for UPSC Prelims:
To prepare economy for UPSC exam, we can divide economy preparation in 2 categories:
- Static economics
- Current Affair based economic
Let’s understand how to prepare both of the categories one by one:
Static Economics:
The UPSC Economics Syllabus demands candidates to actively apply their knowledge of core concepts, economic trends, and current financial issues. It is crucial for aspirants to select suitable economics books and resources that cover the entire Economics Syllabus for both UPSC Prelims and Mains.
Some of generally used resources are:
- NCERT textbook classes X, XI, XII
- Indian Economy – Ramesh Singh
- Indian Economy – Sanjeev Verma
NCERT’s can provide basic understanding regarding micro and macro economics, rest detailed information of the topics can be gathered and understood through other standard books.
Aspirants need to prioritize achieving conceptual clarity across all topics in their preparation. Furthermore, they should actively apply these concepts wherever applicable.
Current Affair Economics
While economic NCERTs are crucial for grasping foundational principles, they alone do not suffice for a complete understanding of the UPSC Economics Syllabus.
Preparing for economics in the UPSC exam involves connecting the understanding of both static concepts and current affairs. To illustrate this, consider the example of a current affair: if the Reserve Bank of India (RBI) increases the Repo or Reverse Repo rates, candidates should not merely focus on the current information about the rates and RBI’s monetary policy decisions. Instead, they should delve into understanding why the RBI took such a step and also comprehend the static aspects related to ratios and monetary policy.
Establishing such connections is crucial for gaining clarity not only in static topics but also for comprehending current affairs. This becomes especially important as the UPSC is evolving its question patterns towards understanding and implementation-based assessments.
Some of sources to follow for economics current affair portion:
- Ministry websites of water, power, etc.
- Economic Survey
- Budgets
- Administrative Reforms Commissions (ARC) Reports
- PIB
- Newspapers
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Preparation Strategy for Economics for UPSC Mains:
Preparing for UPSC Mains demands a distinctive approach, as candidates are required to actively apply their understanding of economic concepts and articulate them clearly in their answers.
To gain a profound comprehension of key economic concepts, candidates are recommended to explore advanced economic books for UPSC such as “Indian Economy” by Ramesh Singh or Sanjiv Verma.
During the preparation phase, it is advisable not to delve into numerous sources simultaneously. Restricting the study materials will enable candidates to optimize their time effectively.
It is crucial to create concise notes on economic topics. These notes not only facilitate long-term memorization of concepts but also streamline the revision process.
Preparing for UPSC in Economics necessitates a unique approach for both prelims and mains. While the topics may overlap, it is essential to adopt distinct strategies to ensure the maximum acquisition of marks.