How to Prepare Economics for UPSC? Prelims and Mains – Strategy + Tips

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How to Prepare Economics for UPSC

Hi Aspirants! Are you looking for how to prepare economics for UPSC? The majority of candidates preparing for the Civil Services Exam are focused on finishing their economy syllabus. The Indian Economy is one of the most challenging topics in the UPSC IAS Exam Syllabus when compared to other topics. The Indian economy is covered in the General Studies III section of the UPSC CSE Mains exam. Additionally, it is offered as an optional in the UPSC mains exam phase. 

GS Economy is more complex than other subjects, hence covering the economics syllabus is difficult for many applicants. Candidates should concentrate on current economic trends, developments, terminology, important factual data, and national policies to prepare for the Economics exam. This article will explain “How to prepare economics for UPSC?” and provide a thorough preparation plan for the Economics mains and preliminary exams. Now let’s get started!

How To Prepare Economics For UPSC?

The UPSC exam places a great deal of importance on the Economics subject. Confusion about ideas, theories, and queries always acts as a constant barrier to the preparation of economics-related issues. The economics of any nation forms the basis for its expansion and advancement. As a prospective bureaucrat, you should be well-versed in the workings of the Indian economy. When preparing for the UPSC exams in Economics, keep the following principles in mind:

How To Prepare Economics For UPSC?PrelimsMains
Recognize SyllabusFamiliarize yourself with the UPSC Economics Prelims syllabus.Understand the UPSC Economics Mains syllabus thoroughly.
Select Important TopicsShortlist important topics from the syllabus such as fiscal policy, social issues, demographics, etc.Focus on subjects like economic development, inclusive growth, budgeting, agriculture, infrastructure, etc.
Limit ResourcesStart with NCERT textbooks for the theoretical foundation. Then move on to Ramesh Singh’s Indian Economy.Read essential texts like Shankar Ganesh’s Indian Economy Key Concepts and Ramesh Singh’s Indian Economy.
Emphasize Value AdditionStudy Union Budget, Economic Survey, and relevant reports to stay updated with current developments.Understand the application of economic concepts in real-world scenarios.
Follow Current EventsKeep up with government initiatives, economic activities, and current issues related to economics.Stay updated with economic developments through newspapers, magazines, and online resources.
Practice Previous Year QuestionsSolve UPSC Prelims questions from previous years to understand exam patterns and types of questions.Practice answer writing for Mains with a focus on the application of economic concepts.
Review FundamentalsRegularly review basic concepts to ensure retention and understanding.Prioritize revision of the entire UPSC Economics syllabus to stay updated and reinforce learning.

Must Read: How to Prepare for UPSC 2024 at Home?

Important Topics To Prepare Economics For UPSC

Learning the UPSC Syllabus is the first and most important stage in preparing for the UPSC Economics exam. For the Prelims and Mains, different approaches are needed according to the Indian economy. The General Studies Paper in Prelims covers the Indian economy, focusing especially on newly created schemes and budget allocation. Planning, resource mobilization, growth, development, employment, government budgeting, cropping patterns, public distribution system, technology missions, food processing, land reforms, liberalization, infrastructure, and investment models are just a few of the aspects of the Indian economy that are specifically mentioned in the UPSC Mains syllabus. 

Study Material To Prepare UPSC Economics Subject

The following lists the materials and reading list for the economics course. You don’t need to read all of these books, though. Select the ones with which you are most at ease. View the following list of essential books for UPSC Economics Preparation:

TitleAuthor(s)Direct Link to Buy
Indian EconomyRamesh SinghBuy Now
The Indian EconomySanjiv VermaBuy Now
Indian EconomyMishra and PuriBuy Now
Indian EconomyR. Dutt and KPM SundaramBuy Now
BankingS.B. GuptaBuy Now
Dictionary of EconomicsGraham Bannock; T.E. Baxter, Ray ReesBuy Now
Economic Growth and DevelopmentMayer and BaldwinBuy Now
Economic Survey: Twelve Five Year Plan: New Industrial PolicyGovernment of IndiaBuy Now

Tips and Tricks to Prepare Economics for UPSC

The UPSC Mains question papers are long, thus you have to write fast to finish the paper correctly. The secret to answering these questions is to write accurately and swiftly in practice. Here we have mentioned certain important aspects regarding economics preparation for UPSC:

AspectHow to Prepare Economics for UPSC?
SourcesUtilize NCERT Books for UPSC, Economics Books for UPSC, Newspapers, Economic Surveys, Budgets, etc.
Stay updated with current events through UPSC periodicals and magazines.
Preparation ApproachTake clear and concise notes. Employ mnemonic devices for better retention. Categorize notes based on subjects/topics.
Most Important Topics to Focus OnUnderstand concepts like LPG, GST, Money Supply, Tax Structure, Niti Aayog, Human Growth, Inflation, GDP, and Banking.
Answer Writing TipsTake clear and concise notes.

Employ mnemonic devices for better retention. Categorize notes based on subjects/topics.

Must Read: How to Make Notes for UPSC From Newspaper?

Economics Questions Trend Analysis

To comprehend the Economics material covered in the UPSC Prelims and Mains exams, trends are more important. Examine the subjects and patterns related to the Economy that are asked in UPSC exams so that candidates can prepare appropriately.

ExamType of ExamAverage No. of QuestionsImportant TopicsPreparation Strategy
UPSC PrelimsObjective16National Income Accounting, Inflation/Deflation, Monetary Policy, Fiscal Policy, Taxes, CAD, Fiscal Deficit, BOPFocus on basic comprehension; Understand fundamental economics concepts
UPSC MainsDescriptive4-5Demographic Dividend, Inclusive Growth, Make in India, Poverty AlleviationStudy economic survey and related government initiatives; Understand contemporary economic issues

It takes a lot of work to pass the UPSC Civil Service Main Examination; just 15% of applicants are successful each year.UPSC exam requires a sufficient understanding of the main subjects to correctly respond to an economic question. Different approaches are needed for preliminary and main exams in the Indian economy subject. If we analyze the questions from the Indian Economy section for the Prelims and Mains, the format and nature of the questions will become clearer. You need to understand economics and the Indian economy conceptually to be able to respond to most of the questions. Hence we advise you to prepare this subject comprehensively.

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How to start Economics preparation for UPSC?

One must start economic preparation for UPSC with foundational study materials like NCERTs and then move forward toward reference books like Ramesh Singh.

Is Economics easy for UPSC?

Economics is regarded as a rational and logical subject, very scoring, and covers nearly 60% of the UPSC syllabus for GS paper III.So economics is easy for those students who have an interest in knowing issues related to the Indian economy.

How to deal with Economics for UPSC?

First, select the best Resources. Before you start your economics preparation, you should gather the resources that you will be using to practice.

This was all about the “How to Prepare for Economics UPSC?”. For more such informative blogs, check out our UPSC Exams Section, or you can learn more about us by visiting our  Indian exams page.

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