How to Prepare for Indian Economy for IAS Prelims 2018:- Indian Economy is one section of IAS Prelims 2018 where you can avoid a lot of cramming. Does that sound music to your ears?
Following our series on ‘How to Prepare’ for various sections of IAS Prelims 2018, we introduce our preparation angle for Indian Economy. We would also like to reiterate that this blog post covers Indian Economy for Prelims 2018 only. A separate article for Mains Exam will be published later on. As of now, let’s just concentrate only on the Prelims Exam 2018.
IAS Prelims 2018: Introduction to Indian Economy
Continuing with the same format as our previous blog posts, here’s a brief analysis of IAS Preliminary Exam conducted over the past few years. Have a look and ascertain the weightage allocated to Indian Economy in the Exam Paper since 2011.
|Year||Number of Questions asked||Marks|
The number of questions asked from the Indian Economy section has ranged from 10-21 in number. With CSAT (Paper II) having been made qualifying in nature, this section is critical to see you through the Preliminary Stage of the Civil Services Exam.
There’s a lot of confusion amongst aspirants, particularly the first timers, around the correct approach and right study materials for studying Indian Economy. Always remember that if your fundamentals are clear, you’d fare much better. So before you start mugging up all definitions and data, you need to work hard on your basics.
Now, how do we begin?
IAS Prelims 2018: Preparation Tips and Study Guide for Indian Economy Section
To streamline the learning process, we have divided the study plan into 2 easy steps. Just follow the procedure in the right manner and you will see a good amount of improvement in your performance in time.
Step 1: Understand & Get your Basics Right!
To understand Indian Economy better, you need to have the right resources. There are no better books than NCERT that would build your fundamental understanding of the subject.
The following NCERT’s need to be taken up:
- Principles of Macroeconomics- Std XII
- Principles of Microeconomics- Std XII
- Indian Economic Development- Std XI
While, some people do not recommend ‘Principles of Microeconomics- Std XII’, based on their argument that it’s not regularly asked in IAS Preliminary Exam, OnlineTyari does not suggest the same.
Having an understanding of certain important concepts of Microeconomics, e.g. Law of Diminishing Marginal Utility, Elasticity of Demands etc would certainly go a long way towards building your basics. Moreover, its a really tiny book. Whats the harm?
Principles of Macroeconomics: Std XII is simply a must read. Read this from cover to cover. Skip the Maths, if you want to but understand the concepts well before you proceed further. At this stage, do not simply focus on mugging up definitions. Just take your time and understand each concept very well.
Know what constitutes the Indian Economy:
Now you may take up any book that takes up the case of Indian Economy in detail. You may take up books from these authors:
- Uma Kapila
- Dutt & Sundaram
- Ramesh Singh
Books by Uma Kapila, Dutt & Sundaram are damn huge. You may skip them and take up Ramesh Singh instead. Would save you a lot of time. This book covers most of what you need to know about Indian Economy, comes with data that gets updated with each edition.
Never Forget The Budget & Economic Survey of India:
Collect the Economic Times or Business Standard, that gets published the very next day when the Budget is discussed in the Parliament. Jot down all important policy decisions of the Government of India. The Economic Survey of India is the finest and the most comprehensive document about the state of Indian Economy. It gives you the rationale behind every policy decision, comparative analyses, Important Welfare Schemes and the roadmap for the future of Indian Economy. It can be downloaded for free or you may buy hardcopy version from any leading bookstore. JUST DON’T SKIP THIS.
While you prepare yourself for the preliminary exam, never lose track of current events concerning Indian Economy. Always follow the business & economy section of a leading daily. The Hindu, Indian Express & Business Standard are the most reliable resources. Pick any one of these and follow it religiously.
You may also follow leading economists/analysts e.g. CRL Narasimhan (The Hindu) and their opinions in these dailies. Always make sure you look at any event with a balanced perspective.
Step 2: Test Yourself
This is certainly the most important part. Once you are done with your reading, please attempt as many tests as you possibly can. While it may occur to you that you aren’t scoring well initially, this would improve with gradual practice. Also, you would be better trained to avoid silly mistakes in the actual exam.
In addition to this, you may come across questions that would introduce you to important Current Affairs around Indian Economy, that you may have skipped otherwise.
Make sure you attempt as many tests as possible before you finally sit for the actual exam. It helps you with recall and saves you from making avoidable mistakes. Indian Economy is one of the most scoring and interesting parts of the IAS Exam. If prepared well, it is highly likely that you may end up scoring 100% in Economy.
We can never undermine the importance of tests for IAS Exam preparation. To begin with, you can always solve previous years’ question papers. Refer to the FREE IAS package and solve it.
Preparing for IAS Prelims 2018?? Try this Free Package!!
Try and take weekly tests around the same repeatedly so that you can clearly see improvements in your preparation. A good test series will always help you evaluate yourself better and give you enough pointers to improve upon.
We hope that this article on IAS Prelims 2018 Indian Economy Tips will help you formulate your preparation scheme and score well in the real Examination. Stay connected for more information regarding UPSC IAS Recruitment 2018. To excel in IAS Exams, download the Best UPSC IAS Exam Preparation App for free.