How to Cover Indian Economy in 10 Days

Indian economy is a subject people from science or arts background find difficult. But is it important in UPSC exams? In Prelims, usually 12-20 questions were asked from Indian Economy. In 2018, 20-25 questions were asked from Indian economy. Indian Economy can be covered in 10 days based on the plan below. An important book that will help to this is Indian Economy by Ramesh Singh. Also make sure to solve questions from the previous 8-10 years which will give an idea about the questions asked.

The syllabus is not Economics. Economics is the science of studying the economy. It includes graphs, charts. The main syllabus is what is happening in the different sectors of Indian economy, the relation between Indian economy and world economy, inflation, fiscal policy of the government, monetary policy of the RBI, steps taken by RBI to cover inflation, various schemes by the government.

In Prelims, the main topics include economic and social development, sustainable development, poverty, demographics, social sector initiatives. Basically, what is going on in Indian economy, how does the government allocate resources to fulfill the needs and demands of Indian citizens. 

For Mains, topics include government budgeting, LPG reforms of 1991, industrial policy, HDI, Gender Inequality Index, trends in Human Development Index, steps for inclusive growth.

Before starting, try and cover the basic concepts which include the difference between micro and macro economics, monetary system, CRR, SLR, banking rate, direct tax, indirect tax, public finance, exchange rates.

Indian Economy by Ramesh Singh can be covered in 10 days with the following strategy. 

Unit 1, 2 and 3 can be covered in one day. It includes introduction, growth and development, evolution of Indian Economy. Unit 2 Growth and Development is very important.

Unit 4 Economic Planning, Unit 5 Planning in India and Unit 6 Economics Reforms can be covered on day 2.

Unit 7 Inflation and Business Cycle is very important. Unit 7 and unit 8 Agriculture and Food Management can be covered on day 3.

Unit 9 Industry and Infrastructure and unit 10 Service Sector can be covered on day 4. Unit 11 and 12 Indian Financial Market and Banking in India can be covered on day 5. On day 6, unit 13 Insurance in India and Unit 14 Security Market can be covered.

Then you can take a break as the rest of the chapters are important only for the mains. Chapters 21,22 and 23 are not important.

Try and cover all the basic topics using the internet or other resources. On the first reading, underline the important topics and then start taking notes. Following this plan helps you to comprehensively cover Indian Economy in less than 10 days.

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