Economy For State Public Service Commissions Exam 2022

Economy For State Public Service Commissions Exam 2022: Indian Economy for UPSC, State PSC Civil Services Examination (IAS) and all other competitive exams preparation. Indian economy/ Economics is part of both Prelims and the Mains Syllabus. Also, Economics is an optional subject choice in the Mains exam.

This highly relevant and scoring subject often poses a challenge to IAS and PCS aspirants, as students find it hard to make notes balancing both static and dynamic economic topics. Hence, we have provided Indian Economy notes specifically for UPSC, State PSC preparation. These notes are made by experienced subject matter experts specifically for the Civil Services exam 2022. This article will provide you with all relevant Economics notes for both prelims and Mains 2022.

Economic and Social Development: sustainable development, poverty, inclusion, demographics, social sector initiatives, etc.

Here, you must cover topics such as economic growth and development, finance, banking, budget, balance of payments, poverty and related issues, population composition and related characteristics, social sector initiatives related to education, health and sanitation, and international financial institutions.


The topics and chapters below are taken from the Introductory Macroeconomics by NCERT:

  • National Income Accounting
  • Money and Banking
  • Income Determination
  • The Government: Functions and Scope
  • Open Economy Macroeconomics

The topics and chapters below are taken from the Introductory Microeconomics by NCERT:

  • Theory of Consumer Behaviour
  • Production and Costs
  • The Theory of Firm under Perfect Competition
  • Market Equilibrium

Current Affairs Year Book 2022: Economy

Economy Question Bank For UPSC | State PSC | Civil Services Preliminary Examination

Books for Indian Economy

Economy Question Bank For UPSC | State PSC Preliminary Examination – Download

Indian Economy for Civil Services Examination – Download

Indian Economy by Ramesh Singh (Economy)

Indian Economy by Ramesh Singh is a comprehensive text, with detailed coverage of all topics in the UPSC Preliminary and Main syllabus. The book is a stellar product, with many years of bestselling performance.

Link to buy online: Indian Economy by Ramesh Singh.

Link to buy online: Bharatiya Arthavyavastha (Hindi).

Economy For State Public Service Commissions Exam 2022

  • Economic growth and development – basic concept and definition of economy and economics, uses and transfer of resources, distributive effects, macro and micro economic policy, micro-macro balance, distributive impact of economic policies, development versus growth, determinant of growth and development, concepts such as HPI/MPI, HDI, PQLI, GEM, GDI/GII, TAI, Green index, sustainable development, India’s ranking in the various indices.
  • Poverty – definitions, causes, distribution-deprivation, income versus calories, measurement of poverty, status of poverty, eradication programmes, poverty and resource policy, tribal rights and issues, livelihood mission.
  • Inclusion – definition, relevance, types, financial inclusion, recent initiatives.
  • Demographics – census data, populations by gender, by state, by age group, socio-economic status, caste, religion, literacy levels, etc. Trends in human development – interstate comparison, etc.
  • Fiscal policy – definition, component, receipts, revenue and capital account, tax revenue, expenditure, budget.
  • Social issues – financing health policy, education policy, sanitation, drinking water, social security, infrastructure policy, international trade issues, regional cooperation.
  • Also, focus on issues currently in news related to the above topics – MNERGS, MSMEs, Make in India, industrial corridors, NITI Ayog, black money, international treaties and organisations, India’s policies with neighbours.
  • Indian Economy and issues relating to planning, mobilization of resources, development, growth and employment.
  • Inclusive growth
  • Budgeting
  • Major cropping patterns in different parts of the country, different types of irrigation, transport and marketing of agricultural produce and issues and associated constraints; e-technology for
  • Direct and indirect farm subsidies and minimum support prices; PDS- objectives, functioning, limitations; issues of buffer stocks, food security; economics of animal-rearing, Technology missions.
  • Food processing and related industries
  • Land reforms
  • Effects of liberalisation
  • Infrastructure: energy, roads, ports, airports and railways
  • Investment models
  • Features of Indian Economy – division of economic activities, poverty, unemployment, HDR, measures to eradicate poverty
  • Basic Economic Indicators – national income, price index, production, population, foreign trade
  • Population – growth, census, consumption pattern (energy)
  • National income – concepts, methods of calculation
  • Agriculture – crops, seasons, agricultural credit agencies, Kisan Credit agencies, land reforms, insurance, green, white, blue, yellow revolutions, irrigation
  • Industry – industrial policies (1948, 1956, 1991), small scale industries, key industries, industrial sickness, the different committees, disinvestment, PSU policy, industrial finance
  • Foreign trade – composition, direction, EXIM policy, WTO, balance of payments, measures to improve foreign trade
  • Money and banking – Money market, credit control (different rates), commercial banks, cooperative banks, NBFCs, committees, SEBI, stock market developments, insurance industry, new banking sector reforms, money supply measures, inflation, deflation
  • International organisations
  • Planning commission – five year plans
  • Public finance – finance commission, taxation, deficit financing, public spending and debt

Economy For State Public Service Commissions Exam 2022 – Click here

Indian Economy for Civil Services and Other Examinations by Ramesh SinghClick here

Indian Economy For Civil Services and Other Exams by Nitin SinghaniaClick here

How to prepare economy for UPSC, State PSC Mains?

  • NCERT textbook classes X, XI, XII
  • Indian Economy – Ramesh Singh
  • Indian Economy – Sanjeev Verma
  • Ministry websites of water, power, etc.
  • Economic Survey
  • Budgets
  • Administrative Reforms Commissions (ARC) Reports
  • PIB
  • Newspapers

Which are the most important books to cover the Economy syllabus for UPSC, State PSC Exam?

Economy is one of the four core subjects in the UPSC, State PSC exam syllabus. For clear understanding of the basic concepts and comprehensive coverage of the syllabus, it is advisable to go through “Indian Economy” by Ramesh Singh or “The Indian Economy” by Sanjeev Verma.

Is Micro Economics important for UPSC, State PSC Exam?

Though a few conceptual questions could appear in the Prelims Examination, it is highly unlikely that direct questions from Microeconomics appear in the GS Paper in the Mains Exam. Economic Survey and Economics Current Affairs must be covered on a regular basis to score good marks in both prelims and mains.

What is Economic Survey?

Economic Survey is the annual document of the Ministry of Finance, usually presented just before the Budget. It consists of a detailed account of the sectors of the economy and the overall economic scenario in the country. It is an indispensable source for UPSC, State PSC Exam preparation.

How good is Economics Optional for UPSC, State PSC Mains?

If one has a good hold over the subject or has a strong interest in the subject, Economics optional is one of the best optionals that can be chosen for mains. It is easy to find study material and coaching for the optional. An additional benefit is that choosing Economics optional will help you cover a portion of General Studies Paper Syllabus.

Does Economics Optional help in covering GS Syllabus?

Economics optional syllabus does have an overlap with the economics syllabus in General Studies Paper 3. Hence, preparing for Economics optional will help in covering a portion of General Studies Paper syllabus.

How to prepare economy for Mains in 3 months?

Learning the basics from NCERTs would prove immensely useful. Later, important economic terms often heard in the news should be understood. Questions on the economy aren’t from core economics rather they are influenced by current affairs. Hence, one should go through all related news from economics background. Reference books like Ramesh Singh’s Indian Economy could be referred to while understanding the fundamentals. 

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