Preparation Tactics for the GS Economics Paper

There is always that one paper which can either give you more marks or reduce it. One such paper is GS Economics. This subject is particularly not easy to crack. The civil services aspirants need to understand the concepts of Economics to successfully complete the paper. Any exam demands dedicated efforts from the aspirants to pass it. Along with the students’ effort, they also need the guidance of the best IAS Academy in Chennai.

 

You need proper preparation tactics for the GS Economics paper. The aspirants must be in constant touch with current affairs in the economic world. Since this exam is focused on recent trends, it can be difficult to find suitable reference books.

 

In this post, we will see how you can prepare for GS Economics Paper.

Syllabus of the paper

Here are the important portions you need to get familiar with during preparation. These tips are suggested by the Top 10 IAS Coaching Centres in Chennai.

 

  • Financial and social development
  • Sustainable growth
  • Poverty, the demographical structure of the country, developments in social sectors
  • Banking & Finance sectors, sanitation, and international financial affairs.

What should you focus on?

  1. Fiscal policy

  • Definition 
  • Features of the policy
  • Components, receipts, revenue, and capital account
  • Taxation
  • Expenses
  • Its influence on the budget

 

  1. Poverty

  • Definitions of the concept
  • Influencers of Poverty
  • Poverty measurements and classifications
  • Distribution and Deprivation
  • Calories & Income
  • Measures to reduce poverty & schemes

 

  1. Economical growth

  • Basics of Economics
  • Micro & Macro Economics
  • The stability among micro and macroeconomics
  • Distribution of wealth & Economics
  • India’s function in diverse monetary indices

 

  1. Inclusion

  • Inclusion types
  • Recent projects associated with inclusion
  • Economical inclusion

 

You must be prepared with other topics such as Demand & Supply of money, Tax structure, Inflation, and its impact, GDP, Niti Aayog, and financial development of an individual in the country. All these concepts will help you understand the essence of the paper. It will give you a stronghold regarding the basics of economics. 

 

The GS Economics consists of questions that test the concepts that a student has learned. It is not easy to answer such questions unless the aspirant is well versed with the topics. A student must be proficient in drawing up conclusions from the concepts in the textbooks. This paper also focuses on current trends in the world. Therefore, the students must keep tabs on good newspapers and world news channels.  

Reference books

NCERT books are always the best place to start preparing for your UPSC exams. The best UPSC Coaching Centre in Chennai also recommends the same. NCERT books have all the basic concepts that an aspirant can easily understand. You can refer to the economics textbook from 9th to 12th. Pick out those topics that have good weightage.

You can also refer to these books for a more advanced understanding of the concepts.

 

  1. Indian Economy from Ramesh Singh and another book of the same name by Mishra and Puri

  2. India economy since independence & Indian economy: Performance and policies by Uma Kapila

  3. Sanjiv Verma’s The Indian Economy Book 

  4. Economic survey (volume 1 & 2) by Ministry of Finance

  5. Indian Economy by Dutt and Sundaram

  6. India Year Book

 

It is good to start your preparation early and manage your time well to cover all the important topics. Also, ensure that you have enough time to revise the concepts.