Economy

is the most important subject of UPSC Prelims, Mains and Interview section because it has the weightage of around 30 marks in Prelims, 100-120 Marks in Mains and a good part of Personality Test. Considering the questions UPSC asks in Prelims, they have moved from being static and traditional topics to Current oriented terminologies, Banking, Fiscal Policy, RBI etc. and only an Expert can guide you well.

Our Director, Mr. Ankit Kumar has a Post Graduate degree in Economics and has a hold over 800+ topics which he corelates with the current affairs. This is exactly what is needed to score highest marks in UPSC Mains Examination 2021.

Free Lecture

We do not just teach Theoretical Economics, we give Live examples, Application of Knowledge, Applied Economics by using friendly pedagogical methods which would ensure long term retention within the class.
We focus on Priority wise teaching as per the latest trends of UPSC Prelims 2015-2021. For Example

1. Economics Terminologies, Banking, RBI, Fiscal Policy, Government Budgeting, Economic Survey, Government Schemes are Priority I topics. Most of the questions from 2017 to 2020 has come on these Topics. Hence we focus on them first.
2. Then comes Priority II Topics like Capital Markets, Reports and other Government Schemes etc.

What you will get from this batch?

Simple and Lucid teaching by Ankit Sir who is an Expert himself in Economy
Mindmap and Diagrams approach will help you get a clear cut understanding of the complex topics of Economy which includes complex concepts.
You will be able to corelate with multiple topics and in life and this will replicate in answers as well.
We shall have more than 100 diagrams in the class.
Learning and retention within the class. You will just need to revise multiple times because Environment and Economics are very dynamic concepts.
Doubt clearing sessions before Class would ensure you have no gaps in your preparation strategy. Even a single error can cost your rank in the Final List.
Coverage of 1 years current economics through Good morning times (Current affairs Booklet)
Then Revision lecture series through a new Sanjeevani batch just before the exams for your final revision.

Schedule of the Class

4 Days a week class.
Doubt clearing session and regular revision
28-30 classes in total.
Online and Recorded Lectures available.

You will also get the structure for every topic so that you know what to study and where do the questions come from. For example

Unraveling the UPSC Economics Optional Syllabus: A Comprehensive Guide for Aspirants

Embarking on the journey to become a civil servant through the UPSC examination demands strategic planning and meticulous preparation. For candidates with an inclination towards economic and social development, choosing Economics as an optional subject is a prudent decision. In this blog post, we will delve into the nuances of the UPSC Economics Optional Syllabus, shedding light on its importance, scope, and relevance for aspirants aiming to make a mark in the realm of civil services.

Understanding the Significance of Economics Optional:

Opting for Economics as an optional subject in UPSC offers candidates a unique opportunity to delve deeper into economic theories, policies, and development strategies. The subject holds immense relevance in the socio-economic context, providing a comprehensive understanding of the challenges and opportunities in the field of economic development.

Economic and Social Development in UPSC:

The Economics Optional Syllabus encompasses a wide array of topics, with a special focus on economic and social development. Aspirants will explore concepts related to poverty, unemployment, inequality, and inclusive growth. The economics optional syllabus is designed to equip candidates with the analytical tools needed to assess and propose solutions to the myriad economic challenges faced by the nation.

Key Components of UPSC Economics Optional Syllabus:

1.Microeconomics:

Consumer behavior and demand
Production and costs
Market structures
Factor pricing

2.Macroeconomics:

National income and employment
Money and banking
Inflation and deflation
Fiscal and monetary policies

3.International Economics:

Balance of payments
Exchange rates
International trade

4.Economic and Social Development:

Poverty, unemployment, and inequality
Sustainable development
Social sector initiatives

5.Indian Economy:

Planning in India
Economic reforms
Agriculture and industry

Strategies for Mastering Economics for IAS:

1. Thorough Understanding of Concepts:

Develop a strong foundation in economic theories and concepts. Understanding the basics is crucial for tackling complex issues in the exam.

2. Current Affairs Integration:

Stay abreast of current economic developments and their implications. Integrating current affairs into your study routine enhances the practical applicability of your knowledge.

3. Practice Numerical Problems:

Economics involves numerical problem-solving. Practice solving economic problems to strengthen your quantitative skills.

4. Diagrammatic Representation:

Use diagrams and graphs to illustrate your answers. A visual representation enhances the clarity and impact of your responses.

5. Answer Writing Practice:

Practice answer writing regularly. Develop a structured approach to presenting your answers concisely and coherently.

Economics optional syllabus

Paper 1

Macro Topic	Micro Topics
Advanced Micro Economics	Approaches to Price Determination: Marshallian and Varrasiam. Alternative Distribution Theories: Ricardo, Kaldor, Kaleeki. Market Structure: Monopolistic Competition, Duopoly, Oligopoly. Modern Welfare Criteria Pareto Hicks and Scitovsky, Arrow’s Impossibility Theorem, A. K. Sen’s Social Welfare Function.
Advance Macro Economics	Approaches to Employment Income and Interest Rate determination: Classical, Keynes (IS)-LM) curve, Neo-classical synthesis and New classical, Theories of Interest Rate determination and Interest Rate Structure
Money-Banking and Finance	Demand for and Supply of Money: Money Multiplier Quantity Theory of Money (Fisher, Pique and Friedman) and Keynes Theory on Demand for Money Goals and Instruments of Monetary Management in Closed and Open Economies. Relation between the Central Bank and the Treasury. Proposal for ceiling on the growth rate of money. Public Finance and its Role in Market Economy: In stabilisation of supply, allocative, of resources and in distribution and development. Sources of Government revenue, forms of Taxes and Subsidies, their incidence and effects. Limits to taxation, loans, crowding-out effects and limits to borrowings. Public expenditure and its effects.
International Economics	Old and New Theories of International Trade: Comparative advantage Terms of Trade and Offer Curve Product Cycle and Strategic Trade Theories Trade as an engine of growth and theories of underdevelopment in an open economy. Forms of Protection: Tariff and quota. Balance of Payments Adjustment: Alternative Approaches. Price versus income, income adjustments under fixed exchange rates. Theories of Policy Mix. Exchange rate adjustments under capital mobility. Floating Rates and their Implications for Developing Countries: Currency Boards. Trade Policy and Developing Countries. BOP, adjustments and Policy Coordination in open economy macro-model. Speculative attacks. Trade Blocks and Monetary Unions. WTO: TRIMS, TRIPS, Domestic Measures, Different Rounds of WTO talks.
Growth and Development	(A) Theories of growth: Harrod’s model Lewis's model of development with surplus labour Balanced Unbalanced Growth Human Capital and Economic Growth Research and Development and Economic Growth. Process of Economic Development of less developed countries: Myrdal and Kuzments on economic development and structural change: Role of Agriculture in Economic Development of Less Developed Countries. Economic Development and International Trade: and Investment, Role of Multinationals. Planning and Economic Development: Changing Role of Markets and Planning, Private-Public Partnership. Welfare indicators and measures of growth: Development and Environmental Sustainability: Renewable and Non-renewable Resources, Environmental Degradation, Intergenerational equity development.

Paper 2

Indian Economics in Post-Independence Era:

Land System and its changes, Commercialization of agriculture Drain theory, Laissez faire theory and critique. Manufacture and Transport: Jute, Cotton, Railways, Money and Credit. Indian Economy after Independence:

The Pre-Liberalization Era:

Contribution of Vakil, Gadgil and V.K.R.V. Rao.
Agriculture: Land Reforms and land tenure system, Green Revolution and capital formation in agriculture.
Industry Trends in composition and growth, Role of the Public and private sector, small scale and Cottage Industries.
National and Per capita income: Patterns, trends, aggregate and sectoral composition and changes therein.
Broad factors determining National Income and distribution, Measures of poverty, Trends in poverty and inequality.

The Post-Liberalization Era:

New Economic Reform and Agriculture: Agriculture and WTO, Food processing, Subsidies, Agricultural prices and public distribution system, Impact of public expenditure on agricultural growth.

New Economic Policy and Industry: Strategy of industrialisation, Privatisation, Disinvestments, Role of foreign direct investment and multinationals.

New Economic Policy and Trade: Intellectual property rights: Implications of TRIPS, TRIMS, GATS and new EXIM policy.

New Exchange Rate Regime: Partial and full convertibility, Capital account convertibility.

New Economic Policy and Public Finance: New Economic Policy and Public Finance: Fiscal Responsibility Act, Twelfth Finance Commission and Fiscal Federalism and Fiscal Consolidation.

New Economic Policy and Monetary System. Role of RBI under the new regime.

Planning: From central Planning to indicative planning, Relation between planning and markets for growth and decentralised planning: 73rd and 74th Constitutional amendments.

New Economic Policy and Employment: Employment and poverty, Rural wages, Employment Generation, Poverty alleviation schemes, New Rural, Employment Guarantee Scheme

Conclusion:

Opting for Economics as an optional subject in UPSC is a strategic choice that aligns with the dynamic socio-economic landscape of the nation. By mastering the UPSC Economics Optional Syllabus, aspirants can not only enhance their chances of success in the examination but also contribute meaningfully to the economic and social development discourse in the country. Embrace the syllabus with enthusiasm, and let the journey towards becoming an adept economist and civil servant unfold.

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