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Economy: why Important (GSM1)
1. Industrial revolution, colonization, decolonization
2. Political philosophies like communism, capitalism, socialism etc.
3. Post-independence India
population and associated issues, poverty and developmental
issues, urbanization
4. Globalization on Indian society
5. Social empowerment,
6. Location of industries

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Economy: why Important (GSM2)
1. Indian Constitution, various bodies
2. devolution of powers and finances up to local levels
3. Ministries and Departments
4. Statutory, regulatory and various quasi-judicial bodies
5. Government policies and interventions for development
6. Welfare schemes
7. Social Sector/Services relating to Health, Education, Human Resources.
8. Poverty and hunger.
9. India and its neighborhood- relations.
10. Bilateral, regional and global groupings and agreements involving India and/or affecting Indias
interests
11. Effect of policies of countries on Indias interests, Indian diaspora.
12. Important International institutions

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Economy: why Important (GSM3)
1. Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.
2. Inclusive growth and issues arising from it. Government Budgeting.
3. storage, transport and marketing of agricultural produce and issues and related constraints;
4. Farm subsidies, MSP, PDS, Economics of animal rearing
5. Food processing, upstream downstream, SCM
6. Land reforms in India.
7. Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth.
8. Infrastructure: Energy, Ports, Roads, Airports, Railways etc.
9. Investment models.
10. environmental impact assessment
11. Linkages between development vs extremism.
12. money-laundering and its prevention
13. Security challenges
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Economy for UPSC: Prep. Resources
Theory / Contemporary Current
1. NCERT 11, 12
2. Ramesh Singh, Laxmikanth
(budget)
3. GS Manual (only Mock Qs)
@SPIPA library
4. Dutt Sundaram,
5. Mishra Puri,
6. Uma Kapila
1. Hindu: Maintain notes
2. Mrunal.org/Economy
3. Economic Survey, Budget
Speech,India Yearbook 2014
4. Yojana, Kurukshetra, EPW,
Frontline (@SPIPA Library)
5. Economics Times
6. Financial Express
7. Business line etc.
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Micro Economics
Imp. for CDS, but not much for CSAT / mains
For CSAT: (Class 12 NCERT Micro economics)
Elasticity of demands (ch2) + Giffen goods (internet)
Law of diminishing marginal product (ch 3.4)
Perfect competition (ch4.1): only features. (=>CCI)
Non-competitive markets: (ch.6)
features given @intro
Monopolistic competition (ch.6.2.1)
Oligopolistic competition (ch 6.2.2)
Price ceiling and Price floors (ch5.2): only basic definition
Glossary : only MCQ worthy definitions.
Mrunal.org
Economy for Exam= Macro + Indian
1. Barter => Money =>Evolution
2. Circular Flow of income=> FI
1. Banking=> RBI
2. Finance=> SEBI
3. Insurance=> IRDA
4. Reforms, foreign investment
3. International Trade
1. BoT, BoP, CAD, Forex, FDI, FII
2. World Bank, IMF, ADB, WTO
3. (Mains) IR/Bilateral/globalization Angle











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Economy for exam Macro + Indian
1. Taxation
1. Budget, policies, planning-schemes-subsidies=>fiscal deficit
2. Tax reform: VAT, GST, DTC, GAAR, (Mains) Money laundering
3. Subsidy reform: LPG, Sugar, petro/diesel, DBT
4. disinvestment
2. Judgment
1. SC, CCI, CAG, Scams, policy paralysis
3. Growth & Development
1. Sustainable, inclusive, empowerment
2. Poverty, inflation, employment, HDI, skill development
4. Business GK/PIN
1. Prelim mains
2. interview
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GDP & Growth: Basics
NCERT Class 12 Macro Economics
Ch 1 basic.
Ch. 2 National Income Accounting
Circular flow of income.
How to calculate national
income (details)
GDP, GNP, NNP, deflator and
their formulas.
Ramesh
Ch1. subtopic ideas of national
income
(NCERT) ch2. GDP vs Welfare
1. RAMESH: Ch 2 growth and
development.
2. Human Development index:
Theory + current (Mrunal under
Economic Survey ch. 13
summary) + Schemes.
3. Then newspaper + Yojana/Kuru
+Magazines =>pib.nic.in
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Money-Banking-Finance (theory)
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Money-Banking-Finance (theory)
NCERT Class 12 (Macro Economics)
Ch. 3 Money & Banking: Supply of money, Functions of RBI
Ramesh Singh:
12 Banking
11. Financial market => 14 Securities Market (Stock exchange, FII, QFI
etc.)
13 Insurance
Mrunal.org
Money-Banking-Finance (Current)
Economic Survey ch5 (FI)
Legal angle: CSR, company law, SEBI powers
Committees: Mayaram FDI-FII, Bimal Bank License, Nachiket Fin.
Services, PJ Nayak Governance in Bank boards
Scam like: Bitcoin, Ponzi Scheme, NSEL, SEBI-SAHARA, Money
laundering
Growth/Inclusion Angle
Internal economy in foreign countries.
Mrunal.org
Money-Banking-Finance:
How to Maintain Notes?
Banking
1. RBI did not change the r ates
2. Hongkong Macau: RBI sensitive list, persmission (FEMA)
3. Nachiket, Bimal, PJ Nayak
4. Forex reserve: 179=>293
5. Women bank: 1cr. Loan w/o collateral

Mrunal.org
Money-Banking-Finance:
How to Maintain Notes?
SEBI/IRDA/Securities
1. SEBI: corporate governance new norms; NSEL scams, Sahara Scam
2. IRDA:
1. CSC can sell policies,
2. Broker model for Banks
3. (Biz GK) Bajaj alliz. All women branch insurance
3. EPFO: raised the return, single number
4. Coal India: dividend Rs.29 (G-sec 15 cr / 18 cr. Dividend)
5. TCS: profit raised 50%; 25k new jobs
6. Inflation indexed bonds
7. NCDEX- GoldH100, BSE: India sovereign index

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Foreign Trade/Investment (theory)
NCERT 12/macro/ch.6
Balance of Payment, Foreign Exchange
Gold standard, Bretton woods.
Formulas and Charts
National income: Y=C+I+G+X-M
+ all the terms in Glossary.
Ramesh Singh
Ramesh Ch15: External Sector
Ramesh ch16: IMF, World banks, OECD, ADB and other intl.org (even for
Mains)

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Foreign Trade/Investment (Current)
1. CAD high, Rupee weak (Govt+RBI)
2. Bilateral investment
1. India 2014 Ch. on Commerce. (for Mains.)
2. Visits and agreements. (notes)
3. WTO: current (Bali summit, agro subsidy)
4. Infra, Food processing related (GSM3)
Mrunal.org
Foreign Trade/Investment:
How to Maintain Notes?
1. FDI
1. Wallmart got CCI permission, Wallmart India ltd.
2. Tesco (UK) + Trent (TATA)
3. FDI=>16-33% went back in Royalty payment
4. Axis Bank=>62% foreign bank
5. TATA+SIA airlines deal. A320 on lease
6. FDI proposal in rail; white paper on e-commerce
7. Rio-tinto: Bundelkhand MP, diamond Top-10
8. Lactel buys Tirumala dairy
9. Mayaram Panel on FII and FDI
2. CAD: 50 bn$;
3. Basmati Highest exporter India
4. Environment clearance: POSCO, Niyamgiri=> visit of S.Korean President
Mrunal.org
Taxation
NCERT/12m/Ch. 5
Revenue and capital account
Measures of deficit
Changes in Expenditure : graph and formulas
Debt, deficit
1. Laxmi Polity: Ch. on parliament=>budget making (Polity)
2. Laxmi Pub.Ad:
1. Chapter on Financial Administration,
2. Union Government in India (PSU)
Ramesh Singh 18 Public finance.
Ramesh singh Ch.17 Taxation
Lastly, GSM (MCQ)


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Taxation: Current/ Contemporary
Only Vote on account Feb 2014
Rail budget:
Technology, metro project, agro. (mains)
Cross-subsidization: rail tariff authority
Full budget after election
FMs Full speech, schemes, taxes
Estimates: highest earning from?
Slab overviews. FRBM target
Excise/custom: Agriculture, MSME, foreign trade
BTT, GAAR, DTC, VAT, GST,Money laundering (Mains)









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Taxation/ judgement:
How to maintain notes
CBDT: cancelled tax exemption for cricket boards
VCES: voluntary compliance encouragement scheme: Service tax (31
st

dec)
LPG Gas: Rahul, Gujarat-GAIL, new pricing for LNG acco2 Rangarajan
NELP: 10
th
round
Flexi funds: for state government scheme
Subsidies 3lakh crore, DBT saves 60k



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Taxation/ judgement:
How to maintain notes
Fiscal deficit: CRISIL 5.2%, take special dividend from PSUs
NHAI : plan meetings waste of time
Disinvestment: Hindustan Zinc scam, SUUUTI
Gold import duty reduce
Coalgate: government admits wrongdoing in SC
CCI: 1.7k crore penalty on CIL
Adani SEZ: HC cancelled clearance


Mrunal.org
Indian Economy
Background:
NCERT 12: Fundamental of Human Geo.
1. Unit III (ch.5 to 9): sectors of economy
Colonialism, Imperialism, industrial revo.
1. NCERT (old) class 10, first chapter (Mrunal.org/history)
2. Bipin Chandra (Ch7) Economic Critique
3. NCERT class11 (economy) Chapter 1
Mrunal.org
Indian Economy (post-Independence)
For both Prelim + Mains
NCERT (economy) class11: Chapter 2
1. Planning=> Ramesh 4 and 5
2. Land reforms =>
1. Prelim (NCERT) + India Yearbook for schemes (rural development)
2. (Mains) Mrunal.org/polity + Bipins PI (ch.29 to 31)
3. Green revolution
1. Prelim (NCERT)
2. Mains: Bipin (PI) ch33
3. Yoj, Kuru, newspapers










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Indian Economy Prelim cum Mains
NCERT class11: Chapter 2
1. Green revolution
1. Prelim (NCERT) + (Yearbook: MSP, NAFED etc.)
2. Ramesh Singh Ch.8.
3. Mains: Bipin (PI) ch33
4. ==>Geography/Agriculture (Cropping, seasons, soil types)
5. ==>Food processing, Food security (mains)
6. Yoj, Kuru, newspapers
2. Subsidies =>Budget, Economic Survey, DBT














Mrunal.org
Indian Economy Prelim cum Mains
NCERT Class 11
Chapter 2: Industrial policy resolution, Import substitution, Permission raj
Chapter 3: LPG
Ramesh Singh
1. Ch.6 (Economic Reforms)
2. Ch7 Inflation. (+newspaper)
3. ch9 (Indian industry and infra.) licensing, policy, disinvestment
Budget + Economic survey + IYB
Mains
Bipin PI Ch.25-28
Newspaper columns











Mrunal.org
Indian Economy Prelim cum Mains
NCERT class11:
Ch4 Poverty: poverty line, Causes of poverty
Ch5 human capital formation
Ch7 Employment
Prelim cum mains (GSM1, 3)
Ramesh: ch.21 Demographic dividend, 22 human development
Eco. Survey ch.2 and ch.13
Census 2011, skill Development (Yoj/Kur/12
th
FYP/Schemes)

















Mrunal.org
Indian Economy Prelim cum Mains
NCERT class11:
Ch.6 Rural development=>
Eco.Survey ch8 (agri. Food Management)
IYB chapter (Agri, rural urban Development)
Rural banking=>RRB, financial inclusion (site)
Agri.marketing=> Food processing (Mains) (site)
Organic farming & its benefits.
+ Hindu, Magazine














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Indian Economy (infra)
NCERT class11: Ch.7 infrastructure
Energy=>
renewable/non sources (GSM1); infra. (GSM3)
DR Khullar, Economic Survey
Health infra.=> MDG, Public health, Schemes (GSM2 social sector
schemes) (site)
Current
1. Ramesh Ch 9 and ch.22
2. Economic Survey ch. 9, 10 and 11 (site)
3. Newspaper, Y/K/12
th
























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Indian Economy (Sustainable
Development)
Prelim cum Mains
NCERT class11: 9
Carrying capacity, ozone depletion etc. basic
NCERT sci/geography, NIOS
Current
1. Ramesh Ch.20
2. RIO+20 (Mrunal.org/enb)
3. Economic Survey ch. 12(site)























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Indian Economy (vs. others)
Prelim cum Mains
NCERT class11: ch.10
Comparative Development (not much)
(Mains)Decolonization => NCERT (old) Class10
IR angle: newspapers [mainly those affecting Indian interests]






















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Overall
First priority:
1. Class 11 Micro.
2. Class 12 Macro=> Ramesh, Laxmi
3. Class 11 Economic Development => Ramesh
+ solve last three papers
+ Mock Questions from theory
Parallel: Notes making for current.
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