Prepare Economy with Mrunal’s 7-PillarsTM Approach

2a. Banking

Monetary Policy Tools

RBI’s Monetary Policy (Last updated 15/1/15)

2b. Finance

3. Fiscal Policy, Taxation, Planning, Budgeting

4. International Trade, Balance of Payment, FDI

5a. Sector of Economy

5b. (GS3) Food Processing Industry

6. Infrastructure: Transport, Communication, Energy, ICT

7. Human Resource Development, Schemes, Subsidies

First read NCERT Class11: Ch4 (Poverty), Ch5 (Human Capital), Ch7 (Employment). उसके बाद ही निचे के आर्टिकल पढने चाहिए.

8. BizGK, Bank-CMDs, Persons in News

That portion is only important for non-UPSC exams. Refer to Mrunal.org/PIN for monthly updates on Persons in news, BizGK etc.

1. Basics from NCERTs

Download the NCERTs from This Link.
NCERT: Class11: Read it from First to last page.
NCERT: Class12: Macroeconomics: Only selective reading. Ignore formulas, graphs, equations and other complicated things, because its not asked in UPSC. At max, just memorize the formulas about GDP-GNP, national income etc.

NCERT: Class12: Microeconomics
It’s not asked on regular basis in the UPSC CSAT. Therefore do only selective study:

  1. Elasticity of demands (ch2) + Giffen goods (internet)
  2. Law of diminishing marginal product (ch 3.4)
  3. Perfect competition (ch4.1): only features.
  4. Non-competitive markets: (ch.6)
    1. features given @intro
    2. Monopolistic competition (ch.6.2.1)
    3. Oligopolistic competition (ch 6.2.2)
  5. Price ceiling and Price floors (ch5.2): only basic definition
  6. Glossary: only MCQ worthy definitions.

Not required / Non-Essential Books

  1. Dutt Sundaram, Mishra Puri, Uma Kapila = these are all academic books. For general studies/competitive exams you don’t need to prepare that deep. so, Don’t waste time in them. Certain (coaching) sites from 90s era still mention these as reference sources. My advice: Avoid.. Only after you’ve completed your core syllabus and want to refine points for Descriptive / Interview, you may selectively read its chapter. बाकी खाली फोकट दूसरो का महल देखके खुद की जोंपड़ी मत जलाओ भाई, सबसे पहेले बजिक सिलेबस Textbook, Budget-Economic survey से खत्म करो.
  2. Economics Times, Financial Express, Business line etc.= In certain doctored (fake) topper interviews published in certain magazines, the topper would claim “I read all these newspapers every day for preparing economy.” This is overkill, humanly impossible शक्य ही नही है. At most one newspaper is sufficient. For competitive exam you don’t need to prepare that deep from three-four different newspapers. However, if a topic is really important (such as GST/DTC related development) then you may use google to dig more from those newspapers. But don’t waste time reading three newspapers per day.
  3. Coaching material/Postal material: Most of them just bullet the paragraphs given in Hindu and sell it as “Current affairs compilation”. Waste of time and money. कहेता भी दीवाना और सुनता भी दीवाना एसी सारी बात है.

How to prepare Economy for IBPS, Bank Exams?

Detailed strategy given here: click me

How to prepare Economy for SSC?

Detailed strategy given here: click me

How to prepare Economy for IIM/MBA GDPI/Interviews

economics-satish-deodhar-iim-a
Most of the candidates spend entire year only on CAT. They start economy/current affairs preparation only 1-2 months before the GDPI= low quality answers=#EPICFAIL. You must do following

  1. Daily read any one English newspaper – (preferably IndianExpress, Hindu) that’ll help you even in reading comprehension.
  2. Maintain notes for important developments related to BusinessGK/FDI/Graduation field. Those IIM professors are too intelligent to fall for low quality clichéd points taught in magazines and *** classes for GDPI.

Idea prep = NCERT + Ramesh Singh. But if you want to take a shortcut then I would recommend go through “Day to Day Economy by Satish Yeodhar (IIM Ahmebad Business books series);