UPSC Indian Economy – 3-Month Complete Study Plan
🕒 Total Duration: 12 Weeks (3 Months)
💼 Time Required: 2–3 hours/day
🎯 Goal: Build Concept Clarity + Current Linkages + Answer Writing Skills
📅 MONTH 1 – Build Strong Basics (NCERT + Foundation)
WEEK 1 – Basic Concepts of Economy
Topics to Cover:
- What is Economy, GDP, GNP, NDP, NNP, PCI
- Economic Systems: Capitalist, Socialist, Mixed
- Sectors of Economy (Primary, Secondary, Tertiary)
- Economic Indicators & Growth Measurements
Sources:
- NCERT Class 9 & 10 Economics
- NCERT Class 11 – Indian Economic Development (Ch. 1–3)
Practice:
- Write definitions in your own words.
- Revise with concept charts.
- Watch 1 YouTube lecture on “Basics of Indian Economy.”
WEEK 2 – National Income & Growth
Topics to Cover:
- Circular Flow of Income
- Methods of Calculating National Income (Income, Output, Expenditure)
- Real vs Nominal GDP
- Limitations of GDP
- Green GDP, HDI, Happiness Index
Sources:
- NCERT Class 12 – Introductory Macroeconomics (Ch. 2–4)
- GC Leong (Intro pages for macro overview)
Practice:
- Make summary notes on GDP terms.
- Solve 10 PYQs (Prelims) on GDP & growth.
WEEK 3 – Economic Planning & Development
Topics:
- Economic Planning in India (Five-Year Plans)
- NITI Aayog – Structure, Roles, Objectives
- Growth vs Development
- Sustainable & Inclusive Growth
Sources:
- NCERT Class 11 – Indian Economic Development (Ch. 4–6)
- NITI Aayog Website (About Us section)
Practice:
- Write 150-word note on “Inclusive Growth.”
- Make table comparing Planning Commission vs NITI Aayog.
WEEK 4 – Poverty, Unemployment & Inequality
Topics:
- Types of Poverty
- Measurement (Head Count Ratio, MPI)
- Unemployment – Types & Trends in India
- Government Schemes: MGNREGA, PMEGP
- Social Sector – Health, Education, Skill
Sources:
- NCERT Class 11 – Indian Economic Development (Ch. 7–9)
- NITI Aayog SDG Report
Practice:
- Make flashcards of major schemes (with year + ministry).
- Revise using Economic Survey data.
📅 MONTH 2 – Strengthen Core Economy (Advanced + Fiscal + Banking)
WEEK 5 – Money, Banking, and Monetary Policy
Topics:
- Money – Functions & Supply (M1–M4)
- Banking Structure in India
- RBI – Roles & Functions
- Monetary Policy Tools – Repo, CRR, SLR
- Inflation & Control Measures
Sources:
- NCERT Class 12 – Macroeconomics (Ch. 5–6)
- Ramesh Singh – Indian Economy (Banking Chapters)
- RBI Website (Monetary Policy page)
Practice:
- Create one-page summary of Monetary Policy Instruments.
- Solve 10 PYQs on RBI & Banking.
WEEK 6 – Government Budget & Fiscal Policy
Topics:
- Union Budget – Structure, Revenue & Capital
- Deficits – Fiscal, Revenue, Primary
- FRBM Act
- Subsidies, Grants, and Expenditure Patterns
- Budget Terminologies
Sources:
- NCERT Class 12 – Macroeconomics (Ch. 7)
- Budget Summary (PRS India / Vision IAS Analysis)
- Economic Survey (Budget section)
Practice:
- Revise key terms (Capital Receipts, FRBM Targets).
- Write 150 words: “Importance of Fiscal Discipline.”
WEEK 7 – Inflation, Deflation, and Price Stability
Topics:
- Inflation – Causes, Types, Impact
- WPI, CPI, GDP Deflator
- Stagflation, Reflation, Disinflation
- RBI’s Inflation Targeting Framework
Sources:
- Ramesh Singh (Inflation chapter)
- Economic Survey – Inflation Trends
Practice:
- Solve 5 PYQs from Prelims related to inflation.
- Revise through mind maps.
WEEK 8 – Financial Markets & Inclusion
Topics:
- Money Market, Capital Market
- SEBI, Mutual Funds, Bonds, T-Bills
- Financial Inclusion: PMJDY, UPI, RuPay
- NBFCs, Microfinance, SHGs
Sources:
- Ramesh Singh (Financial System section)
- RBI Reports / PIB Schemes
- Vision IAS Current Affairs Notes
Practice:
- Create chart: “Structure of Indian Financial Market.”
- Practice 10 MCQs.
📅 MONTH 3 – Apply and Revise (External, Reforms, Current Affairs)
WEEK 9 – External Sector & BoP
Topics:
- Balance of Payments – Current & Capital Account
- Exchange Rate Systems
- Forex Reserves & Devaluation
- WTO, IMF, World Bank, AIIB, NDB
Sources:
- Ramesh Singh – External Sector
- NCERT Class 12 (Open Economy Chapter)
- IMF & RBI Annual Report (summary)
Practice:
- Draw BoP Diagram from memory.
- Revise major trade agreements of India.
WEEK 10 – Agriculture & Industry
Topics:
- Role of Agriculture in Indian Economy
- MSP, PDS, eNAM, APMC Reforms
- Industrial Policies (1948–1991)
- MSMEs, Start-up India, Make in India
- Infrastructure – Energy, Transport, PPP Models
Sources:
- NCERT Class 11 – Indian Economic Development (Ch. 10–12)
- Economic Survey (Agriculture & Industry chapters)
Practice:
- Write short notes: “Industrial Corridors in India.”
- Make map of major industrial hubs.
WEEK 11 – Economic Reforms & Social Sector
Topics:
- LPG Reforms of 1991
- Privatization & Disinvestment
- GST & Tax Reforms
- Social Security & Welfare Schemes
- Human Capital Development
Sources:
- Ramesh Singh (Reforms Chapter)
- PIB & Yojana Magazine Summaries
Practice:
- Write Mains-style answer:
“Critically evaluate the impact of 1991 reforms on Indian Economy.”
WEEK 12 – Full Revision + Practice
Activities:
- Revise all 11 weeks’ notes & charts
- Practice PYQs (Prelims + Mains GS 3)
- Revise Economic Survey & Budget Summaries
- Take 2 full-length mock tests (Economy Sectional)
- Make final “Economy Quick Revision Notes” (10–12 pages max)
📗 Recommended Books & Sources
- NCERT Economics (Class 9–12)
- Indian Economy – Ramesh Singh / Shankar Ganesh
- Economic Survey (Latest Edition)
- Union Budget Summary (PRS India)
- NITI Aayog Reports
- PIB / Yojana / Kurukshetra for Current Affairs
- Vision IAS / ForumIAS Summary Notes
🎯 Output by the End of 3 Months
✅ Full coverage of static + dynamic economy
✅ Short notes for all major concepts
✅ Understanding of Economic Survey & Budget
✅ 200+ PYQs practiced
✅ Map & data charts for quick recall