How To Read Economic Survey For UPSC Preparation

How To Read Economic Survey For UPSC Preparation?

In this article, we have mentioned the comprehensive details on Economic Survey and how aspirants can read the subject to fulfill and completes the UPSC exam preparation. Follow the below-guided instructions for better results. But before getting into the reading steps, let’s quickly have a look at the definition and purpose of the Economic Survey for UPSC preparation. 

What is the Economic Survey?

The Economic Survey is a yearly record brought out by the Department of Economic Affairs, Ministry of Finance. It covers the different parts of the Indian Economy in a far-reaching point of interest. It audits the improvements in the Indian economy over the past year, condenses the presentation on significant advancement programs. The Survey likewise features the approach activities of the legislature and the possibilities of the economy in the short to medium term. This report frames the foundation of one's arrangement with respect to the status of the Indian economy. Different suggestions remembered for the study regularly structure the wellspring of inquiries in the Civil administration Mains or Prelims. Consequently, it is critical to peruse the Economic Survey in order to all the more likely plan for the Economy part of the prospectus.

Structure of the Economic Survey – 

The complete structure of economic survey consists of 2 volumes:

  • Volume 1 comprises of future figures and spotlight on explicit issues. 
  • Volume 2 examinations the financial conditions in the past year. It has an area-based methodology. It additionally contains gauges for the medium and present moment.

Following table shows the example on contents of the Economic Survey:

  Volume 1 of the Economic Survey 

  Volume 2 of the Economic Survey 

  • Economic Outlook and Policy Challenges
  • Fiscal Developments
  • The Economic Vision for Precocious, Cleavaged India
  • State of the Economy: An Analytical overview
  • The Balance Sheet Problem
  • Prices & Inflation
  • Demonetization: To Deify or Demonize?
  • Monetary Management and Financial Intermediation
  • Fiscal Rules: Lessons from the States
  • Industry and Infrastructure
  • Fiscal Framework: The World is Changing
  • Climate Change, Sustainable Development, and Energy
  • Clothes and Shoes: Can India Recover Low Skill Manufacturing?
  • Social Infrastructure, Employment and Human Development
  • Universal Basic Income: A Conversation With and Within the Mahatma
  • External Sector
  • Review of Economic Developments
  • Agriculture and Food Management
  • The 'Other India’s': Two Analytical Narratives (Redistributive and natural resources) on States' Development
  • Income, Health, and Fertility: Convergence Puzzles
  • The 'Other India’s': Two Analytical Narratives (Redistributive and natural resources) on States' Development
  • India on the Move: New Evidence
  • From Competitive Federalism to Competitive Sub-Federalism

How to Read The Economic Survey?

As you have seen from the substance, the Economic Survey addresses all parts of the prospectus. All in all, in what manner would it be advisable for one to approach understanding it? 

  • Right off the bat, since the study is discharged in two separate parts (Which could conceivably be discharged together) the Government has itself made arrangements simpler. Take up and center around one section and move part insightful. It is prescribed that you experience the whole review in any event once. 
  • Make notes on the overview. Keep in mind, that every section will have explicit parts that are center focuses. For instance, the Economic Survey 2016-17 Volume 2 Chapter 1 records the advantages of GST. Each advantage is exhibited as a sub-heading. You can without much of a stretch note down the advantages as visual cues in your notes and since most are clear as crystal you need not include more detail. 
  • There are sure boxes that are given in the parts of the Economic overview. Try not to skirt these containers. Regularly prelims' inquiries come legitimately from the containers. 
  • Note that the Survey is littered generously with information. From the start, it will overpower. Despite the fact that your first intuition will be to attempt to mug as a lot of information as you can, it is prompted that you don't do as such. This is on the grounds that, it won't yield any advantages. Despite the fact that a goldmine for the analysts and financial specialists, it is a snare for the UPSC applicant. Figure out how to dismiss the information. You don't need to recall every one of the information. So figure out how to be specific. To do this, a great guide would be your present undertakings notes. Attempt and corresponding information to significant subjects and issues that have stayed applicable. Imprint out patterns and add them to your present issue notes if necessary. This will assist you in finding the information that you need. Make an information sheet independently to allude to and take in as you make notes from the review. Here is a case of how information is introduced in the study on a specific page. Note that from the given information on this page you need just spotlight on two things - the pattern in focal exchanges through years just as a financial deficiency. The others don't hold a lot of importance for your planning.

Tips To Prepare a Study Plan for the Economic Survey –

Since the Economic Survey is a major subject, this is the manner by which we prescribe that you separate your investigation plan.

Along these lines, you will have exhaustively secured the primary volume and won't require exceptionally point by point amendment for this one even in the Mains stage. A comparable report plan can be set up for Volume 2 too. Every section will scarcely require over two hours of your time and can undoubtedly be remembered for your day by day plan.

How to pursue the Economic Survey if the fundamental basics of the subject are weak? 

It isn't prompted that you get the overview until you are certain with your fundamental monetary phrasings. Keep in mind, that the study is a specialized report. It regularly contains clarifications that require a careful comprehension of microeconomics and macroeconomics. In this way, first, look over your financial aspects nuts and bolts before you move to the overview. Here are courses that can raise you to an acceptable level in Economics.

Which chapters would it be advisable for you to concentrate explicitly on? 

As we have said over and again, you ought to experience the whole overview. Notwithstanding, there are sure sections that are very critical for your readiness and are prescribed to be re-perused. For Volume 2, Chapter 1,5,7,8 and 9. For Volume 1, we suggest that you don't avoid any on the grounds that the substance is exceptionally helpful crosswise over different papers too - administration (General Studies 2), sexual orientation issues (General Studies 1) and even Essay.

Final Verdict 

The Economic Survey is a high weightage as far as Civil Services Prelims and Mains examinations. Each year at least 2-3 questions are directly or indirectly asked in the Prelims and the number is even higher in the Mains. So, we have thus prepared this strategy for you to use to easily completing this subject. Remember to brush up and revise your economics basics before you pick up this subject.