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UPSC Economics Syllabus 2021 Optional Subject for IAS (Paper I/II) PDF

UPSC Economics Syllabus

Candidates who have taken Economics as optional subject in UPSC Mains Examination must check out the UPSC Economics Syllabus. UPSC Economics Optional Syllabus (Paper I/II) may look vast and difficult, but with proper planning and preparation you can score very good marks in this subject.

UPSC Syllabus for Economics: Highlights

Exam NameCivil Services Examination
Exam LevelNational
Conducting BodyUnion Public Service Commission (UPSC)
CategoryIAS Economics Syllabus
Exam PeriodicityYearly
Exam ModeOffline (Pen-Paper Mode)

Download Here >> UPSC Economics Syllabus PDF

संघ लोक सेवा आयोग द्वारा आयोजित की जाने वाली “सिविल सेवा परीक्षा” में  अर्थशास्त्र एक मुख्य  विषय हैं जिसमे से UPSC की मेंस परीक्षा में प्रश्न पूछे जाते हैं ।  आवेदकों को परीक्षा से पहले इन विषयों से के सिलेबस की जानकारी होनी चाहिए ताकि प्री परीक्षा में उत्तीर्ण होने वाले अभ्यर्थी UPSC की मुख्य परीक्षा में अच्छे अंक प्राप्त कर सकें । अर्थशास्त्र परीक्षा की दृष्टि से वैसे भी बहुत महत्वपूर्ण विषय है अतः संघ लोक सेवा आयोग अर्थशास्त्र  सिलेबस को एक अवश्य देखें ।

UPSC Economics Syllabus

UPSC Economics Optional Syllabus: Part-I

In the below section we have given UPSC IAS Economics Syllabus for Paper-I. UPSC Economics Optional Syllabus (Paper I) includes Advanced Micro Economics, Advance Macro Economics, Money – Banking and Finance, International Economics and Growth and Development.

Advanced Micro Economics

  1. Marshallian and Walrasiam Approaches to Price determination.
  2. lternative Distribution Theories: Ricardo, Kaldor, Kaleeki
  3. Markets Structure: Monopolistic Competition, Duopoly, Oligopoly.
  4. Modern Welfare Criteria: Pareto Hicks & 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

  1. Demand for and Supply of Money: Money Multiplier Quantity Theory of Money (Fisher, Pique and Friedman) and Keyne’s Theory on Demand for Money, Goals and Instruments of Monetary Management in Closed and Open Economies.
  2. Relation between the Central Bank and the Treasury. Proposal for ceiling on growth rate of money.
  3. Public Finance and its Role in Market Economy: In stabilization of supply, allocation of resources and in distribution and development.
  4. Sources of Govt. revenue, forms of Taxes and Subsidies, their incidence and effects.
  5. Limits to taxation, loans, crowding-out effects and limits to borrowings. Public Expenditure and its effects.

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International Economics

(a) 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 under development in an open economy.

(b) Forms of Protection: Tariff and quota.

(c) Balance of Payments Adjustments: 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

Ai. Theories of growth: Harrod’s model,


ii. Lewis model of development with surplus labour

iii. Balanced and Unbalanced growth,

iv.  Human Capital and Economic Growth.

v.  Research and Development and Economic Growth

BProcess 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.
CEconomic development and International Trade and Investment, Role of Multinationals.
DPlanning and Economic Development: changing role of Markets and Planning, PrivatePublic Partnership
EWelfare indicators and measures of growth – Human Development Indices. The basic needs approach.

Development and Environmental Sustainability – Renewable and Non Renewable Resources, Environmental Degradation, Intergenerational equity development.

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UPSC Economics Syllabus : Part-II

Indian Economy in PreIndependence Era

  1. Land System and its changes, Commercialization of agriculture, Drain theory, Laissez faire theory and critique.
  2. Manufacture and Transport: Jute, Cotton, Railways, Money and Credit.

Indian Economy after Independence

The Pre Liberalization Era:

  1. Contribution of Vakil, Gadgil and V.K.R.V. Rao.
  2. Agriculture: Land Reforms and land tenure system, Green Revolution and capital formation in agriculture,
  3. Industry Trends in composition and growth, Role of public and private sector, Small scale and cottage industries.
  4. National and Per capita income: patterns, trends, aggregate and Sectoral composition and changes theirin.
  5. Broad factors determining National Income and distribution, Measures of poverty, Trends in poverty and inequality.

Check Here: UPSC Indian Economic Service Exam

The Post Liberalization Era:

  1. New Economic Reform and Agriculture: Agriculture and WTO, Food processing, Subsidies, Agricultural prices and public distribution system, Impact of public expenditure on agricultural growth.
  2. New Economic Policy and Industry: Strategy of industrialization, Privatization, Disinvestments, Role of foreign direct investment and multinationals.
  3. New Economic Policy and Trade: Intellectual property rights: Implications of TRIPS, TRIMS, GATS and new EXIM policy.
  4. New Exchange Rate Regime: Partial and full convertibility, Capital account convertibility.
  5. New Economic Policy and Public Finance: Fiscal Responsibility Act, Twelfth Finance Commission and Fiscal Federalism and Fiscal Consolidation.
  6. New Economic Policy and Monetary system. Role of RBI under the new regime.
  7. Planning: From central Planning to indicative planning, Relation between planning and markets for growth and decentralized planning: 73rd and 74th Constitutional amendments.
  8. New Economic Policy and Employment: Employment and poverty, Rural wages, Employment Generation, Poverty alleviation schemes, New Rural Employment Guarantee Scheme.

IAS Economics Optional Syllabus

The UPSC Economics 2021 Syllabus has been framed and prepared by Union Public Service Commission. Appearing applicants can prepare for economics Paper I/II, with the help of UPSC Economics Exam Syllabus provided on this page. Candidates are required to cover all the matter of UPSC Civil Services Economics Syllabus mentioned above.

UPSC Syllabus 2021

Candidates who have enrolled for UPSC Civil Services Recruitment Exam may begin their preparation by taking assistance from UPSC Economics Syllabus or UPSC Exam Syllabus 2021 for Economics. To know all topics that will be covered in UPSC Paper II, applicants need UPSC Economics Optional Syllabus.

Also Check Out Related UPSC Syllabus:

IAS Mains Economics Syllabus

Candidates, who wish to take Economics as one optional subject, need to appear in two papers that is Paper I/II for which Indian Economy Syllabus for UPSC or Economy Syllabus for UPSC Prelims is available here. Candidates are required to crack the Optional IAS Mains to move ahead for the further selection process.


To download UPSC Economics Syllabus 2021 or Economics Syllabus for UPSC Mains, candidates can go to the above given links or official website. For more information and updates regarding the UPSC Economics Syllabus 2021, you can bookmark this page by pressing Ctrl+D.

Check These Related Links

UPSC Admit CardUPSC Notification
How to Prepare for IAS ExamIAS Exam Books
UPSC SyllabusIndian Economic Service Syllabus
UPSC CalendarIAS Exam Syllabus

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