Economics Books for UPSC Prelims

The UPSC Prelims Exam comprises a vast array of topics, and Economics plays a significant role, not only in the prelims but also in the mains and the interview. Therefore, selecting the right books for economics is pivotal in achieving success. Here is a list of important Economics Books for the UPSC Prelims Exam:

NCERT Books for UPSC Economics

The Indian Economic Development and Micro and Macro Economics help you build a solid foundation for Economics as a subject for UPSC Preparation. UPSC usually asks Economics based questions from these books.

Indian Economy by Jayant Parikshit

A cornerstone in UPSC economics preparation, Jayant Parikshit’s “Indian Economy” is a comprehensive guide that covers a wide range of topics, from basic economic concepts to contemporary economic issues in India. The book is written in a lucid and easy-to-understand manner, making it suitable for both beginners and those with a background in economics.

Economic Survey

The Economic Survey is an annual publication by the Ministry of Finance, Government of India. It is a valuable resource for UPSC aspirants as it provides insights into the current economic trends and government policies. Reading the Economic Survey is essential to stay updated with the latest economic developments and to answer dynamic questions in the exam.

Economics Budget

The Economics Budget is released on 1st February every Year, by the Ministry of Finance. This is an important document as it lays out the future financial strategy that the government is going to follow in the upcoming financial year.

Economics Books for UPSC Mains

Choosing economics as an optional subject for the UPSC Mains Examination is a strategic decision that can have a significant impact on your overall performance in the exam. Here are some Economics Books recommendations for the UPSC Mains Exam for Paper-1 and Paper-2.

Books for UPSC Economics Optional Paper 1

Microeconomics:

• Modern Microeconomics – A. Koutsoyiannis
• Advanced Economic Theory: Microeconomic Analysis – H. L. Ahuja

Macroeconomics, Money, Banking & Public Finance:

• Macroeconomic Theories & Policies – R.T. Froyen
• Macroeconomics – H. L. Ahuja
• Monetary Economics – S. B. Gupta
• Public Finance – Musgrave & Musgrave
• RBI Website for Banking Concepts & latest Monetary Policy

International Economics:

• International Economics – D. Salvatore
• Open Economy Macroeconomics from Froyen
• Websites of WTO, Euro Zone, Trade Blocks

Growth & Development:

• Growth & Development with special reference to Developing Countries – A. P. Thirwall
• Economic Development – Todaro & Smith
• Human Development Report, Reports on Environment & Development (e.g., by COP, World Bank etc.)

UPSC Economics Books for Optional Paper 2

• Economic History of India: 1857-1947 – Tirthankar Roy
• The New Oxford Companion to Economics in India – Edited by Kaushik Basu
• Indian Economy Since Independence – Uma Kapila
• Economic Survey: Current & Last year
• Websites of RBI, NITI Aayog, PIB, & PRS
• Selected Articles from Regular & Business Newspapers (like Indian Express, Business Line etc.) or Journals (like EPW).

Keep in mind that Economics as an Optional is a dynamic subject that evolves over time. Staying updated with current economic trends and developments is crucial for both the optional paper and the General Studies papers. Economics often requires an interdisciplinary approach, incorporating concepts from areas such as mathematics, statistics, and political science. Be prepared for this interdisciplinary aspect of the subject