Tips To Crack UPSC Indian Economic Service Exam
In view of the prevailing uncertainty in the global economy and resultant dropping in capitalist sentiments in the West, India could be transformed as a source of secured haven for worldwide investments that lead to more economic opportunities in our nation. This article presents an approach to the of conducting exam, syllabus, and tips to crack UPSC Indian economic service exam.
Career scope for economics
With the initiation of economic renovations, new career options in the areas such as finance, banking, insurance, stock market, public policy, development sector, journalism and social work, etc., are being greatly explored. On account of this economic revolution and since India has become one of the financially strongest nations in the Asian continent attributing to the expert policy making of economists and statisticians, requirement for specialized economists has been enormously increasing not only in the Indian finance sector but with the opportunities of deputation to various agencies of UNO as well. Candidates who have done degree and PG in economics in famous institutes will get good employment opportunities. Notable universities that have good recognition offering economics include Delhi School of economics, Madras School of Economics, Jawaharlal Nehru University, Indian Statistical Institute, Hyderabad Central University, Nizam College of Hyderabad and Indira Gandhi Institute of Development Research (IGIDR) Mumbai.
Preamble to Indian Economic Service (IES)
Aiming to have a coordinating organization that constitutes specialized group of officials who have been well-versed in economic analysis, policy making and its execution, the Indian Economic Service was established in the year 1961. The Indian Economic Service was mainly established for capacity building, i.e., human resources and institutional development amongst the government sectors to offer advice on strategies for economic development and administration. This organization deals with economic reforms, regulation, fixing of price, monitoring and evaluation in addition to giving advice and active participation in economic administration and implementation of developmental schemes. Launching of 1991 economic reforms and dynamic role of the government has led to additional requirement of IES officers in all spheres of economic activity. The IES has been governed by the Cadre Controlling Authority of the Department of Economic Affairs, which in turn administered by the highly-qualified Indian Economic Service Board under the chairmanship of the Cabinet Secretary. On the basis of the framework of IES rules in 1961, the management of the Indian economic service has made stipulation of various grades and approved cadre strength, maintenance, appointment, probation, seniority and different conditions of service. Upon subsequent reviewing of IES cadre strength, sanctioned have been 501 including 461 of duty posts and 40 of leave reserves diffusely among the 35 Departments and Ministries of the Government of India at present.
Through Indian Economic Service examination conducted by the UPSC (Union Public Service Commission), high-level ranking employment opportunities in the Indian Finance Ministry are open to Indian nationals with the eligibility of post graduation in economics/applied economics/business economics/econometrics for this competitive test. On the basis of the results of the competitive exam, 60% of the entry-level posts by direct appointment have been filled up for junior grade officers and remaining 40% by promotion of officers holding equal positions recognized by the Cadre Controlling Authority. Commencing at the entry level as Assistant Director, the candidate can reach the Additional Secretary status in the Finance Ministry of the Indian Government. Most of the RBI governors and other board chairman hailed through this service and many officers render services as economic administrators and policy makers in the Planning Commission.
Following are features of IES examination conducted by the UPSC
Conducting qualifying exam
UPSC has been responsible for conducting open competitive exam for IES recruitment at specified time and place as per the notification in the Employment News. The information of notification to conduct exam includes number of vacancies to be filled in with reservation for scheduled castes, scheduled tribes, physically-disabled and other backward communities as per the guidelines of the Cadre Controlling Authority. Generally, Indian Economic Service and Indian Statistical Service together will hold the competitive exam for recruitment to both services.
Age limit
The lower age limit for a candidate aspiring for the IES exam should be 21 years of age with the upper age limit of 30 years on the 1st of January of the year in which the exam is to be held with the provision of relaxation in the upper age limit for some reservation classes as per the notification of the UPSC every now and then.
Educational qualification
Educational eligibility criterion for the Indian Economic Services exam would be a PG degree from recognized University in economics/applied economics/business economics/econometrics. Candidates appearing for qualifying degree exams have been also entitled to apply for the exam provisionally subject to submission of evidence of passing along with the duly-filled in application form.
Examination pattern
The exam will be conducted on the under-mentioned pattern.
Written examination includes the following papers:
1. General English (100 marks in 3 hours)
2. General Knowledge (100 marks in 3 hours)
3. Economics Paper I (200 marks in 3 hours)
4. Economics Paper II (200 marks in 3 hours)
5. Economics Paper III (200 marks in 3 hours)
6. Indian economics (200 marks in 3 hours)
Viva voce
A board comprising of experts of unbiased in the field will hold an interview for the candidate appearing for viva voce with the purpose of analyzing skills and abilities of the candidate in addition to the written examination. To assess the intelligence, power of assimilation at decisive circumstances, good judgment skills, mental alertness, capability of social cohesion, and leadership qualities of the candidate is the primary aim for conducting interview.
After conducting written and oral interview for IES selection, successful candidates have been recommended by UPSC for appointment to the service of the government and these selected candidates need to undergo medical examination through central government medical board and are offered appointments after complete verification of their particulars pertinent to qualifications.
Syllabus for Indian Economic Services examination
To qualify for a competitive exam like IES conducted by the UPSC, being one of the most remunerative services of the public sector, a comprehensive and in-depth planning of preparation has been essential like any other professional competitive exams. Detailed analysis of syllabus for Indian Economic Services examination has been given below.
General English
Dissimilar to the civil services exam in which English language paper is simply for qualifying with the marks obtained not to be considered for merit, it is to be mentioned that marks in General English paper in IES exam is vital to have a good score overall. Thus it is important to have good knowledge in English language. The English paper consists of an essay, precis-writing and descriptive questions to analyze language comprehension, presentation skill and depth of knowledge of the aspirant and 65 and above would be a good score.
General Studies
The paper General Studies pertains to general knowledge including current events and matters related to politics, economics, historic events of importance and scientific aspects just as in the GS paper for civil services exam. Generally, the question paper pattern contains questions limiting to 75 words, 50 words, and 20 words along with one sentence. Questions are normally prepared on Indian Constitution, Indian history, physical, regional and economic geography, general science, national and international affairs, etc., in addition to one or two on planning and challenge that the candidates otherwise make preparation for general economics and Indian economics. A good general knowledge book added to a competitive magazine would be ideal for thorough homework to have an updated knowledge of current affairs in the national and international sphere.
Economics
Out of the remaining four papers on economics, economics paper I on theory consists of Microeconomics and Macroeconomics, the syllabi of which has been almost based on the PG curriculum of the Delhi University and standard books fixed for post-graduate level are mostly suitable for reference.
Economics paper II is to include other allied theories of economics such as International Economics and Welfare Economics with the same syllabus containing aspects of the above PG disciplines of theory taught in any university. The paper comprises some basics of statistics as well. It is advisable not to omit any portion untouched and better to have thorough preparation on all aspects.
Environmental economics containing monetary and fiscal theory, development, challenges in planning have been dealt in Economics paper III. To secure good scores in this third part of economics for IES exam, the candidate should have sufficient knowledge in analysis and presentation skill of latest developments in the field of economics requiring special attention and the best efforts as per the prescribed list of books.
Indian economics, the IV paper relates to Indian economy, thus necessitating knowledge in-depth reliable sources of data on Indian economics. The Economic Survey that has been published annually and Yojana magazine fortnightly by the Publication Division of the Government of India is a good means of up-to-date information on the Indian economy. Added to this, Five Year Plan document also provides latest perception in sector-wise five-year targets and performance of the previous plan and a standard economic-oriented newspaper would offer guidance for preparation to excel in Indian economics. Overall score of the above six theory papers must be 550 or above out of 1000 or more than 55% if the candidate aspires to be called in for interview session.
Interview/viva voce session
To be enlisted in the final merit chart it is crucial to perform well in the interview for IES aspirant that judges the depth of the knowledge of the aspirant. Resourcefulness and adaptability of the candidate can be evaluated with the viva session through analyzing the exposure of the candidate in the current national and international economics. Going through standard competitive magazine and good newspaper regularly would certainly support the aspirant to be well-prepared for interview. Taking part in mock-interviews organized by the economists also would help a lot. Sorting out a listing of probable interview queries and good and prompt answers to the queries in a handbook and practicing them may be a pathfinder to the final merit list.
Suggested list of books
A list of books for the aspirants suggested by those who had been successful in the Indian economic services as will be stated next.
General Studies
Magazines and general knowledge books are required.
Economics paper I
1. Micro: Koutsoyyiannis, Ahuja or any other good book.
2. Macro: Shapiro, Dornbusch and Fischer, Ahuja.
3. For Mathematical Methods: Class 11th and 12th NCERT Maths book.
4. National Income Accounting: Class 12th book of CBSE-any one.
Economics paper II
1. Monetary: SB Gupta (For both) M L Jhingan and RBI Report.
2. International Economics: Soderston, Mannur or any other book.
3. Growth and Development: M L Jhingan, Meir and Baldwin., read any one or two latest book of Amratya Sen.
4. Statistics: Class 11th and 12th NCERT books along with some chapters of any graduation level statistics book or Gujarati-Econometrics book.
Economics paper III
1. Public Finance: Bhatia and one foreign author book.
2. Indian Economy: Planning chapter of Uma Kapila.
3. Environmental Economics: Any good books-only topic wise coverage.
Indian Economics
1. Indian Economy by Dutt and Sundaram for topics wise coverage of syllabus.
2. Indian Economy: Mishra & Puri.
3. Indian Economy: A. N. Agrawala.
4. Indian Economy: Uma Kapila.
5. Indian Economy: Economic Survey -Last two years.
6. Indian Economy: Budget-3 years (very important).
7. Indian Economy: Latest two Monetary & Credit Policy (mid term and annual) and latest data about CRR, SLR and Repos rate should be known.
8. Different reports like Human Development Report, World Development Reports (available on net) and many other good reports including report and papers by United Nations Environment Program will help in Economics III paper since questions seem to be extremely unconventional.
9. Any good economic newspaper.
Tips to crack UPSC Indian economic service exam
Aspirers pursuing for IES need to be focused that UPSC IES is a competitive exam therein being well versed in general English, general knowledge and the above-said various aspects of economics. Similar to other competitive exams such as IAS, IPS, IIT, etc., IES examination also involves an effective prior planning and hard work combined with great determination to success. Following paragraphs deal with various tips to crack UPSC Indian economic service exam.
General strategy for preparation of UPSC Indian Economic Services exam
1. Dedication and determination is very important for the success path of IES Exam.
2. Good writing skills and proficiency in English language is a prerequisite since it is a competitive exam involving writing essays, précis and vocabulary exercises from any standard grammar/civil services examination handbook should be a supplement.
3. All subjects need to be focused with thorough revision.
4. IES aspirant must be well-versed with updated national and international current affairs.
5. Practicing question papers from previous years' exam or model papers with precise answers would help to succeed.
6. Presentation of answers should be exact, systematic and analytical.
7. Legible and neat handwriting certainly will enrich the caliber of the answer that has been well-presented.
Important 'know-how's to be adhered preceding the exam
1. To get noticed of the correct date, time and venue.
2. To know the syllabus well.
3. To be familiar with every notification regarding exam.
4. To be aware of important chapters and reference materials well.
Aware of strengths and weaknesses
Every aspirant needs to analyze his/her strengths and weaknesses for preparation of any competitive exam. For instance, the candidate may be good in English, average in economics and completely clueless in general knowledge. This self-analysis is more essential and this analysis will help the aspirant to make a plan in such a fashion to transform the weakness into strength or disregard such minuses in case these have been not of much importance from exam standpoint or enhance the strengths further.
Plan for preparation
The saying, "He who fails to plan, plans to fail" perfectly acclaims the importance of planning for preparation of any major task. Hence for Indian economic services exam too, formulation of a study plan is required to achieve success. Planning can be made on a weekly or a two basis assigning some chapters every week and to complete within the stipulated time is vital therein finishing the syllabus on time. For this planning, few hints are suggested as follows.
- Availability of time factor. For example, with plenty of time available for exam, chapters in which the aspirant is considered to be weak but important from exam point of view can be prioritized. On the other hand, if time span is shorter picking up an important chapter that has been comfortable would be wiser.
- Always chapters of extreme significance that have not been revised earlier or not practiced adequately should be given importance.
- If exams have been just approaching it might be prudent to refrain from new chapters to avoid final hours of stress though unable to make enough practice for the exam.
- While creating the study plan, do keep in mind important events like mock tests or any other exams, familial occasions or festivals.
Practice hard
It is true that simply learning alone will not pave the way to the final exam, but practice more and more makes everyone perfect. So do practice hard until perfection has been attained at each and every chapter moving ahead further.
Beyond studies
Beyond the area of study to expertise, aspirants for any exam must spend at least an hour daily to relax and to be stress-free. Meditation or exercising to keep mind, body and soul fit is a part of the study plan to be relieved of stress prior to take up any intellectual challenge. It is also important to adhere to healthy food habits while preparing for such entrance examinations. To consume more fruits, vegetables and light diets and to keep away from fried, high-fat and high-sugar diets would be perfect. Above all, taking up the test or interview with great attitude and will to excel should be the success mantra.
Final word to the aspirants
Just believe you can do it and put your hard efforts. Nothing great could be ever achieved without hard work and positive attitude.
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