Economics Optional Test Series

NOTE: (Also useful for Indian Economics Services exam)

Available in both Online and Offline modes

Optional subject play a key role in the selection of a candidate in Civil Services Examination. It has a scope of scoring upto 330-350 which can easily give candidate head-start of nearly 30-50 marks in the run to interview.

The details of the programme:

12 sectional tests of 125 marks each

2 full length tests (Paper 1 and Paper 2)

2 simulated tests (Paper 1 and Paper 2) on the same day

Assignments and Guidance

Paper Setting:

Test papers are set by the faculty (specific subject expert) with the questions of higher relevance with the recent trend and the current affairs. The faculty have experience of setting thousands of questions, which have contributed to the thought stimuli and the right bent of mind. The question papers would be a proper blend of static and dynamic parts of the syllabus.  


The evaluation is done by the faculty themselves sticking to the current evaluation scheme. The faculty have experience of correcting more than 10000 answers in the last decade. They have a first hand experience of understanding the need of the examination and the demand of each question. The evaluation is done with the scientific marking of all required subparts of the answer.

Test Discussion:

Every test will be discussed in full length and the appropriate advice will be given with respect to demand of each question. Answer template to each set of similar type of questions will be discussed. The value addition and unexplored dimensions will be given to each answer.


To give a comprehensive coverage of the syllabus, the programme is designed to help candidates get feedback on answers to previous papers, value added study materials and links, and also hand hold the candidates thorough discussions of the topics as per syllabus.

One-on-One Interaction:

Each candidate will be provided an opportunity to interact with the faculty through technology-mediated appointment system. This will give a way for a personalised attention of faculty to each candidate. Through these sessions the candidates can correct many mistakes of them and learn from them.



Advanced Micro Economics:

(a) Marshallian and Walrasian Approaches to Price determination.

(b) Alternative Distribution Theories: Ricardo, Kaldor, Kalecki

(c) Markets Structure: Monopolistic Competition, Duopoly, Oligopoly.

(d) Modern Welfare Criteria: Pareto Hicks & Scitovsky, Arrow’s Impossibility Theorem, A.K. Sen’s Social Welfare Function.

Advanced 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:

(a) Demand for and Supply of Money: Money Multiplier Quantity Theory of Money (Fisher, Pique and Friedman) and Keynes’s Theory on Demand for Money, Goals and Instruments of Monetary Management in Closed and Open Economies. Relation between the Central Bank and the Treasury. Proposal for ceiling on growth rate of money.

(b) Public Finance and its Role in Market Economy: In stabilization of supply, allocation of resources and in distribution and development. Sources of Govt. revenue, forms of Taxes and Subsidies, there incidence and effects. Limits to taxation, loans, crowding-out effects and limits to borrowings. Public Expenditure and its effects.

International Economics:

(a) Old and New Theories of International Trade

(i) Comparative Advantage

(ii) Terms of Trade and Offer Curve.

(iii) Product Cycle and Strategic Trade Theories.

(iv) 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.

(i) Price versus income, income adjustments under fixed exchange rates,

(ii) Theories of Policy Mix

(iii) Exchange rate adjustments under capital mobility

(iv) Floating Rates and there Implications for Developing Countries: Currency Boards.

(v) Trade Policy and Developing Countries.

(vi) BOP, adjustments and Policy Coordination in open economy macro-model.

(vii) Speculative attacks

(viii) Trade Blocks and Monetary Unions.

(ix) WTO: TRIMS, TRIPS, Domestic Measures, Different Rounds of WTO talks.

Growth and Development:

(a) Theories of growth:

(i) 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

(b) Process of Economic Development of Less developed countries: Myrdal and Kuznets on economic development and structural change: Role of Agriculture in Economic Development of less developed countries.

(c) Economic development and International Trade and Investment, Role of Multinationals.

(d) Planning and Economic Development: changing role of Markets and Planning, Private- Public Partnership

(e) Welfare indicators and measures of growth – Human Development Indices. The basic needs approach.

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


Indian Economy in Pre-Independence Era: Land System and its changes, Commercialization of agriculture, Drain theory, Laissez faire theory and critique. Manufacture and Transport: Jute, Cotton, Railways, Money and Credit.

Indian Economy after Independence:

A The Pre Liberalization Era:

(i) Contribution of Vakil, Gadgil and V.K.R.V. Rao.

(ii) Agriculture: Land Reforms and land tenure system, Green Revolution and capital formation in agriculture,

(iii) Industry Trends in composition and growth, Role of public and private sector, Small scale and cottage industries.

(iv) National and Per capita income: patterns, trends, aggregate and Sectoral composition and changes there-in.

(v) Broad factors determining National Income and distribution, Measures of poverty, Trends in poverty and inequality.

B The Post Liberalization Era:

(i) New Economic Reform and Agriculture: Agriculture and WTO, Food processing, Subsidies, Agricultural prices and public distribution system, Impact of public expenditure on agricultural growth.

(ii) New Economic Policy and Industry: Strategy of industrialization, Privatization, Disinvestments, Role of foreign direct investment and multinationals.

(iii) New Economic Policy and Trade: Intellectual property rights: Implications of TRIPS, TRIMS, GATS and new EXIM policy.

(iv) New Exchange Rate Regime: Partial and full convertibility, Capital account convertibility.

(v) New Economic Policy and Public Finance: Fiscal Responsibility Act, Twelfth Finance Commission and Fiscal Federalism and Fiscal Consolidation.

(vi) New Economic Policy and Monetary system. Role of RBI under the new regime.

(vii) Planning: From central Planning to indicative planning, Relation between planning and markets for growth and decentralized planning: 73rd and 74th Constitutional amendments.

(viii) New Economic Policy and Employment: Employment and poverty, Rural wages, Employment Generation, Poverty alleviation schemes, New Rural, Employment Guarantee Scheme.




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