Usually people from arts and science background find this part difficult. But it is not so if we understand the concepts and have strong basics. If you find facts (Budget allocations, percentages, years) too hard to memorize, don't do that. Only less than 5% of questions from economics are factual.
Sources of material-
-Economics part in TataMcGrawHill GS manual
-Pratiyogita Darpan Indian Economy
-NCERT Indian Economic development Class-XI
Areas to concentrate-
(The list is not exhaustive)
*Five year plans-history, targets, success, outlays, motto of plan
*Latest Budget- salient features, income tax slabs, new tax levies, estimates
*LPG- our economy till 1991 and the shift thereafter
*Brettonwoods institutions- IBRD, IMF, IDA, etc.
*UNO- its associated organisations like UNICEF, ILO, UNESCAP, UNESCO.. and their chiefs.
*Poverty, Unemployment, Overpopulation, Migration, Urbanisation, Low agricultural productivity- reasons, problems, solutions
*Agriculture- net sown area, major crops, latest production capacity, schemes for the welfare of farmers, unorganised sector, crop insurance, Green revolution
*Industry- cotton mills, iron and steel,automobiles, software, SEZ, government's industrial policy
*Banks- RBI & its functions, CRR, SLR, Repo, reverse Repo, Inflation, Great economic depression, Recent financial crisis, nationalisation of banks, NBFCs, Seed banks, RRBs, Monetary policy, NABARD
*Rural Development- Bharat Nirman, NREGA, SGSRY, SGSY, indira awas yojana, NRHM, TRYSEM, food for work, antyodaya anna yojana, PDS, SSA, PM's gram sadak yojana etc.
*Tax reforms
*energy sector, non-conventional electricity
*balance of trade, BoP
*tourism, telecommunications
*WTO- patents, subsidies, developed vs. developing
*trade blocs, G-7, G-15, G-20, G-77, Free trade agreements, Preferential trade agreements, CECA, CEPA of India
*Population statistics- Latest is 2001. Aspirants for IAS 2012 and later, please wait for the 2011 census operations' result.
*National Income- calculation methods
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