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​​Indian Economic Service Syllabus

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Indian Economic Service SYLLABUS 

Are you gearing up for the Indian Economic Service (IES) exam? Let's break down the Indian Economic Service syllabus into simple terms, making it easier for you to grasp the key subjects. ArthaPoint Plus provides the complete Indian Economic Service Syllabus and offers advice for preparing for the Indian Economic Service Exam. Enroll today to gain access to previous year question papers and expert guidance.




1. Theory of Consumer’s Demand
Cardinal utility Analysis: Marginal utility and demand, Consumer’s surplus, Indifference curve, Analysis and utility function, Price income and substitution effects, Slutsky theorem and derivation of demand curve, Revealed preference theory. Duality and indirect utility function and expenditure function, Choice under risk and uncertainty. Simple games of complete information, Concept of Nash equilibrium.

2. Theory of Production
Factors of production and production function. Forms of Production Functions: Cobb Douglas, CES and Fixed coefficient type, Translog production function. Laws of return, Returns to scale and Return to factors of production. Duality and cost function, Measures of productive efficiency of firms, technical and allocative efficiency. Partial Equilibrium versus General Equilibrium approach. Equilibrium of the firm and industry.

3. Theory of Value 
Pricing under different market structures, public sector pricing, marginal cost pricing, peak load pricing, cross-subsidy free pricing and average cost pricing. Marshallian and Walrasian stability analysis. Pricing with incomplete information and moral hazard problems.

4. Theory of Distribution
Neo classical distribution theories; Marginal productivity theory of determination of factor prices, Factor shares and adding up problems. Euler’s theorem, Pricing of factors under imperfect competition, monopoly and bilateral monopoly. Macrodistribution theories of Ricardo, Marx, Kaldor, Kalecki.

5. Welfare Economics 
Inter-personal comparison and aggression problem, Public goods and externalities, Divergence between social and private welfare, compensation principle. Pareto optimality. Social choice and other recent schools, including Coase and Sen. 

PART B - : Quantitative Methods in Economics

1. Mathematical Methods in Economics
Differentiation and Integration and their application in economics. Optimisation techniques, Sets, Matrices and their application in economics. Linear algebra and Linear programming in economics and Input-output model of Leontief.

2. Statistical and Econometric Methods
Measures of central tendency and dispersions, Correlation and Regression. Time series. Index numbers. Sampling of curves based on various linear and non-linear function. Least square methods and other multivariate analysis (only concepts and interpretation of results). Analysis of Variance, Factor analysis, Principle component analysis, Discriminant analysis. Income distribution: Pareto law of Distribution, longnormal distribution, measurement of income inequality. Lorenz curve and Gini coefficient. Univariate and multivariate regression analysis.



1. Public Finance - Theories of taxationOptimal taxes and tax reforms, incidence of taxation. Theories of public expenditure: objectives and effects of public expenditure, public expenditure policy and social cost benefit analysis, criteria of public investment decisions, social rate of discount, shadow prices of investment, unskilled labour and foreign exchange. Budgetary deficits. Theory of public debt management.

2. Environmental Economics - Environmentally sustainable development, Rio process 1992 to 2012Green GDP, UN Methodology of Integrated Environmental and Economic Accounting. Environmental Values: Users and non-users values, option value. Valuation Methods: Stated and revealed preference methods. Design of Environmental Policy Instruments: Pollution taxes and pollution permits, collective action and informal regulation by local communities. Theories of exhaustible and renewable resources. International environmental agreements, RIO Conventions. Climatic change problems. Kyoto protocol, UNFCC, Bali Action Plan, Agreements up to 2017, tradable permits and carbon taxes. Carbon Markets and Market Mechanisms. Climate Change Finance and Green Climate Fund.

3. Industrial Economics - Market structure, conduct and performance of firms, product differentiation and market concentration, monopolistic price theory and oligopolistic interdependence and pricing, entry preventing pricing, micro level investment decisions and the behavior of firms, research and development and innovation, market structure and profitability, public policy and development of firms.

4. State, Market and Planning - Planning in a developing economy. Planning regulation and market. Indicative planning. Decentralised planning.

1. History of development and planning
Alternative development strategies—goal of self-reliance based on import substitution and protection, the post-1991 globalisation strategies based on stabilisation and structural adjustment packages: fiscal reforms, financial sector reforms and trade reforms.

2. Federal Finance
Constitutional provisions relating to fiscal and financial powers of the States, Finance Commissions and their formulae for sharing taxes, Financial aspect of Sarkaria Commission Report, financial aspects of 73rd and 74th Constitutional Amendments.

3. Budgeting and Fiscal Policy
Tax, expenditure, budgetary deficits, pension and fiscal reforms, Public debt management and reforms, Fiscal Responsibility and Budget Management (FRBM) Act, Black money and Parallel economy in India—definition, estimates, genesis, consequences and remedies.

4. Poverty, Unemployment and Human Development
Estimates of inequality and poverty measures for India, appraisal of Government measures, India’s human development record in global perspective. India’s population policy and development.

5. Agriculture and Rural Development Strategies
Technologies and institutions, land relations and land reforms, rural credit, modern farm inputs and marketing— price policy and subsidies; commercialisation and diversification. Rural development programmes including poverty alleviation programmes, development of economic and social infrastructure and New Rural Employment Guarantee Scheme.

6. India’s experience with Urbanisation and Migration
Different types of migratory flows and their impact on the economies of their origin and destination, the process of growth of urban settlements; urban development strategies.

7. Industry: Strategy of industrial development
Industrial Policy Reform; Reservation Policy relating to small scale industries. Competition policy, Sources of industrial finances. Bank, share market, insurance companies, pension funds, non-banking sources and foreign direct investment, role of foreign capital for direct investment and portfolio investment, Public sector reform, privatisation and disinvestment.

8. Labour Employment,

unemployment and underemployment, industrial relations and labour welfare— strategies for employment generation—Urban labour market and informal sector employment, Report of National Commission on Labour, Social issues relating to labour e.g. Child Labour, Bonded Labour International Labour Standard and its impact.

9. Foreign trade
Salient features of India’s foreign trade, composition, direction and organisation of trade, recent changes in trade, balance of payments, tariff policy, exchange rate, India and WTO requirements. Bilateral Trade Agreements and their implications.

10. Money and Banking
Financial sector reforms, Organisation of India’s money market, changing roles of the Reserve Bank of India, commercial banks, development finance institutions, foreign banks and non-banking financial institutions, Indian capital market and SEBI, Development in Global Financial Market and its relationship with Indian Financial Sector. Commodity Market in India-Spot and Futures Market, Role of FMC.

11. Inflation
Definition, trends, estimates, consequences and remedies (control): Wholesale Price Index. Consumer Price Index: components and trends.

1. Economic Thought : Mercantilism Physiocrats, Classical, Marxist, Neo-classical, Keynesian and Monetarist schools of thought.


2. Concept of National Income and Social Accounting : Measurement of National Income, Inter relationship between three measures of national income in the presence of Government sector and International transactions. Environmental considerations, Green national income.


3. Theory of employment, Output, Inflation, Money and Finance : The Classical theory of Employment and Output and Neo classical approaches. Equilibrium, analysis under classical and neo classical analysis. Keynesian theory of Employment and output. Post Keynesian developments. The inflationary gap; Demand pull versus cost push inflation, the Philip’s curve and its policy implication. Classical theory of Money, Quantity theory of Money. Friedman’s restatement of the quantity theory, the neutrality of money. The supply and demand for loanable funds and equilibrium in financial markets, Keynes’ theory on demand for money. IS-LM Model and AD-AS Model in Keynesian Theory.


4. Financial and Capital Market : Finance and economic development, financial markets, stock market, gift market, banking and insurance. Equity markets, Role of primary and secondary markets and efficiency, Derivatives markets; Future and options.


5. Economic Growth and Development : Concepts of Economic Growth and Development and their measurement: characteristics of less developed countries and obstacles to their development – growth, poverty and income distribution. Theories of growth: Classical Approach: Adam Smith, Marx and Schumpeter- Neo classical approach; Robinson, Solow, Kaldor and Harrod Domar. Theories of Economic Development, Rostow, Rosenstein-Roden, Nurske, Hirschman, Leibenstien and Arthur Lewis, Amin and Frank (Dependency scool) respective role of state and the market. Utilitarian and Welfarist approach to social development and A.K. Sen’s critique. Sen’s capability approach to economic development. The Human Development Index. Physical quality of Life Index and Human Poverty Index. Basics of Endogenous Growth Theory.


6. International Economics : Gains from International Trade, Terms of Trade, policy, international trade and economic development- Theories of International Trade; Ricardo, Haberler, Heckscher- Ohlin and Stopler- Samuelson- Theory of Tariffs- Regional Trade Arrangements. Asian Financial Crisis of 1997, Global Financial Crisis of 2008 and Euro Zone Crisis- Causes and Impact.


7. Balance of Payments : Disequilibrium in Balance of Payments, Mechanism of Adjustments, Foreign Trade Multiplier, Exchange Rates, Import and Exchange Controls and Multiple Exchange Rates. IS-LM Model and Mundell- Fleming Model of Balance of Payments.


8. Global Institutions : UN agencies dealing with economic aspects, role of Multilateral Development Bodies (MDBs), such as World Bank, IMF and WTO, Multinational Corporations. G-20.




DEMO classes : Indian Economic Service(IES)

Indian Economic Service Coaching (IES) : Faculty

Our faculty is a highly qualified former Delhi University Professor who completed Master's in Economics from Delhi School of Economics. She has also been a guest lecturer at many reputed MBA institutes.

For teaching, we have gone through several books and journals both national and international, and gathered all the information so that it can presented and accessible to the student. The entire study material is prepared from very basic level so that every student can understand every topic from the syllabus. Besides the theory being extensively discussed, an enormous collection of problems has been added so that the student can learn to apply the concepts over a diverse spectrum of difficulty. All the problems have been worked out thoroughly so that in case the student gets stuck, we've got you covered! 

Students who are interested in economics as a topic might consider applying for the Indian Economic Service Online Coaching in India. Economics is a dynamic subject that is utilised to make national policy. The IES test not only gives a student access to policymaking and economic engagement but also fulfils desires for professional dignity.

At ArthaPoint, students will be given a detailed description of various career options, analytical skills, tricks, and methods to easily solve highly competitive examinations using ArthaPoint'S study materials and video content, giving them an advantage over other students.

Well, to be honest, this should not be a feature; it is required of any institute that assists in completing the course entirely; nonetheless, we attempt to go one step deeper in each area to provide a greater comprehension of the course.

We must comprehend that the IES course is more in-depth than the IAS Economics mains; thus, our preparation should be more serious. Furthermore, the expectation from an IES candidate is up to the postgraduate level in Economics, as opposed to IAS Economics, where the expectation is merely at the undergraduate level. ArthaPoint assists you in completely preparing for the Indian Economic Service Courses in India.

  • How can I obtain the detailed Indian Economic Service syllabus for UPSC IES exams?
    To access the detailed Indian Economic Service syllabus for UPSC IES exams, you can visit the official website of the Union Public Service Commission (UPSC) or refer to the official notification and examination brochure released for each year.
  • What subjects are included in the Indian Economic Service (IES) syllabus?
    The Indian Economic Service (IES) syllabus includes subjects such as General Studies, English, General Economics-I, General Economics-II, General Economics-III and Indian Economics.
  • Can I find previous years' question papers to understand the IES exam pattern better?
    Previous years' question papers for the IES exam can be found on the official UPSC website or through other reliable sources. They are helpful for understanding the exam pattern and practicing for the actual test.
  • What is the minimum age criteria for eligibility in the IES exam?
    The minimum age requirement for appearing in the IES (Indian Economic Services) exam conducted by the Union Public Service Commission (UPSC) is 21 years.
  • Is there any recommended study material for preparing for the Indian Economic Service exam?
    There is no specific recommended study material, but candidates often refer to standard economics textbooks, journals, and UPSC preparation guides. Additionally, staying updated with current economic affairs is crucial for the Indian Economic Service exam preparation.
  • Are there any specific academic qualifications required for the IES exam?
    Yes, there are specific academic qualifications required for the IES exam. A candidate must have a post-graduate degree in Economics/Applied Economics/Business Economics/Econometrics from a recognized university.
  • What is UGC NET Economics and why is coaching necessary?
    UGC NET Economics is a national-level eligibility test for candidates aspiring to become Assistant Professors or qualify for Junior Research Fellowship (JRF) in Economics. Coaching is beneficial as it provides structured guidance, comprehensive study materials, and regular practice tests to help candidates prepare effectively for the exam.
  • How can UGC NET Economics coaching enhance my preparation?
    UGC NET Economics coaching offers specialized guidance from experienced faculty who are well-versed with the exam pattern and syllabus. Coaching institutes provide targeted study materials, conduct regular mock tests, and offer personalized feedback to identify strengths and weaknesses, thereby maximizing your chances of success.
  • Are there any recent updates or changes in the UGC NET Economics syllabus that candidates should be aware of?
    The UGC NET Economics syllabus may undergo periodic updates. Aspiring candidates need to stay informed about any modifications or additions to the syllabus. This information is crucial for ensuring that their preparation aligns with the most current requirements of the examination.
  • What are the key topics covered in the UGC NET Economics syllabus?
    The UGC NET Economics syllabus encompasses a broad range of subjects, including microeconomics, macroeconomics, mathematical economics, econometrics, international economics, growth and development economics and specialized topics. Understanding the detailed list of subjects is crucial for comprehensive exam preparation.
  • What is the syllabus for the RBI Grade B DEPR exam?
    The RBI Grade B DEPR syllabus includes topics such as Macroeconomics, Microeconomics, Financial and Development Economics, Statistics, Econometrics, International Economics, and Monetary and Financial Systems. The detailed syllabus is provided by the Reserve Bank of India on their official website.
  • What is the selection process for RBI Grade B DEPR officers?
    The selection process for RBI Grade B DEPR officers involves a three-phase process - Phase-I examination (Objective Type), Phase-II examination (Descriptive and Objective Type), and an Interview. Candidates who qualify in all three phases are selected for the post of RBI Grade B DEPR officer.
  • What is the eligibility criteria for RBI Grade B DEPR exam?
    To be eligible for the RBI Grade B DEPR exam, a candidate must have a Master's degree in Economics or Finance with a minimum of 55% marks or an equivalent grade. Additionally, candidates with a Doctorate in Economics are also eligible with a minimum of 50% marks.
  • What is the RBI Grade B DEPR exam, and what does DEPR stand for?
    The RBI Grade B DEPR exam is conducted by the Reserve Bank of India to recruit officers in the Department of Economic and Policy Research (DEPR). DEPR stands for Department of Economic and Policy Research, which plays a crucial role in conducting economic research and providing policy inputs.
  • How should I prepare for the RBI Grade B DEPR exam?
    To prepare for the RBI Grade B DEPR exam, candidates should focus on a comprehensive study plan covering all the relevant topics mentioned in the syllabus. Additionally, staying updated with current economic developments, practicing with previous year question papers, and taking mock tests can enhance preparation.
  • How does coaching assist in covering the vast UPSC Economics Optional syllabus?
    Coaching institutes provide a systematic approach to cover the entire syllabus, including micro and macroeconomics, Indian economic development, and international economics. They offer well-structured classes, regular tests, and doubt-solving sessions, ensuring comprehensive coverage and better retention of concepts.
  • Can self-study be sufficient for UPSC Economics Optional, or is coaching necessary?
    While self-study is possible, coaching provides a structured learning environment, expert guidance, and a competitive edge. Coaching helps in time management, understanding complex topics, and ensures that you are well-prepared for the exam. It is recommended for candidates seeking a more efficient and targeted preparation.
  • Is the UPSC Economics Optional syllabus exhaustive, and what are the key topics to focus on?
    The syllabus is comprehensive, covering micro and macroeconomics, economic development in India, and international economics. Key topics include economic theories, statistical tools, economic planning, and current economic issues. Coaching institutes help candidates prioritize and focus on high-scoring areas, providing a strategic approach to syllabus coverage.
  • Why should I opt for Economics as an optional subject in UPSC, and how can coaching help?
    Economics is a scoring and analytical subject that complements various GS papers. Coaching provides structured guidance, comprehensive study material, and expert insights to enhance your understanding of economic concepts, ensuring better performance in the UPSC examination.
  • What should I consider when choosing a coaching institute for UPSC Economics Optional?
    Look for institutes with experienced faculty, a proven track record of successful candidates, updated study material, and a focus on both theoretical and applied aspects of Economics. Evaluate reviews and feedback from previous students to make an informed decision.
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