Economic Committees Of India : Approach and Plan For UPSC Prelims

If aspirants preparing for UPSC Civil Services Exam are confused about one particular subject, that is Indian Economy! Candidates are doubtful about the approach and study-materials for Economics section of IAS Prelims . It is crucial to have knowledge regarding the important Committees And Commissions in India for UPSC exam preparations. Questions are always asked from the various commissions and committees in the Indian economy .

There are multiple committees and commissions set up in India with the objective of careful analysis of a problem plaguing the economy at hand. They also plan and provide suitable practical reforms for rectification of the studied problems. Till date, many reformative steps have been taken on the recommendations by these committees. Time to time various committees are being set up by Indian Government to plug the loopholes in various important economical sectors in India. The areas like banking, MSME, Financial Inclusion, agriculture, small scale industries etc. These committees are assigned a task to find suitable measures that will address the issues that are ddriving back this particular economic sector. Various important economical committees have been formed so far are Naesimhan Committee for Banking Reforms, Tarapore Committee for Capital Accounting Convertibility, Amid Hussain Committee for MSME, Shivraman Committee for NABARD etc. These committees pushed different sectors of economy on the road from f development by removing loopholes In the similar manner various committees are formed by RBI also on annual, and quarterly basis which are known as monetary policy committee . The Monetary Policy Committee is responsible for fixing the benchmark interest rate in India. The meetings of the Monetary Policy Committee are held at least 4 times a year and it publishes its decisions after each such meeting.

Now let‘s have a look how to prepare these committees and their recommendations and the important books and resources that one should follow to cover these committees and commissions.

The biggest challenge related to economy is that there is no single source or book available for the economy as this subject is more of dynamic nature. The news paper and various magazines have been suggested to cover this section. But understanding the economic jargon and terms is also not easy and very often extraction of important information for UPSC Prelims examination is also not that much easy.

The NCERT books however can give a fair idea about the economic committees formed in India from time to time. However the committees given in this book date back to prepare liberalization period or just after liberalization period. The information about recent committees are missing from this book so one has to look for other resources or books. There are certain magazines available in the market that may cater the information about these committees. Pratiyogita Darian special issue of economy can be referred for this but there is a drawback associated with this magazine that this book has information on surface level that is not sufficient for the Prelims Exam.

So what is the solution for this. The simple solution is keeping  a track on the news paper and online resources . Maintaining notes regarding these is must for proper revision at the time of examination.

However the entire practice can be cut short by Prelims SampoornFacFile on Economic Committees ofIndia. This Fact File has been compiled by GS Score a prestigious institution for IAS preparation in India. This fact file gives you an easy access regarding knowledge of these committees.