Phase – I- Paper I Objective Type (on Economics)

(1) Microeconomics (Theories of consumer’s demand; Production; Market Structures and Pricing; Distribution; and Welfare Economics)

(2) Macro Economics (Theories of Employment, Output and Inflation; Monetary Economics; IS-LM Model; Schools of Economic Thought)

(3) International Economics (Theories of International Trade; Balance of Payments; Exchange Rate Models)
(4) Theories of Economic Growth and Development (Classical neo-classical approaches to economic growth and major theories of economic development)
(5) Public Finance (Theories of taxation and public expenditure and Public Debt Management)
(6) Environmental Economics (Green GDP, Environmental Valuation, Environmental policy instruments)
(7) Quantitative Methods in Economics (Mathematical and Statistical Methods for Economics, Ordinary Least Square Regression)
(8) Current developments in Indian Economy (Growth, inflation, poverty, unemployment, financial sector developments, external sector developments, fiscal developments, agriculture, industry, infrastructure, and services)

Phase – I – Paper-II Descriptive Type (on English)

The paper on English shall be framed in a manner to assess the writing skills including expression
and understanding of the topic.
Phase – II – Paper – I Descriptive Type (on Economics) (Question paper displayed on computer,
answers to be written on paper)
Microeconomic Module
• Consumer Theory: Cardinal and Marginal Utility Analysis, Consumer Surplus, Indifference Curve Analysis, Price, Income and Substitution Effects, Game Theory
• Production Theory: Forms of Production function; Laws of Returns to Scale; Partial Equilibrium Vs General Equilibrium Analysis
• Market Theory: Pricing under different market structures

• Distribution Theories: Ricardo, Marx, Kalecki and Kaldor
• Welfare Economics: Pareto Optimality, Schools of Welfare Thought including Arrow, Coase and Sen Macroeconomic Module
• National Income Accounting: Various methods for measurement of National Income
• Theory of employment and Output: Classical and Neo-classical approaches, Keynesian theory of Employment and output, Post-Keynesian developments, Business Cycles
• Inflation: Types of Inflation, Philip’s curve, Taylor’s Rule, Lucas Critique
• Money and Banking: Quantity theory of Money, Neutrality of money, IS – LM Model and AD-AS Models, Money Multiplier, Monetary Policy – Scope, Objectives and instruments, Inflation targeting

• Theories of Economic Growth and Development: Theories of growth, Classical and neo-classical approaches, Theories of Economic Development

• International trade and Balance of payments: Theories of international trade, Determination of exchange rates, Impossible Trinity
• Public Finance: Theories of taxation, Theories of public expenditure, Theories of public debt management
(Equal weightage will be given to Microeconomic and Macroeconomic modules)

Phase – II – Paper-II Descriptive Type (on Economics) (Question paper displayed on computer,
answers to be written on paper)

Module on Quantitative Methods in Economics
• Mathematical Methods in Economics: Differentiation and Integration, Optimisation, Sets, Matrices, Linear algebra and Linear programming
• Statistical Methods in Economics: Measures of central tendency and dispersions, Probability, Time series, Index numbers.
• Econometrics and advanced Applications: Regression analysis, Panel data econometrics, Time Series econometrics, Basics of Bayesian Econometrics, Basic
application of Artificial Intelligence/ Machine Learning Module on Indian Economy – Policy and Trends
• Fiscal policy in India: Evolution, scope and limitations, current trends

• Monetary Policy in India: Evolution, Functions of the Reserve Bank of India, Monetary- Fiscal coordination, Inflation targeting, Operating framework of Monetary Policy, Current trends
• Banking and financial sector development in India: Banks and other constituents of Indian financial markets and related developments, Current trends
• Inflation in India: Trends and drivers
• External sector developments in India: Exchange rate management, external debt, Balance of payments, Current trends

• Sectoral and other developments in India: Agriculture, industry, services and social sector-related developments (Equal weightage will be given to Quantitative Economics and Indian Economy-related modules)

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