Himachal Pradesh Administrative Services (HPAS/HAS): Economics Mains Exam Syllabus

Detailed SYLLABUS for Himachal Pradesh Administrative Services (HPAS/HAS) Mains Examination



1.  Economic choice, consumer behaviour, producer behaviour and market forms.

2.  Full employment and says law, under-employment equilibrium, Keynes theory of employment and income determination, critique of Keynesian theory.
3.  Functions of money, measurement of price level changes, money and real balances, monetary standards, Quantity Theory of Money. The money multiplier. Theories of determination of interest rate. Theories of inflation and methods to control inflation. Goals and instruments of monetary management in closed and open economies.
4.  Role of public finance in the developing economies. Fiscal economics: an overview of allocation, distribution and stabilization functions. Market failure, public goods and externalities. Principles of taxation, theories and measures of tax incidence, burden of public debt, management of public debt. Pure theory of public expenditure. Types of budget deficit.

5.  International trade: tariffs, forms of protection, the rate of exchange, balance of payments. Aid versus trade controversy. WTO regime: structure, rationale, objectives, strategies, policies and global pattern of MNC’s activities. Critical assessment of the stabilization programmes of the international institutions i.e. IMF, IBRD and the World Bank. International trade and environmental issues.
6.  Economics growth, development and sustainable economy. Welfare indicators and measures of growth. Human development indices, the Basic Needs Approach. Poverty development and environment nexus. Structural change and economic development. Trade off between equity and growth.
7.  Planning and market mechanism. Relation between state planning and growth, changing roles of market and plans in growth and economic policy. State intervention and privatization debate. Decentralized planning and peoples participation.


1.  Indian economy in the post independent era: pattern, trend and factors determining national and per capita income in India, absolute and relative poverty in India. Factors determining employment in India. Relation between income-poverty and employment. Poverty eradication and social welfare programmes and their performance. Impact of economic reforms on poverty and employment in the Indian economy.
2.  Agriculture in India : Agriculture Policy, size of agricultural holdings and efficiency, Green Revolution and technological changes, agricultural prices and terms of trade, agricultural prices and production, land reforms, current problems and issues of Indian agriculture. WTO agreement on agriculture (AOA) and its implications for India. Relationship between agriculture and industry.
3.  Industry: process, rationale, objectives strategies and policies in the Indian context. Employment implications of industrialization, Appropriate industrial technology for India. Phases of industrial growth and changes in industrial structure in India. Public sector performance in India. The concept of joint sector. Foreign collaborations and multinationals in India. Debate on disinvestment of public sector undertakings. Large versus small scale industry debate in India. Impact of New Industrial Policy on Indian industry.
4.  Money and Banking: the monetary institutions of India, factors determining demand for and supply of money, techniques of money supply regulation under open economy. Functioning of money market in India. Indian capital market. Financial sector reforms and its impact.
5.  Foreign trade of India: growth, pattern and direction. Import substitution versus export promotion policies. India’s external borrowings:the debt problem, impact of external debt on Indian economy. Balance of payment situation in India. Integration of Indian economy with the world economy. Implications of Trade related Intellectual Property Right (TRIPS) and Trade related investment measures (TRIMS) for India. External sector reforms in the Indian economy, challenges prospects and opportunities.
6.  Public Finance: Nature and extent of deficits in the central and state budgets. Policy measures to correct fiscal imbalances in India. Growth of public debt in India. Issues relating to growth and structure of public expenditure in India. Savings and inflationary finance. Federal Finance in India. Fiscal reforms and it’s budgetary implications.
7.  Economic planning in India: Objectives, strategy, experience and problems. Savings and investment rates, trends and problems. Growthand structure of the economy of Himachal Pradesh-Problems and Constraints.

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