Economic & Social Issues (ESI) is an important section of the RBI Grade B Phase II Examination. It tests a candidate’s knowledge about the Economic & Social concepts (static knowledge) and the various issues related to national economic & social issues (current affairs). As per the changed pattern of Phase-II, ESI will have two separate subsections: Objective (30 minutes) and Descriptive (90 Minutes) with a total of 100 marks. In the following article, we have provided the syllabus, resources, and some tips on how to approach the Economic & Social issues section for your preparation.
- Economic & Social Issues Preparation [ESI]
- RBI Grade B Online Course 2021 by Oliveboard
Economic & Social Issues Preparation [ESI]
Going through the sample paper released by RBI will give you a fairly good idea of the kind of questions asked in the examination. This will also help you understand how deep you need to go into the topics while preparing. The type of questions asked in the ESI section can be broadly classified as:
i. Static: Conceptual questions that test basic knowledge of different concepts of macroeconomics like national income, the repo rate, bank rate, fiscal deficit, revenue deficit, budget, inflation, banking sector in India, etc.
ii. Dynamic: Questions based on current affairs related to Economic & Social issues.
The topics to be prepared for ESI are listed below.
- Growth and Development
- Measurement of growth: National Income and per capita income
- Poverty Alleviation and Employment Generation in India
- Sustainable Development and Environmental issues
- Economic Reforms in India
- Industrial and Labour Policy
- Monetary and Fiscal Policy
- Role of Economic Planning
- Opening up of the Indian Economy
- Balance of Payments
- Export-Import Policy
- International Economic Institutions
- IMF and World Bank
- Regional Economic Cooperation
- Social Structure in India
- Demographic Trends
- Urbanization and Migration
- Gender Issues
- Social Justice: Positive Discrimination in favour of the underprivileged
- Social Movements
- Indian Political System
- Human Development
- Social Sectors in India, Health, and Education
I. Resources for ESI Preparation
After a thorough analysis of last year’s RBI Grade B question paper, we found that most of the questions asked in the Economic & Social Issues section were from the following sources:
- Economic Survey of India
- The Budget Document or Summary
- Conceptual based (Books or Notes)
- Basic knowledge (NCERT)
- Newspapers (Current events, factual in nature)
- Press Information Bureau
Most of the questions were based on facts, figures, numbers, percentages, that are required to be remembered. Therefore, based on last year’s question paper we concluded that the following are the three most important sources:
- The Hindu Newspaper
- The Economic Survey of India
- The Union Budget
However, since the RBI Grade B Exam is unpredictable, you need to go beyond these above-mentioned sources. The above-mentioned sources contain the topics and a brief description of those topics.
II. ESI Preparation Tips
» General Tips
1. Brush up on your basic concepts.
2. Current affairs would dominate here.
3. Know the latest development related to the topics given in the syllabus.
4. Descriptive Questions can be of three types: Completely static, Static + Current Affairs + Completely Current Affairs Based, or Opinion Based.
» Important Chapters for the Objective Paper?
You might expect objective questions from the following topics:
Get thorough with the basic concepts (fundamentals).
- Cover these basic chapters of ESI & FM like
- Measurement of Growth – Various Indicators like GDP, GNP, NNP, National Income, etc.
- What is Monetary and Fiscal Policy?
- Various tools used by RBI (as part of Monetary policy) and the Government as part of Fiscal Policy.
- Balance of Payments
- Industrial & Labour Policy
- Sustainable Development
- Indian Political System (important articles)
» Important Chapters for the Descriptive Paper
You might expect some descriptive questions from the following topics:
- Poverty Alleviation
- Employment Generation
- Changes in Industrial Policy & Labour Policy
- Monetary & Fiscal Policy
- Priorities & recommendations of Economic Survey& Union Budget.
- Indian Agriculture
- Export & Import Policy
- Human Development
- Social Sectors in India
- Health & Education
III. Approach for Economic & Social Issues (ESI) Descriptive Paper
Step 01: Get a grip on all imp. concepts. List them down and make sure to understand each one.
Step 02: Expect questions related to Current Affairs, so track all the important events, reports, schemes, policies and have key points ready for these. Coverage: Last 6 months.
Step 03: Make a list of imp. points mentioned in the Union Budget and Economic Survey. Note the points such that you can use them for any type of questions asked from these two sources.
Step 04: For opinion-based questions which would mostly be asked from the Social Issues section, you need to justify the stand you take. Do not spend time preparing points for these. You can use a few data points noted down while studying current affairs for these answers.
Step 05: Practice at least 12-15 answers before you go for the examination.
Do not let the length of the above-mentioned list of preparation resources intimidate you. You do not have to read them cover to cover, as that is going to take plenty of time. You need to smart and selective in your preparation and be selective about reading.
The best way to find out what you need to prepare from these resources is by referring to the RBI Grade B preparation material prepared by experts in the industry after thorough research. This is where RBI Grade B Mock Tests come in handy.
The Mock Tests are created by exam toppers and experts who have extensive knowledge about the exam, its pattern, and syllabus. Taking RBI Grade B Mock Tests will:
- Familiarize yourself with the pattern, nature, and difficulty level of the exam
- Help you figure out exactly what you need to focus on for the exam from your study material so you can be smart & selective and save time
- Determine your speed & accuracy
- Identify your strengths & weaknesses
Try it yourself! Take Free RBI Grade B Phase 2 Mock Tests.
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1. Course Details
RBI Grade B Cracker is designed to cover the complete syllabus for the 3 most important subjects: GA for Phase 1 and Objective + Descriptive portions of ESI + F&M for Phase 2 exam.
Not just that, it also includes Mock Tests & Live Strategy Sessions for English, Quant & Reasoning for Phase 1. The course aims to complete your preparation in time for the release of the official notification.
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