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Reasons to go for Ph.D. in Economics- Course, Eligibility, Career, Salary, Top Institutes in India

 

Ph.D. in Economics is a three to five-year doctorate course. It covers both macro and microeconomics. However, you can pursue Ph.D. in any of the subjects- Agricultural Economics, Financial Economics, Labour Economics, Industrial Economics, International Economics, Business Economics, Banking Economics, Environmental Economics, Developmental Economics, Rural Economics, and Rural Development and Econometrics, etc.

Is Ph.D. in Economics in India a good option?

Many of you look for higher studies in Economics. This is a very good opportunity in the field of Economics which is mainly involved in the field of Research.

Why should you go for Ph.D. in Economics? Reasons that you should consider pursuing Ph.D.

Well here are some reasons considering which you should go for a Ph.D. in India according to me:

  • D. in Economics helps to get you an ideal job

After doing a Ph.D. in economics you will have the ability to get a job in not just research and academia but in business and finance as well. The deep understanding of the factors that affect various economic systems will also make you an ideal candidate for a government job.

  • D. in Economics helps you to earn more

It takes an extra effort to get a Ph.D. degree so the extra effort will definitely help you to earn much higher salaries because you will be having a great educational background and the experience necessary to obtain a high-end position in management.

  • D. in Economics helps you to gain an extra edge in Research and Academics

Ph.D. in economics helps you to teach at any traditional college or university, with the help of teaching assistantships during the course. You can use that experience, along with your ability to conduct independent research, to increase your chances of moving up in your career.

You being an Economics professor will get a lot freedom to do research. You will get freedom to pursue research topics that you wanted the most to work on. In India you are more likely to get a job as an academic after doing Ph.D.

  • Ph.D. in Economics helps you to understand social world

You will get to understand how the social world works, which is necessary for evaluating the causes and interventions. This will help you evaluate your future career options.

What is the procedure for doing Ph.D.?

Well for the qualification you need to have a postgraduate degree in Economics, or you can also do a Ph.D. in Economics after MBA. But before Post Graduation, you definitely need to have a Bachelor’s degree in Economics/Bachelor in Technology in Economics from any recognized University.

If you really want to qualify for Ph.D. in Economics you need to have the following:

  • You need to have better mathematical knowledge so that you can work with different figures. It’s essential that you gain proficiency in Mathematics to build up a career in Economics.
  • You need to remain aware of the current market/ economic affairs, and also have to understand implications analytically and logically in various scenarios.
  • You need to have the will and ability to research any aspect of the economy.
  • You need to keep patience, be motivated, remain positive, be optimistic, and lastly try to be perfect.
  • You need to explain the complex economic analysis to the general public who know nothing about Economics. So you need to have very good communication skills.

To pursue a Ph.D. in Economics course you need to pass the National Eligibility Test (NET). But to appear in that entrance exam you need to have an aggregate of 75% marks in graduation and post-graduation. Once you qualify for the NET exams, final admission is given on the basis of an Interview.

There are some other entrance tests to get admitted for Ph.D. in Economics, except NET depending on different colleges. Some of them are:

  1. GATE
  2. UGC NET
  3. GRE
  4. JCECE
  5. IIM Ph.D. test

 

Become a Subject Matter Expert

 

Syllabus of Ph.D. in Economics in India

PAPER I) COURSE ON RESEARCH METHODOLOGY

Unit-1:

  • Philosophy of science and research methodology
  • Research Design: Need and Features of a good research, Different types of research design
  • Experimental survey: Basic principles and understanding of experimental design
  • Case studies expanding on problems and limitations.
  • Steps in Planning and implementing of research projects: planning, problem formulation, research strategy and methods

Unit-2:

  • Data Collection Methods : Direct method and Indirect methods
  • Techniques of Data collection through questionnaires and schedules
  • Various Problems and Errors in data collection
  • Operations and Problems in data processing
  • Sampling design: Meaning and Applications of Sample Design and analysis
  • Measurement techniques: Measurement Scales and Sources of errors in measurement

Unit-3:

  • Analysis of Data: Measures using techniques of Central Tendency, Dispersion, Skewness, and Kurtosis
  • Types Theoretical Distributions: Normal, Poisson and Binomial and its features
  • Estimation and Testing of a hypothesis.

Unit-4:

  • Methods of Analysis: Simple and Multiple Regression, Best Fit
  • Time series analysis, Index Numbers
  • Econometric estimation and its Problems, Game Theory

Unit-5:

  • Documentation – writing the research thesis
  • Introduction to statistical and econometric software

PAPER II) ADVANCED TOPICS IN ECONOMICS

Unit 1: Micro and Macro Economics

  • Consumer Demand Theory: Choice under Certainty and Uncertainty
  • Theory of Firm: Production and Cost
  • Macroeconomic Problems of Closed and Open Economy: Inflation and Unemployment
  • Macro policy options

Unit 2: International Trade, International Finance, Corporate Finance

  • Theory of trade and trade Policy,
  • Gains of Trade, Intra-Industry Trade, Free Trade versus Protection
  • Balance of Payment Theory and exchange rate determination
  • Fixed and Flexible Exchange Rates : Policy Conflicts and Adjustment Mechanism
  • Investment Theory
  • Financial Derivatives

Unit 3: Development and Growth Theory

  • Theories of Development
  • Growth Models
  • Endogenous Growth Models
  • Sustainable Development

Unit 4: Economic Issues and Policy-I

  • Planning and Economic Reforms
  • Infrastructure Development, Education Sector
  • Public Sector, Privatization and Disinvestment
  • Fiscal and Monetary Policy, Tax Reforms, Central Government Finances
  • Financial Sector Reforms,
  • Money and Capital market
  • Liberalization in Foreign Trade, Balance of Payments, Exchange Rate
  • World Trade Organization (WTO) and Indian Competition Policy
  • WTO and Effects of Trade (Liberalization and Globalization) on Poverty, Inequality, Environment, Gender, Labour Standards, Technological Transfers etc.

Unit 5: Economic Issues and Policy-II

  • Poverty, Income Distribution and Social Justice
  • Demographic Transition and Migration
  • Land Reforms and its impact on Indian Agrarian Structure
  • Rural Development in India : Nature and Problems
  • Indian Industry and Structural Changes, Licensing System
  • Rural industrialization and strategies, Cottage Industries, MSME
  • Rural poverty alleviation and employment programs

Career Scope of Economists after doing Ph.D. in Economics in India

Ph.D. in Economics has a huge demand in Indian market for both career and job because of globalization and world economy. The demand for a well-trained economist is rapidly increasing due to the globalizing economic scenario.

A Ph.D. in Economics degree will help you to get into the research-oriented teaching profession. You might also opt to get employed in Research labs etc. After Ph.D. in Economics you may also apply for the Junior Fellowship exams. Hence the course of Economics in is in higher demand among the students nowadays in India.

Type of jobs after Ph.D. in India

top Jobs for PH.D. in Economics

  • Professional Economist
  • Financial Risk Analyst
  • Data Analyst (Banking Sector)
  • Financial Planner (Banking Sector)
  • Financial Controller/Financial Economist
  • Equity Analyst
  • Cost Accountant
  • Economic Researcher
  • Business Economist
  • Agricultural Economist
  • International Economist (Specialization)
  • Industrial Economist (Specialization)
  • Labour Economist (Specialization)
  • Investment Analyst
  • Actuary

Other Job Opportunities in Economics in India:

Teaching Profession

By qualifying Ph.D. in Economics, you will become eligible for the post of Assistant Professor in Indian Universities and Colleges or would get a Junior Research Fellowship in a Research Institution.

Banking Services in Public Sector/Private Sector or Foreign Banks

Reserve Bank of India, State Bank and IBPS recruits people between 21-28 years with Ph.D. in Economics. You may also opt for different job profiles in private and foreign banks.

National/International Research Agencies

National/International Research Agencies

You can also find yourself a job in research institutes like the NCAER, ICSSR, IEG, etc.

After gaining enough experience you may apply to get employment opportunities in different international organizations.

Entrepreneurship

You can open start-up or business because you will be having depth knowledge of the market. You will quickly understand the economic condition of the market for the business. Hence you may achieve economic growth by creating your own business. This will also help in reducing unemployment in our country. For starting a business you need a good team, plan, capital etc. For making a business/successful you need to have knowledge about almost everything like Marketing, HR skills, technical skills, etc. You definitely need to have leadership skills. But always remember that doing a business/ start-up is the most difficult option with great risk. You might or not succeed, but if you succeed you will definitely reach heights which you can’t reach by any of the above options.

Do you want to earn money while pursuing Ph.D. in Economics?

Well here are some of the ways:

  • Part-time Jobs

You can join as a part-timer in the back-office for new companies/start-ups that cannot afford to keep full-time employees. Working as a part-timer, you will need to do all the basic aspects of everything like accounting, marketing, recruitment, customer service representatives, Pr, etc. It will help you get work experience.

  • Freelancing

You can always do some of the freelancing i.e. working independently sitting back at home like doing economics research and consulting private firms. You can earn a handsome amount of money by doing only freelancing. You will also gain experience about the work by doing freelancing.

  • Youtuber

You can become a Youtuber by posting self made videos on economics in Youtube. You can spread your knowledge to millions of students through Youtube for free. The main twist is that you will be paid by Youtube if you can drive a certain number of viewers/views for you channel. There is a huge scope in this because there is a huge demand of accounts tutorial videos online.

  • Tutor

You can just sit back home and become a private tutor for economics both Offline and Online. Chegg India is offering online tutoring platform for you to teach online. You can also join Chegg India as a Subject Matter Expert to answer academic questions asked by students on their Question & answer board. Chegg is a publicly-held company based in Santa Clara, California and trades on the NYSE under the symbol CHGG. Chegg India primarily creates solutions for Chegg Study board and handles several verticals of marketing and content support management. You can definitely earn a handsome amount of money through Chegg India just by sitting back at home and doing part time job. You also get an exposure to working at an MNC.

  • Blogger/ Content Writer

You can become a part-time blog with your own website where you can write, post videos etc on economics. You need to write very good contents and with real data related to current economy and market scenario. You can also answer the questions of the students through your web-page. Becoming a blogger/ content writer helps you to gather traffic which is a very good way of earning money.

What is an Economist salary in India after doing Ph.D. in Economics in India?

After becoming Economist you may earn approximately in between 1.88 lakhs to 14.81 lakhs per annum.

In Government Sectors, if you do a job, your salary would be Rs 10,000 to Rs 12,000 per month whereas if you become an Economics Professor and Assistant Professor in Government colleges and Universities, your salary would be Rs 12,000 to Rs 80,000 depending on your seniority and experience.

You may also work in the banking sector because they provide a very good pay package. And lastly the earning of economic consultants is also very impressive in India.

Top Institutes to Study Economics in India 

  • University of Delhi, South Campus
  • Delhi School of Economics (University of Delhi)
  • Jawaharlal Nehru University, New Delhi
  • University of Bombay, Mumbai
  • University of Agricultural Science, Bangalore
  • Stephen College, Delhi University
  • Jamia Milia Islamia University
  • Maharaja Sayajirao University of Baroda
  • Bangalore University
  • University of Calicut
  • Banaras Hindu University, Uttar Pradesh
  • Kumaun University, Uttarakhand
  • Meerut University, Meerut
  • University of Pune, Pune
  • Sri Ram College of Commerce, Delhi
  • Lady Sri Ram College for Women, Delhi
  • Hans Raj College, Delhi
  • Hindu College, Delhi
  • Presidency College, Kolkata
  • Xavier’s College, Kolkata
  • Xavier’s College, Mumbai
  • Loyola College, Chennai
  • Symbiosis School of Economics
  • Madras School of Economics
  • IIT, Kanpur
  • Indian Statistical Institute, Kolkata
  • Ravenshaw University, Cuttack, Orissa

Conclusion

So, I guess now you have a fair idea about a Ph.D. in Economics in India. I answered some of the basic questions in this article, such as- What is the qualification for a Ph.D. in Economics? Can you do a Ph.D. in Economics after MBA? What is the course structure? What is an Economist salary in India? What are the jobs after Ph.D. in India? And lastly, I suggested some top institutions for studying Ph.D. in Economics in India.

Many companies and organizations in today’s life are looking for specialized and expert economists to better understand the economic condition/ market scenario. I have discussed about the reasons to go for a Ph.D. in Economics so go through the information I mentioned above and take the right decision. Everything has its own pros and cons but still you have to make a choice and it should be your own decision so that later you don’t regret/ blame someone else.

Last but not least- good luck with your career.

 

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