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Find Out Everything You Need To Make Career in Economics in India

 

Economics is one of the most popular and sought-after subjects in the world today and here I will discuss everything one needs to know to make a career in Economics in India. It is applicable in almost any field or industry- finance, banking, public policy, data science, development! The scope of Economics in India is tremendous as studying Economics gives you knowledge of analysis, theoretical information, and practical expertise! This ensures that you have a comprehensive understanding of the subject before stepping out into the industry or pursuing higher studies. Economics majors are a hot favorite for recruiters because of the daily-life applicability of the subject. Moreover, studying economics helps you develop critical thinking and enhances your scientific approach towards solving real-life problems. All of these benefits make a prospective career in Economics in India a very bright one!

While Economics is an excellent choice to do your Bachelor’s degree in, it would be wise to check if you have a sustainable interest in Economics. It is difficult to study, excel in, and contribute to a field that you are not passionate about or interested in! So, before looking to build a career in Economics in India, take care to ensure that this is truly something that excites you.

 

So, how do you know that doing a BA in Economics in India would be the right decision for you?

One of the key factors in deciding what to study is understanding the subject matter of your desired field and why it is important for the future. Economics, at its core, is a scientific approach towards understanding human behavior- both at an individual level and on an aggregate level. It studies a human and organizational decision making under different contexts, situations, and probabilities. It is a multifaceted discipline that combines politics, sociology, psychology, and even history along with tools like mathematics, statistics, etc. As a subject, Economics will develop your written communication, numeracy, problem-solving and analytical skills. It will equip you with superior computational skills and the ability to apply Economic theories, principles, and models to different industries and sectors. Broadly speaking, as a BA Economics graduate, you will be helpful in industries like commerce, banking, trade, finance, insurance, public policy, government advisory bodies, machine learning, and more! Economics is used for setting frameworks in almost every sector that involves critical decision making. The new branches of Economics like neuroeconomics or behavioral economics further develop existing flaws in the subject and make the principles more realistic. If any or all of these domains excite or inspire you to learn more, opting for a BA Economics course is an excellent idea!

 

“Am I the right fit for studying BA Economics? Do I need to be strong in Maths for this course?”

This is a question that might be buzzing through your mind. While the subject matter of Economics is challenging and has enormous scope, how do you know if you will be able to excel in it? This is an especially relevant question given the existing reputation of a BA Economics course as one of the toughest courses to study at an undergraduate level in India. Having a good grasp of Class 11-12 Mathematics, particularly Calculus, is a must to excel at and appreciate the course structure of BA Economics. Core Economic concepts are based around Mathematical principles. Apart from that, Mathematics and Statistics are used widely in Economics, for a more scientific and practical approach towards Economic principles and interpreting data, etc. Therefore, a decent amount of numerical aptitude would be required for studying BA Economics, and even for further studies of Economics. Knowledge of Economics is not necessary to enroll in a BA Economics undergraduate course in India. Good analytical ability and a knack for conceptual study are also helpful if you want to do well in BA Economics. If you are hardworking and driven, you will certainly enjoy studying Economics and make the most of it!

 

What are the subjects covered in BA Economics courses in India?

BA Economics course details are almost uniform throughout most colleges in India. In the first year, you will be introduced to concepts in Microeconomics and Macroeconomics.

Microeconomics deals with the economic principles that drive the decision-making process in individual units. For example: If you are given a choice of 40 hours of work and 10 hours of leisure compared to 50 hours of fully paid work, which one would you choose and why? These are the questions dealing with individual preferences that Microeconomics attempts to answer.

Macroeconomics deals with the principles that govern the decisions of the functioning of aggregate units like the government, countries, international bodies, etc. For example- Determining the levels of saving and investment in a country, calculating the national income (GDP) of India in the year 2019-20 are covered under this branch of Economics.

You will also be taught the Mathematical and Statistical tools used in Economics. It is an important aspect of the study of Economics as studying and analyzing data is important to reach valid conclusions. This will be about 20% of your coursework. For example- The Delhi University BA(H) Economics course has two courses of Mathematical Methods for Economics in the first year and two courses for Statistical Methods of Economics and Econometrics in the second year of study.

Further studies on the theories and concepts of Micro and Macroeconomics will be introduced as Intermediate Microeconomics and Intermediate Macroeconomics. Concepts like demand, supply, equilibrium, price determination, resource allocation, market structure, deadweight losses in taxation along with advanced theories of Economics are covered in Intermediate Microeconomics. Intermediate Macroeconomics uses previously taught Macroeconomic tools to address and study Macroeconomic problems like inflation, economic growth in the long run, government functioning and allocation, deficit financing, and many others.

Apart from core Economics subjects, a number of electives and specific courses are included in BA Economics courses in India. These include Development Economics, Public Finance, Money and Banking, Behavioural Economics, Indian Economy, International Trade, and contemporary topics like GST, Demonetisation, Make In India, etc.

Along with Economics, you can choose subjects to complement your undergraduate course, like Statistics, Mathematics, Psychology, History, Political Science, Commerce depending upon what the college you are enrolled in offers. The comprehensive course structure of BA Economics in India ensures that you have a great career in Economics in India!

Become a Subject Matter Expert

What is the difference between BA(H) Economics, BA Economics, BA Business Economics?

BA(H) Economics – This course offers specialized and extensive knowledge and exposure to the principles and applications of Economics. It makes you ready for entry-level jobs in Banking, Finance, etc. as well as gives you a solid ground to prepare for postgraduate entrance exams or professional courses. If you do an Honours course in Economics, you will study only Economics in your 3rd or final year of graduation and specialize in it. The concentration of Economics in BA(H) Economics is what makes it different from BA and also gives the students a competitive edge as they engage in a deeper and more rigorous study of Economics. Studying BA(H) Economics increases your scope of excelling in Economics in India.

BA Economics – A B.A. program is one where you will study social studies subjects for all three years of graduation and Economics will be one of those subjects. Some colleges offer a major in Economics within the BA Program. The structure of BA Program courses is different from college to college and university to university. While the BA Economics course gives you an all-round exposure to several subjects and fields and leaves more options for your career choice, you will not have singular expertise in Economics. However, if you are looking to clear competitive exams like UPSC or want to enhance your overall growth and knowledge base, then BA Economics is a great choice for your undergraduate degree and a further career in Economics in India!

BA Business Economics- BA Business Economics course is a multi-disciplinary course offered by many colleges and universities in India, including Delhi University. It is a commercially oriented course that prepares the students to use economic principles in the business sphere. Business Economics is an applied Economics subject that is more about the practical applications of Economics than the core concepts and theories of Economics. It is data-centric and includes branches like Finance, Business Communication, Marketing, Financial Management, and others. Studying BA Business Economics if you are looking to build a career in the corporate world through MBA, FRM, or CFA.

 

What is the scope of Economics in India?

scope of economics in india

Economics undergraduates have a bright future in India. There are several career paths that you can choose to opt for once you graduate with a BA in Economics degree, each of them equally rewarding. You should go for a career that inspires you to do your best and contribute to making the world place!

 

Actuarial Science

Actuarial Science is an emerging career choice in India. It has great scope in India. Actuaries work with statistical, economic, and mathematical tools to calculate and mitigate risk in various industries. If you have excellent mathematical abilities, good communication skills and can commit to 5-6 years of dedicated study, this is a challenging and rewarding career path!

 

Finance

career in economics in india

Finance fields like Certified Financial Analyst (CFA) or Certified Financial Planner (CFP) or other banking fields are good options to go for if you are interested in the mechanics of finance. Finance runs the world today and always has a brilliant scope to excel in! So, if financial analysis seems to be your strength, you should consider going for a Finance field. Having an undergraduate degree in Economics prepares you well for a career in Finance.

Indian Economic Services (IES)

If the UPSC is your target and you have a background and knack in Economics, then Indian Economic Services is the perfect fit for you. The UPSC conducts the IES exams. The Indian Economic Services is responsible for formulating development policies and implementing economic reforms in the country. The minimum requirement is a post-graduation in Economics. The IES is a good career choice if you are looking for the security of government jobs.

 

Management and Consulting

One of the popular choices after graduation in Economics is a finance-focused MBA or a job in a consulting firm. There are several consulting firms that hire Economics graduates for advisory positions. Your role here would be to do economics oriented research, develop economically viable solutions, prepare consolidated reports, and more. It is an interesting and rewarding career choice if you are innovative and solution-driven.

 

Further studies and Research

If you are passionate about Economics and dream about leaving your mark in the world of Economics, you could consider going for further studies in Economics and eventually, research. The fields you could enter are great and the scope of Economics research in India is huge. Development Economics, Applied Economics, Business Economics, Agricultural Economics, Behavioural Economics, International Economics, Neuroeconomics, Environmental Economics are the different branches you can research in.

 

Part-Time Jobs and Internships

As an Economics undergraduate student, you have ample opportunities to earn money while studying. Several firms look for undergraduates for research positions in fields like Public Policy, Planning, Finance, and more. Having an Economics degree underway puts you in a better position than many peers. You can also look for teaching positions in Economics. At Chegg, you can sign up to be a Subject Matter Expert in Economics just by giving a simple test and filling in basic details to earn money per question answered by you. The scope and opportunities with Economics are endless, even before receiving your degree!

 

The Best Colleges for BA Economics in India for 2020 are:

1. Lady Shri Ram College for Women, Delhi
2. St.Stephen’s College, Delhi
3. Shri Ram College of Commerce, Delhi
4. Miranda House, Delhi
5. Loyola College, Chennai
6. St.Xavier’s College, Mumbai
7. Hindu College, Delhi
8. Ramjas College, Delhi
9. Presidency College, Chennai
10. Hansraj College, Delhi

In short, a career in Economics in India has limitless scope and opportunities associated with it. Whether it is because of the knowledge base the subject builds or the practical skills it teaches, it is definitely worth the effort, time, and money invested! If the domain of Economics excites and inspires you, the first step to build your dream career would be to enroll in a BA Economics course. Research your interests and requirements well and choose a course that is most suited to the way you learn! We hope that this article helped to bring clarity to the course details of BA Economics in India and its scope!