Education in India, Career in India: Economics
Looking for a Career Option in the Field of Economics ? This section features Economics as a career option, elaborated with reference to the job profile, personality traits required, the courses and training involved, premier institutions and future prospects.
Economics is a science that deals with the production, distribution, exchange and consumption of various goods and services within a particular country. Individuals, groups of people, business concerns or by governments, carry on these activities. The study of economics is aimed at enabling such individuals to carry out activities related to goods and services in such a manner that optimum benefit is obtained from the activity.
Its realm encompasses a study of production processes, distribution processes, consumption patterns and human behaviour during all these processes. The aim is to devise the most effective way of functioning, taking all relevant factors into consideration. Different countries have different ways of functioning; therefore the economy may accordingly be capitalistic, communist or socialist. The economists of a country function as per the guidelines of the economic system prevailing in that country.
Economists work in veriety of settings. For instance, they may be involved in market research, in equity research in the financial services sector, in rural developement, in demographic studies and in the formulation of economic analysis and policies. The financial services sector analyses the trend of economic and corporate activity through its economists are utilised by government organisations as well as the public and private sector organisations.
Economists must be of an academic bent of mind, posses some degree of numerical ability, the ability to communicate through both figures, data and words, an interest in current social and political activities and affairs and an interest in problem solving.
Economics is taught as a part of bachelor's degree programmes. It may be taken up as an Honours/major subject durring gradutation. In the usual three-year Honours curriculum, students are exposed to economic theory, public finance, taxation, business organisation, international trade, financial systems and banking, etc, with special emphasis on the Indian economy.
This can be followed by the postgraduate programme in economics, usually a two-year programme. Students get an opportunity to specialise in a specific branch such as rural economics, agriculture economics, welfare economics, public finance, monetary economics and so on.
Courses in Economics are
- M.Sc. in Economics.
- M Phil/Ph D in Developement studies with major emphasis on Economics.
- M.A./Ph D
Economics very often forms a part of the curriculum in many Indian schools right from class IX itself. An early exposure to the language helps students determine whether they have the natural aptitude and the inclination for the subject. To study Economics (with Honours) in any of the Indian colleges, one must secure a fairly high percentage in the results of (particularly economics) classes X th and XIIth.One can go on to specialise in the subject at post graduation level and then pursue further specialisation in the form of a Ph.D.
Please click here for the list of the Economics Institutes in India.
The employment options open to those who specialise in economics are manifold. To begin with, government enterprises, public undertakings, banks, finance and investment firms, business journals and newspapers and the private sector throw up many avenues of employment in various departments.
The Indian Economics Services are also an excellent option open to those who want to join government service. Officers are recruited through examinations conducted by the Union Public Service Commission. To be eligible for this examination, one needs to be a graduate and in the 21-28 age group. The examination is held in the month of September every year. The announcement for the same is made in the month of March of the same year. The written examination has papers in English, General Studies, General Economics and Indian Economics. The written examination is followed by an interview.
Another highly lucrative avenue open to those looking for government employment is the Reserve Bank of India. Written tests are conducted by the RBI for the purpose. Postgraduates in the age group 21-28 are eligible for the examination. Those who successfully clear the examination are finally selected through personal interviews.
Prospects for economists are good in all sectors of the economy. The economies of the world are growing in unison and most are growing rapidly and naturally with the increases economic activity, economists will find many more opportunities to utilise their educational qualificationa remuneratively.