Importance of economics

The Global economic meltdown has yet again established the importance of economics in our day to day lives. Today it is no longer considered as an elitist social science that is meant for intellectuals and scientists who work with multiple government agencies but as an essential and all pervasive academic discipline that caters to all.

Comparative advantage

So what does the field of economics entail? At its broadest, economics is a way of understanding how humans interact and how individual decisions produce collective outcomes…, says a Singapore based Indian economist who is a Partner of the Centennial Group. A noted economist who has over 20 year experience analyzing political and economic trends in Asia, was also working for the Singapore government in the area of regional security. These tools are useful for anyone entering the job market. The more specific subjects in economics like micro-credit or industrial economics also have value in teaching more specialized tools.

Current account:

There is a dire need for several institutions across India to update their syllabi and offer economies courses of higher standards. With the revised pay commission salaries, we must now be able top attract good teaching talent. India as a country has made a mark in the field of economies at the international level. Every year, the Asian Development Bank, Bank of Malaysia and many other international and multilateral organizations seek young and bright economic graduates from our country to fill important positions.

Planning Curve:

Economics graduates have an array of options open following the completion of their courses. An increasingly popular field is that of social entrepreneurship and the business of NGOs. Talking about he aptitude one needs to pursue a course in economies. A student needs to have an inclination towards financial matters and must take interest in the economic situation of the world we live in, in order to excel in the field.

As with most other disciplines a masters or doctoral degree can help bolster a career in economics. A masters or doctoral degree can help bolster a career in the fields of academia and the corporate sector. While a bachelor’s degree helps from a foundation, it is a specialization at the master’s level that will help in terms of job prospects. A graduate in economics can aspire to join at an entry level position in banks, MNCs and research firms and can expect pay packages up to Rs 12,000 per month. Experts also opine that salaries for fresh graduates are largely dependent as much on the young graduate’s potential as on the institute he / she graduate from. A strong candidate can easily average a minimum of Rs 25– 40,000 per month initially during the first two years and then later based on his expertise go up to Rs 1-2 lakhs per month easily.

Job Wise:

The core job of an economist is to research and analyze the trends in different sections of society and industry. For example, the corporate sector employs economists to analyze and predict customer demand so that they can plan their production accordingly. Economists can also act as advisors to corporate head on future areas of development in the economy and accordingly plan their business expansions and acquisitions. Economies generally specialize in specific areas like finance, insurance, agriculture, econometrics, rural development, health, business development, human resource, industrial law, international economies etc. In government and social work organizations while they are recruited as economists directly, in the corporate world they have different job titles such as Data Analyst, Financial Analyst, Research Analyst, Business Analyst etc.

While the economist at a government and social development organization works towards finding ways to creating social wealth and collective development through empirical and case study research, economists working for private firms study the markets competition and consumers behavior and work towards bolstering the business practices and investments of the individual firm.

The Union Public Service Commission (UPSC) conducts examinations every year for recruitment into the Indian Economic Service (IES) for which any Indian postgraduates degree holder in Economics / Applied Economics / Business Economics / Econometrics from a recognized university can apply IES is apart of the Indian Civil services and officers of this service use their expertise to analyze economic trends of the country, direct the country’s policies and help in the implementation of the various policies and schemes.

While the IES helps secure a job within the prestigious administrative segment of the government the Reserve Bank of India (RBI), the regulatory body that overlooks the monetary stability of the country conducts separate exams for recruitment to its various services including Grade A and B officers. English, economics and social issues, finance and management are some of the areas in which one needs to focus while preparing for the RBI’s exams. The Universities Grants Council (UGC) conducts NET and JRF examinations after clearing which one is eligible for teaching at universities an applying for PhD programs with scholarships respectively. Teaching is another area that offers immense job satisfaction.

Institute Index:

1) Delhi School of Economics, Delhi
2) Madras School of Economics, Chennai
3) Indian Council of Social Science Research, New Delhi
4) National Institute of Rural Development, Hyderabad