Economic Educational Opportunities
Economics as a subject is being taught in India almost since the inception of higher education. Most of the colleges and Universities in India offer Bachelor and Master’s degree course in Economics.
The subject is offered both at the first degree level as one of the combinations and at the Master’s degree level in almost all the Universities which have Arts or Social Science Faculties.
At the first degree level some – Universities offer honours courses leading to the award of B.A (Hons) or B.Sc (Hons).
A small number of Universities had introduced some of the specialised areas of Economics as one of the combinations at the first degree level.
At the Master’s degree level (M.A), the subject is offered by University departments or schools, schools of correspondence education or distance learning as well as by a large number of colleges affiliated to them.
It is only in three Universities, viz., Anna University, Birla Institute of Technology and Science and Chhatrapati Sahu Ji Maharaj University that the nomenclature of the award is M.Sc (Economics).
Doctoral courses like M.Phil and Ph.D. courses are also offered by many Universities and specific Economics school within the country.
Prominent among them are Delhi School of Economics, Jawaharlal Nehru University, Banaras Hindu University etc.
There are two deemed Universities in Economics, viz., Gokhale Institute of Politics and Economics, Pune.
It offers only M.A and Ph.D courses and Indira Gandhi Institute of Development Research, Mumbai (IGIDR offers M.Phil (2 Years) and Ph.D (4 Years) Programs in Development Studies because of the interdisciplinary nature of the Programs, the courses are open, besides holders of M.A (Economics) degree, to holders of M.B.A (having studied Economics, engineering, and physical sciences at the Bachelor’s degree level), M.Sc in physical sciences, environmental science, M.Tech., and B.Tech., degrees.
Besides these two institutions, the Universities which are widely perceived as centres of excellence, include Anna University (Madras School of Economics, Chennai), Aligarh Muslim University, Andhra University, University of Calcutta, University of Delhi (Delhi School of Economics), University of Hyderabad, Indian Statistical Institute, Jadavpur University, Jawaharlal Nehru University (JNU), University of Lucknow, University of Madras, Madurai Kamaraj University, University of Mumbai, Punjab University, Pune University. The Indian Statistical Institute has pioneered to study of Econometrics.
Research Studies :
M.Phil and Ph.D. Courses are available in a large number of Universities which offer Master’s degree Program. Indian Statistical Institute offers Junior Research Fellowships to candidates strong in Mathematical Economics for undertaking doctoral research.
Indian Council of Social Science Research offers doctoral fellowships for doing research in social science including Economics.
Specialised Courses :
There are as many as 14 branches in which courses are offered. They include such courses as Banking Economics, Environmental Economics, Home Economics, Indian Economy, and Industrial Economics, which are offered only by one University each.
Besides, the Departments of Economics of some Universities have also introduced courses in International Business and Financial Control and Analysis.
Business Economics :
Business Economics deals with the analysis of the behaviour of firms in markets and industries and with determination of costs and prices. As such, it differs from the ways in which Economics is most commonly used in business, which are concerned with descriptions and forecasts of behaviour in a macroEconomic environment.
However, the University courses in the subject cover many other areas that are taught in the M.A (Economics) courses. Courses in business Economics are at present offered by 13 Universities leading to Master of Business Economics (M.B.E) or M.A (Business Economics) degrees.
Development Economics :
Development Economics is basically growth theory applied to the Economic problems of developing countries. Although development Economics is included in the syllabus of many Universities, the subject is offered at the Master’s degree level by 6 Universities only.
Rural Economics and Rural Development :
Closely linked to the planning process is the Socio – Economic development of rural areas. Like development institutes, institutes of rural development were also established in many States.
At the national level, the National Institute of Rural Development, Hyderabad was set up by the Ministry of Rural Development. These developments prompted several Universities to introduce Master’s degree Programs in rural economy and rural development.
More than 12 Universities now offer the course. The subject in variant forms is also offered by a number of Universities as one of the combinations at the Bachelor degree level. Besides postgraduate diploma courses are available in some Universities.
Econometrics Econometrics is one of the significant specialised branches of Economics which combines Economic theory expressed in mathematical form with statistical methods.
It is also often referred to as mathematical or quantitative Economics. Using models, econometricians seek to measure and correlate the relationships among various Economic variables.
They are constructed of equations that describe relationships among such variables as prices, wages, output, employment and capital investment in different sectors of the economy.
Econometrics as a subject is included in the Masters degree syllabuses of many Universities. It is only recently that it is offered as a specialised course at the Master’s degree level.
At present the subject is available only in 4 Universities, vis., University of Madras, Pondicherry University, Rani Durgavati Vishwavidyalaya, Sri Venkateshwara University and the Indian Statistical Institute.
The MS course in Quantitative Economics offered by the Indian Statistical Institute (ISI) has international reputation. Postgraduate diploma courses are also available in 3 Universities.
Economic Educational Opportunities