Economics

Economics is branch of social science which studies financial implications of production, distribution, and consumption of goods and services in macro and micro environments.

What are the various disciplines in economics?

Economic Analysis

Economic analysis is the study of economic systems using a systematic approach that attempts to measure in monetary terms the private and social costs and benefits of a project to the community or economy.

International Economics

International economics is a specialization in economics which is concerned with economic interactions of countries and effect of international issues on the world economic activity.

Public policy and planning

Public Policy and planning field is concerned with public issues and services, planning and framing of policies and their implementation within the economic, social, and political context.

Sustainable development and Environmental Economics

Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs, while Environmental economics is an area of economics that studies the financial impact of environmental policies.

Econometrics

Econometrics is a specialization in economics which is an application of statistical methods to analyse economic data in order to give empirical content to economic relationships.

Main Admission/Entrance exams for Economics

Name of Exam Institutions Languages Application Period Exam Dates Website
Undergraduate - (UG)
BHU UET (Undergraduate Entrance Test) Banaras Hindu University English, Hindi February- March May second week http://bhuonline.in/
Jamia Millia Islamia entrance test Jamia Millia Islamia English March-Apri May last week https://www.jmi.ac.in/studyatjamia/admission/1
GIPE entrance exam Gokhale Institute of Political Science and economics English April_May June Second Week www.gipe.ac.in
AMU Entrance Test Aligarh Muslim University English, Hindi January- February April First Week https://www.amucontrollerexams.com/
UoH_ entrance test Hyderabad Central University English April_May June first Week https://www.uohyd.ac.in
Postgraduate - (PG)
CUCET Ten Central Universities across India English March_April May last week https://www.cucetexam.in
AMU entrance exam Aligarh Muslim University English January- February April first week https://www.amucontrollerexams.com/
Gipe entrance exam. Gokhale Institute politics and economics. English April_May June second week www.gipe.ac.in
IGIDR Entrance Test Indira Gandhi Institute of Development and Research English March_April April third week http://www.igidr.ac.in/
DU DSE MA Entrance exam University of Delhi English June June third week http://www.du.ac.in/
JMI PG entrance test Jamia Millia Islamia English March-April May Second week https://www.jmi.ac.in/

What should I do to get admission into a good institution at the UG level?

Stream to Choose at +2 level:

Although selecting a specific stream is not a prerequisite for admission into bachelor degrees in economic disciplines, it is better to take commerce with mathematics streams since it will help the students to have a better understanding of the subjects that they will study later in college.

Subjects to focus:

Admissions to the top colleges and universities in this field are based on the aggregate score at the plus two level or admission tests are conducted by universities. To get admitted to some colleges even a 95% score might not suffice. So students should try to score as much as possible in all their subjects.

Some skills to acquire:

In the economics field, during college or even later during your career, it is very important to attain good maths and analytical skill to be a good economist. And they need to be aware about different economic theories and current trends of economic field which makes them good at economic analysis and research.

Minimum marks:

Students have to score minimum of 50% or above in aggregate at plus two level for admission to most institutions or for appearing in entrance exams for undergraduate courses .

Scholarships

Name Eligibility Website
Undergraduate - (UG)
Central Sector Scheme of Scholarship for College and University Students. Scholarship will be awarded to the students who have secured not less than 50% marks in the previous final examination and annual income of their parents/guardian from all sources does not exceed Rs. 1.00 lakh. https://scholarships.gov.in/
Indusind foundation Scholarship Students studying in undergraduate and post-graduate courses (full-time/part-time degree/diploma/ courses) who due to personal/family crises are unable to continue bearing the cost of education and are at risk of dropping out of school/college/university http://www.indusindfoundation.com/scholarship.php
State Merit Scholarship, Kerala Applicant must have scored 50% or above in the qualifying examination and the annual family income must not be more than Rs 1 Lakh. http://www.dcescholarship.kerala.gov.in/
People’s Foundation Scholarship Scholarship will be provided for regular courses in media studies, management studies, social sciences studies and legal studies. https://peoplesfoundation.org/portfolio-posts/educational-scholarship/
Azimpremji University Undergraduate Scholarship Students of Azim Premji University with annual family income of less than Rs. 5 lakhs / annum are eligible to apply for scholarships of upto 50% of course fee. https://azimpremjiuniversity.edu.in/SitePages/admissions-programme-pg-financial-assistance.aspx
Postgraduate - (PG)
Post-Graduate Indira Gandhi Scholarship for Single Girl Child for PG Programs Only first-year applicants of professional courses are eligible. The annual income of the family should be below 2.5 lakhs. https://www.ugc.ac.in/sgc/
Merit Mean Cum Scholarship Scheme Girl students up to the age of 30 years at the time of admission in PG courses are eligible. The scheme is applicable to a single girl child who has taken admission in regular, full time first year master’s Degree course in any designated university or a post graduate college. This scholarship is available to PG I-year student only. https://scholarships.gov.in/
J. N. Tata Endowment awards (Loan Scholarship) The J. N. Tata Endowment awards a one-time loan scholarship to Indian nationals only at the beginning of the course for full time Postgraduate/ Ph.D./ Postdoctoral studies/ Research Fellowships studies abroad, in all fields. Applicants should be graduates of a recognised Indian University and have secured at least 60% in their last academic examination http://jntataendowment.org/loan-scholarship-process

How is the future for Economics

Economics is the study of how people allocate resources and how individuals, business organizations, and government meet their needs. It is a field that require detailed analysis, critical thinking, and decision making. Even though the analysis is easier and more accurate with the updated technology, the interpretation and final decision making is done by experienced human brains. The need for talented and skilled analysts are on the rise, and the number of institutions offering this course is is also increasing.

According to BBC’s ‘Will robots take my job’, the likelihood of automation, is only 15%, which is quite unlikely. But professionals in this field should be updated with the latest softwares and programs used for analysis. They should also possess sound knowledge in various computer languages required in this field.

Other Career areas a Economics graduate can enter

Education and Training

To enter this field as a teacher/ professor, post graduation and qualification in the eligibility tests would be required. Higher educational qualifications like M.phil or PhD will give more opportunities and recognitions in the teaching and training field.

Entrepreneurship

An economics graduate with exposure in commerce related areas would stand a good chance of being a successful entrepreneur due to their expertise in handling finance matters of a company.

Finance and Banking

Economic graduates can work in banks after clearing bank exams conducted by IBPS or in other finance related institutions.

Government Services

Economic graduates can enter in government services by clearing various state and central public service commision exams.

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