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Career in Economics

Ms. Suchitra Surve in this episode speaks about the field Economics. Economics is looked at as a theoretical subject, but its application is in daily life. Be it a small business owner or a service-oriented person or a homemaker one cannot do away, without connecting with Economics.

Economics in simple terms means a part of Social Sciences. Economics means studying, about Production, Distribution, and Consumptions. It may be of goods and services along with management. It also deals with land labor, investments, money cost, expenditures and so on. All of this to ensure the production and consumption of goods and services reach the right people from the right people. In economics, we see the application of mathematics and statistics.

In India, to study economics as a subject you can either be a B.A in Economics or a B.Sc. in Economics. Economics is an in-depth study hence, a Master in Economics is a must. There are many other courses available too. After class XII- you can also opt for an integrated Master’s degree in Economics or after graduation you can opt for one or two years post-graduation course in Economics.

At the undergraduate level, Economics is studied at a broader concept and later you can pursue Masters in various specializations like agricultural econometrics, political economics, transport economics, microeconomics, macroeconomics, industrial economics, international economics, labor economics, and so on. Vast arrays of courses are available; choose the course depending on your aptitude and interest.

Along with the required qualification, you should have an interest in current affairs, mental alertness, leadership quality, and an eye for detail, sense of responsibility and a balanced sense of judgment. You also need to have the ability to reason well, think creatively, good numerical skill and ability to anticipate and forecast process.

Economics encompasses life at all stages hence immense job opportunities are available at Indian Economic services (IES), Banks, Financial Institutes, Accounting Firms, Research Organizations, Chambers of commerce, Insurance companies, Labour Department, Manufacturers, Pharmaceutical companies, Newspapers, Educational institutions, and Consulting firms. Hence it can be said that Economics is more than a theory. Economics takes care of our Taxes, Banking, Day to Day Life Expenses and Our Incomes.

Words like GDP, Physical Policy, Law of Supply, Law of Demand, and DMU make sense or interest you or create curiosity in you then Economics could be the field for you. Think about it positively, and then take an informed decision.