How to Become an Economist in India A Comprehensive Guide

how to become an economist in india

Becoming an economist is a rewarding career path for those passionate about analyzing economic trends, solving complex problems, and influencing policy decisions. In India, as in many other parts of the world, economists play a crucial role in shaping the economic landscape through their analysis and insights. Whether it’s advising the government on economic policies, working with international organizations, or guiding corporate strategy, economists are essential in navigating the intricacies of market dynamics and financial systems.

If you're interested in pursuing a career as an economist in India, it’s important to understand the educational pathways, the skills required, and the opportunities available within the field. This comprehensive guide will walk you through the steps on how to become an economist in India, including the academic qualifications, professional experiences, and career prospects that will help you succeed.

1. Understanding the Role of an Economist

Before embarking on the journey to become an economist, it’s important to first understand what an economist does. Economists analyze and interpret data related to production, consumption, and distribution of goods and services. They focus on understanding how economies work at various levels, from individual consumers and businesses to entire nations.

Economists generally work in one of two broad areas:

• Microeconomics: This focuses on individual economic units like households, firms, and industries. Microeconomists study supply and demand, price determination, consumer behavior, and market efficiency.

• Macroeconomics: This focuses on national economies as a whole. Macroeconomists study national income, inflation, unemployment, fiscal policy, and central banking.

Economists can work in various sectors, such as:

• Government and Policy Analysis: Advising policymakers on economic strategies, such as taxation, monetary policy, and social welfare programs.

• Corporate Sector: Analyzing business environments, competition, pricing, and helping businesses make data-driven decisions.

• Research and Academia: Conducting research on economic trends and teaching future economists.

• International Organizations and NGOs: Providing expertise on global economic issues, development programs, and aid distribution.

2. Educational Qualifications to Become an Economist in India

A. Bachelor’s Degree

The first step toward becoming an economist is obtaining a bachelor’s degree in economics. In India, several universities and colleges offer undergraduate programs specifically designed for future economists.

Popular Bachelor’s Degree Programs:

1. B.A. (Hons.) Economics
   This is a common undergraduate program that provides a solid foundation in economics. It covers a wide range of topics, including microeconomics, macroeconomics, statistical methods, economic theory, and policy analysis. Some of the top institutions offering this program include:

   • Delhi University (DU)

   • Jawaharlal Nehru University (JNU)

   • Presidency University, Kolkata

   • Banaras Hindu University (BHU)

2. B.A. (General) Economics
   For students who wish to pursue economics but also want to explore other subjects, this general program offers more flexibility. However, it may not be as specialized as an honors program.

3. B.Com (Economics)
   A Bachelor of Commerce with a focus on economics offers an understanding of economic principles within the context of business and finance. This can be a good choice if you're considering a career in corporate economics.

Subjects to Expect:

• Microeconomics

• Macroeconomics

• Statistics for Economics

• Indian Economic Development

• Public Finance

• International Trade

B. Master’s Degree

After completing a bachelor’s degree, aspiring economists typically pursue a Master’s degree in economics to gain deeper insights into economic theory, research, and policy analysis.

Popular Master’s Degree Programs:

1. M.A. in Economics
   This is the most common choice for students looking to specialize in economics. A Master’s in Economics covers advanced topics such as econometrics, development economics, monetary economics, and economic modeling. Some of the best universities in India offering this program include:

   • Delhi School of Economics (DSE)

   • JNU

   • Mumbai University

   • Banaras Hindu University (BHU)

2. M.Sc. in Economics
   An M.Sc. in Economics is often more quantitative and research-oriented than an M.A. It emphasizes the application of mathematical and statistical techniques to economic problems.

3. MBA with a Specialization in Economics
   An MBA in economics is ideal for those who want to combine economic analysis with business strategy. It can open doors to high-level corporate roles and managerial positions in financial institutions.

Advanced Subjects in Master’s Programs:

• Advanced Microeconomic Theory

• Advanced Macroeconomics

• Econometrics and Statistical Techniques

• Development Economics

• International Economics

• Public Policy Analysis

• Environmental Economics

C. Ph.D. in Economics

For those who want to pursue academic careers or high-level research positions, a Ph.D. in Economics is essential. This is an advanced research degree that focuses on specialized areas within economics. Ph.D. programs typically require a strong background in quantitative methods and independent research skills.

The Ph.D. is not mandatory for all economists in India, but it is essential for those looking to work in research institutes, universities, or international organizations like the World Bank, IMF, or UN.

Top institutions offering Ph.D. programs include:

• Delhi School of Economics (DSE)

• JNU

• IITs (Indian Institutes of Technology), which offer specialized economic research programs

• ISI Kolkata (Indian Statistical Institute)

3. Skills Required to Be an Economist in India

In addition to academic qualifications, becoming a successful economist in India requires a specific set of skills:

A. Analytical Skills

Economists must be able to collect, analyze, and interpret data to identify economic trends. They should be proficient in using economic models and statistical tools to make sense of complex data.

B. Quantitative Skills

A strong understanding of mathematics and statistics is essential for an economist. This includes knowledge of econometrics (the application of statistical methods to economic data), which is often used to estimate relationships between economic variables.

C. Critical Thinking

Economists need to approach problems analytically and critically. They must assess existing economic theories, scrutinize policies, and predict the potential outcomes of different economic strategies.

D. Communication Skills

An economist must be able to present complex ideas in a clear and understandable manner. Whether preparing reports for policymakers, advising corporate leaders, or teaching students, clear communication is key.

E. Attention to Detail

Economics involves working with large datasets, and even small errors can lead to inaccurate conclusions. A keen eye for detail is crucial in the work of an economist.

4. Certifications and Training Programs for Economists in India

In addition to formal degrees, economists can also pursue certifications and training programs to enhance their knowledge and stay updated with new trends in the field. Some popular certifications include:

A. Certificate in Financial Economics

This certification provides a blend of economic theory with practical financial analysis and is ideal for those wanting to work in the finance sector.

B. Certification in Data Science for Economics

As data science and econometrics are becoming increasingly integrated, this certification offers training in advanced analytical methods using big data, machine learning, and AI.

C. Training in Econometrics

Specialized courses in econometrics help economists learn the advanced statistical tools required for high-level economic research. Institutes like ISI (Indian Statistical Institute) and JNU offer such training programs.

D. Online Courses and MOOCs

Websites like Coursera, edX, and Udemy offer various economics courses and certifications that can help enhance an economist's skills. Some notable online courses include:

• Macroeconomics and Microeconomics Courses by MIT

• Financial Economics by Yale University

5. Career Opportunities for Economists in India

After completing your education and acquiring the necessary skills, there are several career paths open to economists in India:

A. Government and Public Policy

Economists in India are in high demand for roles in government agencies such as the Ministry of Finance, Reserve Bank of India (RBI), Planning Commission (NITI Aayog), and various public sector banks. Economists working for the government analyze economic conditions, provide policy advice, and contribute to national planning.

B. Research and Academia

Many economists choose to work in academic settings, either by becoming professors in universities or conducting research at think tanks such as the National Council of Applied Economic Research (NCAER) or Indian Council for Research on International Economic Relations (ICRIER).

C. Corporate Sector

In the corporate world, economists are employed by financial institutions, multinational corporations, consulting firms, and market research companies. They provide economic analysis and advise on strategic decisions related to investment, market trends, and competition.

D. International Organizations

International organizations like the World Bank, International Monetary Fund (IMF), and Asian Development Bank (ADB) frequently hire economists to conduct research and provide insights on global economic issues. Economists in these organizations work on international economic development, trade policies, and global financial systems.

E. Think Tanks and NGOs

Many economists work for think tanks and non-governmental organizations (NGOs), where they provide policy recommendations on economic development, poverty alleviation, and social welfare.

6. Conclusion

Becoming an economist in India is a multi-step process that requires a strong educational foundation, analytical skills, and a passion for understanding economic phenomena. Whether you’re interested in macroeconomics, microeconomics, finance, or policy analysis, there are numerous pathways available to help you achieve your goal. By following the right academic and professional steps, gaining relevant experience, and staying updated with industry developments, you can build a rewarding career as an economist in India.