Economists in great demand

Updated on: Thursday, November 11, 2010

It is said that the progress and development of a country depend on the economic policies that the policy makers frame. The public policy plays a key role in the planned economic development of a country, and for designing and implementing an effective public policy, the bulk of the work vests on theory and application of economics. The subject of economics is not only considered to be one of the most important subjects of social sciences, but is also referred to as ‘Economic sciences', in view of its importance.

Of late, with the mushrooming of the engineering and other professional colleges, many of the subjects of social sciences have taken a rear seat, including the realm of economics. “One should not forget that the overall growth of a country hinges on the designing, implementation, execution and evaluation of public programmes, such as our Five-Year plan initiative, and for that economic expertise plays a major role. In fact the role of an economist has increased manifold with the advent of concepts like globalisation and liberalisation. Most of the key policy makers in our country like Prime Minister Manmohan Singh, Montek Singh Ahluwalia, Ch. Hanumantha Rao, V.K. Bhalla, Rokkam Radhakrishna, Jagdish Bhagawati, Amartya Sen, Y.K. Alagh, Pranab Bardhan and B.B. Bhattacharjee, are economists,” says the Head of the Department of Economics, Andhra University, R. Sudarsana Rao.

The professor adds that the study of economics is all about allocating resources like raw materials, land, capital, technology and labour, to obtain maximum benefit. “The study of economics provides a good opportunity to gain an edge in today's rapidly globalising world. Well-trained economists are in huge demand across industries, not only at the national but at the international level as well,” says he.

Opportunities

The world is open for policy makers, and hence sky is the limit for successful candidates with good communication skills and knowledge of computers from the faculties of MA (economics), MA (applied economics), MS (economics), or MA (quantitative economics). “Students from mathematics and statistics background do have an edge, and can make a good career by studying economics. Economists must have an academic bent of mind, posses some degree of numerical ability, the ability to communicate through both figures, data and words, an interest in current social and political activities and affairs and an interest in problem solving,” says Prof. Sudarsana Rao. Andhra University has got an inter-disciplinary programme, combining economics and statistics. After completing the two-year term in MA (economics), one can pursue M.Sc. in statistics for a period of one-year and vice-versa.

At the entry-level, an economist can find lucrative openings in sectors such as banking, finance, insurance, stock markets, sales and marketing corporations, in consulting firms and government departments.

They can also find entry in both Central and State Public Service Commissions. “The Indian Economics Services is an excellent platform for those who intend to serve the government. The officers are recruited through examinations conducted by the Union Public Service Commission, and students in the age group of 21-28 can write the examination. The service is open only to students from economics and statistics background. The examination is held in the month of September every year and the written examination has papers in English, general studies, general economics and Indian economics. The written examination is followed by an interview. Research and teaching are the other areas that an economist can explore. Today, even private sectors are looking for qualified economists,” says the professor.

In the international arena, students of economics can find openings in premier institutions like the World Bank, Asian Development Bank, United Nations and International Monetary Fund.

Study

Though many colleges offer a graduate degree, it is the post-graduate degrees that are in demand. Andhra University and a few others offer a five-year integrated MS degree after 10 +2. For getting into a PG programme, especially a programme like MA in quantitative economics, the subjects of economics and mathematics are a prerequisite in the degree level.

Economists in great demand

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