Economics is a branch of Arts/Science that deals with the production, distribution, exchange and consumption of various goods and services within a particular country. Individuals, groups of people, business concerns or by governments, carry on these activities. The study of economics is aimed at enabling such individuals to carry out activities related to goods and services in such a manner that optimum benefit is obtained from the activity.
Economics principles are applied to the production processes, distribution processes, consumption patterns and human behaviour. The aim is to devise the most effective way of functioning, taking all relevant factors into consideration. Different countries have different ways of functioning; therefore the economy may accordingly be capitalistic, communist or socialist. The economists of a country function as per the guidelines of the economic system prevailing in that country.
The study of economics starts from the school level. In school education the students are taught fundamental principles of economics and its application in the day to day life. But the study becomes even tough at higher secondary and degree level where one can opt for it as a subject of his/her study. With a specialization in economics at post graduation level, one can find ample opportunities for career growth and development.
Economics very often forms a part of the curriculum in many Indian schools right from class IX itself. An early exposure to the language helps students determine whether they have the natural aptitude and the inclination for the subject. To study Economics (with Honours) in any of the Indian colleges, one must secure a fairly high percentage in the results of (particularly economics) classes Xth and XIIth. One can go for a specialisation in the subject at post graduation level and then pursue further specialisation in the form of a Ph.D.
Economics graduates find ample job opportunities both in private and public sector. To begin with, government enterprises, public undertakings, banks, finance and investment firms, business journals and newspapers and the private sector throw up many avenues of employment in various departments.
The Indian Economics Services are also an excellent option open to those who want to join government service. Officers are recruited through examinations conducted by the Union Public Service Commission. To be eligible for this examination, one needs to be a graduate and in the age group of 21-28 years. The examination is held in the month of September every year. The announcement for the same is made in the month of March of the same year. The written examination has papers in English, General Studies, General Economics and Indian Economics. The written examination is followed by an interview.
Another highly lucrative avenue open to those looking for government employment is the Reserve Bank of India. Written tests are conducted by the RBI for the purpose. Postgraduates in the age group 21-28 are eligible for the examination. Those who successfully clear the examination are finally selected through personal interviews.
A postgraduate or a PhD holder in Economics can also take up teaching as a career option. There are large numbers of colleges in India appointing these individuals as faculty member in their economics dept. on full time/part time basis. There are offered hand some pay package with other perks and benefits.
There are large number of colleges and universities in India offering Bachelors and masters degree programs in economics. The famous institutes for economics in India are listed below.
The contents are informative in nature. Candidates are advised to refer to the notice published on Official Websites of the organization(s) administering the particular Courses/Test(s) / Examination(s).
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