how to become an economist in india
Introduction
India, one of the fastest-growing major economies in the world, presents an exciting landscape for economists. From analyzing market trends and influencing policy decisions to driving innovation in finance and global trade, economists are key players in shaping India’s future. But how do you become an economist in India? What skills, education, and experience are required to excel in this field?
In this detailed guide, we’ll walk you through every step—from high school decisions to advanced education, specializations, career options, salaries, and beyond.
🧭 Step-by-Step Path to How to Become an Economist in India
1. Choose the Right Subjects in High School (10+2)
The journey begins as early as your school days. If you’re aiming to become an economist:
- Recommended Stream: Commerce or Humanities with Economics and Mathematics as core subjects.
- Why Math Matters: Economics involves statistical models and data interpretation, making math an essential skill.
- Focus on scoring high marks in board exams to qualify for top universities.
2. Pursue a Bachelor’s Degree in Economics
A strong undergraduate foundation is vital.
🔷 Popular Degree Options:
- B.A. (Honours) in Economics
- B.Sc. in Economics (Offered by some universities)
- B.A. in Economics with specialization in Development or Financial Economics
🏫 Top Colleges in India:
| College | Location |
|---|---|
| Delhi School of Economics (DU) | Delhi |
| St. Stephen’s College | Delhi |
| Lady Shri Ram College | Delhi |
| Presidency University | Kolkata |
| Loyola College | Chennai |
| Jadavpur University | Kolkata |
| Fergusson College | Pune |
✅ Admission Process:
- Entrance-based (like CUET or individual college exams) or merit-based.
- Focus on building a strong academic profile and participate in research, debates, and internships.
3. Build Skills and Gain Early Experience
An academic degree alone is not enough to stand out.
⚙️ Key Skills for Economists:
- Analytical thinking
- Statistical literacy (SPSS, STATA, R, Python)
- Report writing & data interpretation
- Communication & presentation
- Research methodology
💼 Internships to Consider:
- Think tanks (NIPFP, Brookings India, ORF)
- Government economic research departments
- Startups focusing on fintech or policy analysis
4. Pursue a Master’s Degree in Economics or Specialization
To work in advanced roles or public policy, a master’s degree is often essential.
🎓 Master’s Options in India:
- M.A./M.Sc. in Economics
- M.A. in Development Studies / Financial Economics / Econometrics
🏛️ Top Institutes for Postgraduate Studies:
- Delhi School of Economics
- Jawaharlal Nehru University (JNU)
- Indian Statistical Institute (ISI)
- Madras School of Economics
- Indira Gandhi Institute of Development Research (IGIDR)
- Ashoka University
- IITs (particularly IIT Delhi and IIT Madras)
Most require entrance exams like ISI Admission Test, JNU entrance, or CUET-PG.
5. Consider Advanced Degrees (Optional but Valuable)
To work as a policy consultant, researcher, professor, or in global organizations like the IMF or World Bank, a Ph.D. adds immense value.
📚 Popular Paths:
- Ph.D. in Economics
- M.Phil. + Ph.D.
- Research fellowships in international universities (especially if you aim for a global academic career)
🎯 Specializations within Economics
You can specialize in a range of areas depending on your interest:
| Specialization | Focus Area |
|---|---|
| Development Economics | Poverty, inequality, and welfare policy |
| Financial Economics | Markets, banking, investment behavior |
| Agricultural Economics | Farm productivity, agrarian policies |
| Environmental Economics | Climate change, sustainability, carbon markets |
| Econometrics | Data modeling, forecasting |
| Health Economics | Economics of healthcare delivery |
| International Economics | Trade policies, global macroeconomic trends |
💼 Career Options for How to Become an Economist in India
An economist’s role is highly versatile. Depending on your level of education and expertise, you can choose from diverse opportunities:
1. Government Sector
- Economic Advisor roles in ministries (MoF, NITI Aayog, RBI)
- Indian Economic Services (IES) – via UPSC exam
- Planning Commission, Census Bureau, SEBI
2. Banking & Finance
- RBI, NABARD, World Bank (regional offices)
- Private and public sector banks – Research & Strategy teams
- Investment banking and financial analytics
3. Academia & Research
- Professors, Lecturers in Universities
- Researchers in economic think tanks (ICRIER, NCAER)
- International institutions (ADB, UNDP, World Bank with experience)
4. Corporate Sector
- Business forecasting analysts
- Strategic economists in large firms
- Data-driven consulting (Deloitte, McKinsey, KPMG)
5. Journalism & Media
- Economic journalism
- Columnist for economic magazines and newspapers
🧮 Salary Expectations for Economists in India
Your salary depends on your qualifications and industry. Here’s an approximate breakdown:
| Level | Monthly Salary |
|---|---|
| Entry-Level (Freshers with UG/PG) | ₹25,000 – ₹45,000 |
| Mid-Level (5–10 years experience) | ₹60,000 – ₹1,20,000 |
| Senior-Level (Top policy experts, Ph.D.) | ₹1.5L – ₹4L+ |
International organizations and private consulting can offer substantially higher packages.
🌐 International Opportunities for Indian Economists
With a strong academic background, Indian economists have excelled globally.
- Universities Abroad: Many pursue M.Sc. or Ph.D. in Economics from the UK, US, and Europe (e.g. LSE, Harvard, Oxford).
- Fellowships: Chevening, Fulbright-Nehru, Inlaks, and Commonwealth are popular among Indian economists.
- Jobs Abroad: Global development institutions, international banks, multinational corporations.
📝 How to Prepare for the Indian Economic Services (IES)
IES is a prestigious government career path that offers the opportunity to shape India’s economic policies.
✅ Eligibility:
- Master’s degree in Economics or Applied Economics
🧠 Syllabus:
- Microeconomics & Macroeconomics
- Public Finance
- Indian Economy
- Statistics & Econometrics
🧭 Strategy:
- Build a strong foundation during PG
- Practice previous year papers
- Stay updated with current economic affairs
📌 Tips for Aspiring Economists
- Stay curious about global and Indian economic trends.
- Read publications like The Economist, EPW, Mint, Business Standard.
- Take online certifications in data analytics, Python, or econometrics.
- Publish papers in economic journals and attend academic conferences.
- Network with economists, join LinkedIn groups, and build your professional brand.
The Evolving Role of Economists in the 21st Century
The economist’s role today extends far beyond textbooks and government reports. Modern economists are:
- Data Architects: Working with big data, building econometric models, and using AI for forecasting.
- Policy Influencers: Shaping public policy through behavioral economics and evidence-based recommendations How to Become an Economist in India.
- Business Strategists: Offering insights into pricing, market entry, and consumer behavior.
They contribute to fields like climate economics, digital currency analysis, behavioral science, and even space economics (yes, it’s real!).
🧑💻 Online Courses & Certifications to Boost Your Economics Career
Online learning can supplement your formal education and sharpen your competitive edge. Here are some top resources:
📘 Coursera / edX
- Econometrics: Methods and Applications (Erasmus University)
- Microeconomics Principles (University of Illinois)
- The Power of Macroeconomics (UCI)
🔍 Specialized Platforms
- IMF Online Learning: Macroeconomic diagnostics, inclusive growth
- MIT OpenCourseWare: Free, high-quality lectures in Development and Financial Economics
- Harvard Online: Data science for economic modeling
✅ Recommended Skills to Learn Online:
- Python for data analysis
- STATA, R, or EViews for econometrics
- Tableau or Power BI for visual storytelling
🌏 Studying Economics Abroad – A Global Perspective
If you’re aiming for an international economics career, pursuing higher studies abroad can be a game-changer.
🔹 Popular Destinations:
| Country | Top University | Specialization |
|---|---|---|
| USA | Harvard, MIT, Chicago | Macro, Development, Econometrics |
| UK | LSE, Oxford, Cambridge | Global Economics, Policy Studies |
| Germany | LMU, Mannheim | Applied Economics, Research |
| Singapore | NUS | Asian Economies, Trade |
📝 Key Exams:
- GRE/GMAT for postgraduate admissions
- TOEFL/IELTS for English proficiency
- Build a strong Statement of Purpose (SOP) and research experience
🛠️ Tools Every Aspiring Economist Should Know
Modern economists use tech daily. Here’s a toolbox to invest in:
| Tool | Use |
|---|---|
| Excel | Budget modeling, simulations |
| STATA / R / EViews | Econometric analysis |
| Python | Data scraping, machine learning, modeling |
| GIS Tools | Geo-spatial economic data |
| Tableau / Power BI | Data visualization for policymaking |
Understanding these tools isn’t just a bonus—it’s becoming a necessity.
📚 Top Books & Resources for Economics Enthusiasts
If you’re passionate about the subject, fuel your curiosity:
- Freakonomics by Steven Levitt and Stephen Dubner
- Development as Freedom by Amartya Sen
- The Undercover Economist by Tim Harford
- Poor Economics by Abhijit Banerjee and Esther Duflo
- Capital in the Twenty-First Century by Thomas Piketty
Also, follow journals like How to Become an Economist in India Economic & Political Weekly (EPW), The Economist, and Quarterly Journal of Economics.
🧩 Alternate Paths into Economics
While a direct degree in economics is ideal, professionals from these backgrounds can also pivot:
- Engineering & Math grads entering via analytics and data science
- Commerce or MBA professionals focusing on financial or macroeconomic advisory
- Law and Policy specialists working at the intersection of regulation and economics
Cross-disciplinary economists are in high demand for roles in sustainability, public policy, and fintech.
🌱 Final Thoughts
Becoming an economist in India isn’t just about passing exams or collecting degrees—it’s about developing a way of thinking. An economist views the world through a lens of incentives, trade-offs, and optimization. They seek clarity in complexity and create value through knowledge and analysis.
Whether your path leads to the Reserve Bank of India or a startup in Bengaluru, to an Ivy League classroom or a village field study, the economist’s mind is a force that can shape both policy and people’s lives.
