Economics is an important component and subject of study in the development of any country. The study of economics allows us to study the history, current status, and future predictions of models that benefit the government, businesses, or individuals.
Did you know? India is the world’s fastest-growing economy and has recorded a growth rate of 8.2 % in FY2023-2024.
Being a rapidly developing economy, India has a high scope and growth potential for economics careers. The growing demand of the market, the rise in new sectors, and emerging trends, all lead to the need for economics professionals in India who can offer their expertise and skills across various roles and industries.
Read along as we explore the vast range of career options in economics in India.
Economics offers a wide range of career opportunities across various sectors. Graduates can explore roles in finance, government, research, consulting, and education. With skills in data analysis, policy-making, and market research, economics professionals contribute to strategic decision-making and problem-solving in diverse industries.
Economists analyze data to understand economic trends, policies, and issues affecting markets and industries.
Key Responsibilities:
Conducting economic research
Advising on policy decisions
Guiding stakeholders towards effective decision-making
Forecasting market trends
Analyzing economic conditions and impact
Where They Work:
Government ministries and departments
Research institutions
Think tanks
Corporate giants and groups
Mastering data tools is a must for aspiring economists. Explore these60 Advanced Excel Formulas to boost your analysis and forecasting skills.
2. Personal Financial Advisor
Personal financial advisors assist individuals in managing their finances, including investments, savings, and retirement planning.
Key Responsibilities:
Creating personalized financial plans subject to client requirements
Advising on investments, insurance, taxes, and retirement
Monitoring and adjusting financial portfolios
Where They Work:
Banks
Financial advisory firms
Insurance companies
Freelance
If you find the world of finance interesting, there are many other exciting roles you might want to explore. You can learn more about various opportunities in finance atcareer options in finance.
3. Economics Teacher
An economics teacher educates students on economic concepts, theories, and real-world applications of economics.
Key Responsibilities:
Teaching economic theory and practice
Designing lesson plans and assessments
Grading assignments and providing feedback
Keeping up with developments in economics
Where They Work:
Schools
Colleges and universities
Coaching centers
Private educational institutions
4. Economics Professor
Economics professors teach and conduct research in economic theory, policy, and applications at higher education institutions.
Key Responsibilities:
Leading lectures and seminars
Participating in and publishing research papers and books
Guiding doctoral students and candidates in their research journey
Participating in academic committees and conferences
Where They Work:
Universities
Colleges
Research Institutes
Economics is just one of many paths where commerce and maths come together. If you want to see how else these fields connect and what careers you can build, this page oncareer options in commerce with maths is worth a look.
5. Supply Chain Analyst
Supply chain analysts evaluate and optimize the flow of goods and services from suppliers to customers, aiming to improve efficiency and reduce costs.
Key Responsibilities:
Monitoring supply chain performance
Identifying and flagging inefficiencies and bottlenecks
Developing forecasts and logistics strategies
Managing vendor relations and procurement
Where They Work:
E-commerce platforms
Manufacturing companies
Consulting firms
Retail companies
6. Data Scientist
Data scientists use advanced statistical and computational techniques to analyze complex data sets and extract actionable insights.
Key Responsibilities:
Analyzing large datasets to find trends
Building machine learning models
Communicating findings to stakeholders
Developing predictive analytics tools
Where They Work:
Technology firms
Startups
Consulting firms
Financial services firms
You might find it helpful to explore a career in data science to see how you can turn your passion for data into a successful profession.
7. Economic Consultant
Economic consultants provide advice to businesses and governments on economic strategies, policies, and issues affecting industries.
Key Responsibilities:
Conducting economic research and analysis
Advising on policy and regulatory issues
Drafting reports and presenting findings
Providing industry insights and forecasts
Where They Work:
Consulting firms
Research institutions
Financial advisory firms
Government agencies
8. Product Manager
A product manager typically oversees the development and success of a product, keeping a close eye on the entire process from concept to launch.
Key Responsibilities:
Defining product vision and strategy
Collaborating with engineering, design, and marketing teams
Overseeing product lifecycle and updates
Conducting market research and analyzing customer feedback
Where They Work:
Tech companies
E-commerce platforms
Consumer goods companies
Startups
Curious about other top-paying career paths? There are plenty of options worth checking out. This page on top career options in India can give you a good idea of what’s available and help you explore what might suit you best.
9. Actuary
Actuaries use mathematics, statistics, and financial theory to assess risks and help companies develop insurance policies and pension plans.
Key Responsibilities:
Analyzing financial risks and probabilities
Designing and evaluating insurance policies
Calculating premiums and payouts
Advising on investment strategies
Where They Work:
Insurance companies
Pension funds
Consulting firms
Banks
10. Compensation Manager
A compensation manager oversees the design and implementation of employee compensation structures, ensuring fairness and competitiveness.
Key Responsibilities:
Ensuring that the remuneration is fair and adequate for the existing employees
Developing compensation strategies to attract new talents to the company.
Checking on the performance of the employees so that it reflects on the pay scale
Conducting market salary surveys and ensuring compliance with labor laws
Managing payroll and benefits programs.
Where They Work:
Corporate organizations
HR consulting firms
Government organizations
Multinational companies
If management roles like compensation manager interest you, there are many exciting career paths to explore. Check out the top career options in management to discover more opportunities that could be the perfect fit for you.
11. Quantitative Analyst
Quantitative analysts apply mathematical models and algorithms to analyze financial markets, risks, and investment opportunities.
Key Responsibilities:
Developing financial models for risk management
Analyzing market data and trends
Building algorithms to optimize investment strategies
Conducting quantitative research and testing
Where They Work:
Investment banks
Hedge funds
Financial institutions
Consulting firms
12. Trade Specialist/Trader
Trade specialists or traders buy and sell securities or commodities on behalf of clients or organizations, managing risks and optimizing portfolios.
Key Responsibilities:
Monitoring market conditions and trends
Executing trades and managing client portfolios
Researching financial instruments
Devising calculative trading strategies and risk assessments
Where They Work:
Stock exchanges
Investment banks
Brokerage firms
Financial institutions
Let’s also take a brief look at the top 5 government jobs you can get with an economics degree in India:
India is home to several prestigious institutions offering top-tier economics programs. These colleges and universities are renowned for their academic rigor, research facilities, and faculty expertise. These institutes allow economics graduates to excel in various fields, including government, academia, and the private sector.
Below is a list of top economics institutes in India:
INSTITUTE
NIRF RANKING 2024
Delhi University
#6
Jawaharlal Nehru University
#2
S.R.M. Institute of Science and Technology
#12
Indian Institute of Management Ahmedabad
#1 (management)
Banaras Hindu University
#5
Jamia Millia Islamia
#3
Jadavpur University
#9
Presidency College
#13
Note: These NIRF rankings are based on college, university, and department rankings
Future Trends in Economics in India
India’s GDP is expected to grow at a rate of 7 percent for FY25, hence paving the way for a flourishing economic impact. In fact, India’s GDP has witnessed phenomenal growth in the past decade, landing India a place among the top GDP countries.
India is set to become a major force in the world economy and shall face a growing need for economics experts to lead the way towards economic as well as socio-economic development. More and more countries are considering India as a potential future market and making calculative investments due to its proven track record in economic growth.
Here are some predicted trends in Indian economics:
Integration of Data Science and Analytics in Economics: More and more industries are now industries prioritizing data for decision-making. Herein, economists with expertise in statistical analysis and data science will be in demand, particularly in finance, tech, and government sectors for predictive modeling and data insights.
Fintech and Digital Finance careers: The impact of digital finance has been revolutionizing in India, with its unique approach to accessibility and affordability. The growth of fintech and digital finance shall create opportunities for economists skilled in financial technologies, blockchain, and digital currencies to work on market regulation, economic forecasting, and financial innovations.
Careers in behavioral economics: With the current market demand for an advanced understanding of consumer behavior, behavioral economics careers are projected to be in demand. There will focus on market research, consumer psychology, and decision-making techniques to improve marketing and business tactics.
Rise of health economics: There will be a greater need for health economics specialists as India's healthcare industry grows. There will be a demand for economic professionals to assess policies, finance healthcare, and enhance access to medical services within public health programs.
Conclusion
We explored how economics offers diverse and dynamic career opportunities in India, ranging from finance to policy-making. With the growing need for data-driven insights, professionals can thrive in sectors like banking, consulting, and government.
The increasing importance of sustainability, digital finance, and health economics further broadens the scope of economics in India. There are now ample avenues for growth. By combining analytical skills with real-world applications, economics graduates can contribute significantly to India's economic development. Thus, there are immense career options in economics that you can pursue and leverage your advanced knowledge in this field.
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1. Can I pursue an MBA after a B.A. Economics in India?
Yes, you can pursue an MBA after a B.A. in Economics in India. The analytical, quantitative, and market understanding skills gained in economics provide a strong foundation for business management, especially in finance, strategy, and economics specializations.
2. What is the difference between BSc Economics and BA economics?
A B.Sc. in Economics focuses more on quantitative methods, mathematics, and statistical analysis, while a B.A. Economics emphasizes theory, policy, and broader socio-economic concepts. One can say that a B.Sc. is more technical, whereas a B.A. offers a broader, liberal arts approach to economics.
3. What are the skills required for a career in economics?
Individuals are often interested in knowing which skills (analytical, statistical, research, communication) are essential for excelling in economics-related jobs.
4. What are the top sectors hiring economics graduates in India?
The top sectors hiring economics graduates in India are finance, banking, technology, management, education, and non-profit.
5. What are my job options after PhD in Economics?
After a PhD in economics, you are eligible for certain senior-level positions like that of senior analyst, senior research, senior consultant as well as that of a professor in educational institutions.
6. Can I pursue a Master’s in Economics after B.Com?
You can pursue a Master’s in Economics after a B.Com degree. Many universities accept B.Com graduates, given that you meet the eligibility criteria. A strong foundation in quantitative skills and economic principles can help you in the program.
7. How can I get a data analyst role with an economics background?
In order to get a data analysis role with an economics background, you can upgrade your existing skills and either get certified or pursue additional courses to enhance your knowledge of data analysis tools, like Excel, SQL, Python, R), statistics, and data visualization. You can also gain hands-on experience through internships and entry-level roles initially.
8. Which is better MA in economics or MBA?
An MA in economics is more suitable for students who have specific knowledge of a domain, and an MBA is much more suitable for those students who come from various backgrounds.
9. What is the demand for economics majors?
Economics majors are quite high in demand in the global market. They are required for the skill set they bring into the organization, and their understanding of the economy and human behavior is considered an asset for any company that aids their analytical and problem-solving methods.
10. What are my chances of working in the banking sector with an economics degree?
An economics degree can fetch you such as a financial analyst, risk manager, investment banker, and credit analyst where you can leverage your analytical, quantitative, and market understanding skills.
11. What are the highest-paying jobs after B.A. economics?
Although an undergraduate level degree, a B.A. in economics can land you roles in investment banking, economic consulting, financial analysis, data science, policy analysis, and management consulting. You can equip your profile with specialized skills.
