June 3, 2025

How to Become an Economist in India A Complete Guide

Introduction

Economics is often described as the science of choice—studying how individuals, businesses, and governments allocate limited resources. In a rapidly changing global landscape, economists play a crucial role in shaping financial policies, analyzing market trends, and guiding public and private decisions. If you’re passionate about data, policy, finance, or social change, you may be wondering: how to become an economist in India?

This comprehensive guide will walk you through everything you need to know, from academic qualifications to job prospects, skill requirements, and top institutions.

Who Is an Economist?

An economist is a professional who studies the production, distribution, and consumption of goods and services. They analyze economic data, identify trends, develop models, and provide insights that help organizations or governments make informed decisions. Economists work in a variety of sectors, including:

Government and public policy
Banking and finance
Research institutions
International organizations (e.g., World Bank, IMF)
Private corporations
Academia and education

Why Choose a Career in Economics?

Choosing to become an economist in India offers a range of benefits:

Intellectual Challenge: Economics involves solving real-world problems using logic, math, and theory.
Diverse Opportunities: Work in public policy, research, finance, analytics, and more.
Global Relevance: Economic principles are universal, opening doors internationally.
Job Security and Growth: Demand for economists is rising in both public and private sectors.

Step-by-Step Guide on How to Become an Economist in India

Step 1: Complete Your School Education (10+2)

Stream: Choose the Commerce or Humanities stream, ideally with subjects like Economics, Mathematics, and Statistics.

Skills to Develop Early On:

Analytical thinking
Problem-solving
Basic knowledge of current affairs
Communication and writing skills

Step 2: Earn a Bachelor’s Degree

The next step is to pursue a Bachelor’s degree in Economics or a related field.

Popular Undergraduate Programs:

B.A. in Economics
B.Sc. in Economics
B.Com. with Economics specialization
B.A. in Business Economics

Top Colleges in India for Economics (UG Level):

Delhi University (St. Stephen’s, SRCC, Hindu College)
Jawaharlal Nehru University (JNU)
Presidency University, Kolkata
Loyola College, Chennai
Christ University, Bengaluru

Eligibility Criteria:

Minimum 50–60% in 12th standard
Entrance exams for some universities (DUET, CUET)

Step 3: Pursue a Master’s Degree in Economics

To become a professional economist, a postgraduate degree is highly recommended—and often required for advanced roles.

Top Institutions for PG in Economics:

Delhi School of Economics (DSE)
Jawaharlal Nehru University (JNU)
Indian Statistical Institute (ISI), Kolkata
IGIDR, Mumbai (Indira Gandhi Institute of Development Research)
Madras School of Economics
Ashoka University

Entrance Exams:

DSE Entrance Exam
JNUEE
ISI Admission Test
CUET-PG
Ashoka Aptitude Assessment

Subjects Covered in PG Programs:

Microeconomics and Macroeconomics
Econometrics and Quantitative Techniques
Development Economics
International Trade and Finance
Public Economics
Environmental Economics

Step 4: Consider a Doctorate (Ph.D.) in Economics

While not mandatory, a Ph.D. in Economics is crucial for research-intensive roles, policy advisory positions, or academic careers.

Top Indian Institutions Offering Ph.D. in Economics:

Indian Statistical Institute (ISI)
Jawaharlal Nehru University (JNU)
Institute of Economic Growth (IEG)
Delhi School of Economics (DSE)
Indian Institute of Management (IIMs – for economics-related areas)

Entrance and Requirements:

Master’s degree with 55% or more
NET/JRF qualification often required
Research proposal and personal interview

Alternative Educational Pathways

1. Certification Courses in Economics

For those looking to enhance specific skills or switch careers, certification courses can be useful.

Popular Platforms:

Coursera (Economics from Yale, Stanford)
edX (MIT, Harvard)
SWAYAM/NPTEL (Indian government’s MOOC platform)

2. Online Degrees

Many institutions now offer online degrees in economics, making learning more accessible.

3. Foreign Universities

Consider pursuing Master’s or Ph.D. programs abroad for a global perspective and better research exposure.

Key Skills Required to Become an Economist

Quantitative Aptitude: Strong command of statistics, mathematics, and econometrics.
Research Ability: Ability to collect and analyze data, and present findings clearly.
Communication Skills: Report writing, presentations, and explaining complex concepts.
Analytical Thinking: Critical evaluation of economic theories and real-world applications.
Problem-Solving: Suggesting practical solutions based on data and models.
Software Proficiency: Familiarity with R, STATA, EViews, Python, or SPSS.

Specializations in Economics

As an economist, you can specialize in areas like:

Development Economics
Environmental Economics
International Economics
Health Economics
Agricultural Economics
Labour Economics
Behavioral Economics
Public Finance

Job Opportunities for Economists in India

Economists have a wide range of employment options:

1. Government Sector

Reserve Bank of India (RBI) – Economic Analyst, Research Officer
NITI Aayog – Policy Advisor
Indian Economic Service (IES) – Through UPSC
State Planning Boards – Economic Planner

2. International Organizations

World Bank
International Monetary Fund (IMF)
United Nations (UNDP, UNESCO)
Asian Development Bank (ADB)

3. Private Sector

Research firms (CRISIL, Nielsen, Deloitte)
Economic Consulting (Ernst & Young, PwC)
Data Analytics & AI Firms
Investment Banks and Asset Management Companies

4. Academia and Research

Lecturer or Professor in Economics
Research Associate in think tanks (NIPFP, ICRIER, etc.)
Economists in NGOs or philanthropic organizations

Salaries and Career Growth

Entry-Level Salary (With Master’s Degree):

₹4 LPA – ₹6 LPA

Mid-Level (5–10 years of experience):

₹10 LPA – ₹20 LPA

Senior-Level / Policy Roles:

₹25 LPA and above (can go up to ₹1 Cr+ in global institutions)

Factors affecting salary:

Educational qualification (Master’s vs. Ph.D.)
Type of employer (public vs. private)
Location (metros vs. smaller cities)
Specialization and demand

Challenges in Becoming an Economist in India

High competition for limited research and policy jobs
Need for strong mathematical and statistical background
Relatively lower pay in academia and public sector roles initially
Navigating a complex academic and research ecosystem

However, these challenges can be overcome with focus, skill-building, and networking.

Tips for Aspiring Economists

Stay Updated: Follow economic news, government reports, and international economic forums.
Practice Data Analysis: Learn Excel, R, Python, and data visualization tools.
Participate in Internships: Work with research institutes, government bodies, or NGOs.
Read Widely: Books by Amartya Sen, Joseph Stiglitz, Raghuram Rajan, and others.
Attend Conferences and Seminars: Keep learning and connecting with experts.
Prepare for Competitive Exams: NET/JRF, IES, RBI Grade B, etc., if applicable.

Frequently Asked Questions (FAQs)

Q1. Can I become an economist after B.Com or BBA?

Yes, you can pursue a Master’s in Economics or related certifications to build a strong foundation.

Q2. Is Math compulsory to become an economist?

A strong grasp of mathematics is essential for most roles, especially in econometrics and research.

Q3. What are the government exams for economists in India?

Indian Economic Service (IES)
RBI Grade B (Economist/DSIM roles)
UPSC for policy-related roles

Q4. Can I become an economist without a Ph.D.?

Yes, but a Ph.D. is usually required for academic and high-level research roles.

Conclusion

So, how to become an economist in India? It’s a path that begins with a love for data, numbers, and real-world problems—and continues through a structured educational journey, skill development, and practical experience