Economics Specialisations: Agriculture, Applied and Analytical Economics And Their Scope

In today's competitive academic world, colleges and universities offer unique courses to attract students and provide them with unique and innovative educational opportunities. One such emerging trend in higher education (UG level) is the offering of Bachelor of Science (BSc) degrees in Economics with specialisations in unique subjects like Agricultural Economics, Applied & Analytical Economics, Environmental Economics, Behavioral Economics, Development Economics, Financial economics and likewise.

This new approach allows students to delve deeper into specific areas of economics, tailoring their education to match their interests and career aspirations. These specialisations not only provide focused and targeted education but also enhance a student’s competitiveness in the job market and open doors to exciting career opportunities.

Scope Of Agricultural Economics

Agricultural economics combines the principles of economics with a focus on the unique characteristics of the agricultural sector. It provides valuable insights and analysis to farmers, agribusinesses and policy makers etc. involved in the agricultural industry to make informed decisions and navigate the economic challenges and opportunities in the agriculture sector.

The field of agricultural economics offers a wide range of job opportunities. Let’s take a look at the potential careers in this sector:

> Agricultural Economist: They can work in research institutions, government agencies and private organisations. The job entails economic analysis, providing insights on agricultural policies, market trends and farm management practices. Agricultural economists assess the impact of government policies on agricultural markets, analyse the profitability of agricultural enterprises and provide guidance on resource allocation and risk management.

> Farm Manager or Consultant: Yes, you may have not heard of this especially in India, but this is an upcoming profession in this field. One can work as a farm manager or consultant, assisting farmers and agricultural businesses in making informed decisions. This can involve analysing financial data, evaluating production strategies, managing resources and advising on marketing and pricing decisions.

> Agricultural Policy Analyst: Agricultural policy analysts work with government agencies, think-tanks or international organisations to evaluate and develop agricultural policies. They assess the economic implications of policy changes, conduct research on food security and rural development and provide recommendations to policymakers on issues such as trade regulations, subsidies and environmental regulations.

> Agribusiness Manager: Many agribusinesses, including food processing companies, agricultural cooperatives and supply chain management firms, hire agricultural economists to analyse market trends, forecast demand and develop pricing strategies. Agribusiness managers work on optimising the supply chain, managing logistics and making strategic decisions to ensure profitability and competitiveness in the agricultural sector.

> Market Analyst or Researcher: Agricultural economists often work as market analysts or researchers, studying supply and demand dynamics, price fluctuations and consumer behaviour in agricultural markets. They may work for market research firms, commodity exchanges or agricultural commodity boards, providing insights and forecasts to market participants, traders and investors.

> Resource Economist: One can pursue a career as a resource economist. These professionals assess the economic impact of environmental policies, evaluate natural resource management strategies and analyse the cost and benefits of sustainable practices. They work with government agencies, non-profit organisations and consulting firms dedicated to environmental and resource management.

> Academic and Research Positions: A career in academia is another option for agricultural economists. One can take up research and teaching positions at universities and research institutions, contributing to the advancement of knowledge in agricultural economics and mentoring the next generation of economists.

The demand for skilled agricultural economists remains strong as the agricultural sector continues to face evolving challenges related to sustainability, food security, globalisation and policy reforms.

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Scope of Applied and Analytical Economics

Applied and Analytical Economics are two branches of economics that focus on the practical application of economic theories, principles and quantitative analysis to real-world problems. Applied economics focuses on the practical application of economic theories and analysis to real-world problems and policy questions, while analytical economics concentrates on the development and analysis of economic models and mathematical techniques.

Applied and Analytical Economics offer a range of job opportunities in various sectors. Let’s look at some of the top potential career paths for individuals possessing expertise in this field.

> Economic Analyst or Researcher: Individuals in this sector work in research institutions, consulting firms, government agencies etc. They collect and analyse data, conduct economic research and analysis, apply economic models and theories to provide insights on various economic issues such as market trends, policy impacts and industry forecasts.

> Policy Analyst: Economic policy analysts work closely with government agencies, non-profit organisations and research institutions to evaluate and develop economic policies. They assess the economic impact of policy proposals, analyse regulatory frameworks and provide recommendations on issues like taxation, trade, labour market regulations and public finance. Policy analysts play a crucial role in shaping effective economic policies.

> Business Analyst or Consultant: Many businesses hire economists as analysts or consultants to help with strategic decision-making. Applied economists provide insights into market conditions, competitive landscapes and consumer behaviour. They conduct market research, analyse economic indicators and develop forecasting models to guide business strategies related to pricing, production, investment and expansion.

> Financial Analyst: Financial institutions and investment firms employ economists to analyse financial markets, assess investment opportunities and provide economic forecasts. Financial analysts with a background in applied economics use economic models, data analysis and market research to inform investment decisions, risk assessment and portfolio management.

> Data Scientist/Econometrician: With one’s strong quantitative and analytical skills, one can consider careers such as data scientists or econometricians. They work with large data sets, apply statistical and econometric techniques and build models to extract insights and support decision-making in various industries. They work in sectors such as finance, marketing, healthcare, technology etc. focusing on data-driven analysis and forecasting.

> Academic and Teaching Positions: Applied and analytical economists can pursue careers in academia as teachers, professors or researchers. They contribute to the advancement of economic knowledge, teach courses in economics and mentor students.

> International Development Economist: International organisations, such as the World Bank, United Nations and many non-governmental organisations, employ economists to address global economic development challenges. They conduct research, evaluate policies, and provide recommendations for effective development strategies.

This field of economics offers diverse opportunities in research, consulting, policy analysis, finance and academia. The demand for economists with strong analytical skills, data literacy and the ability to apply economic principles to real-world problems remains significant across industries and sectors.

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So now you know that an economics degree can open opportunities beyond the finance and banking industry. With such unique specialisations in economics, there are a number of career options you can consider. Below, are top three colleges that offer BSc Economics, both a graduate degree and an honours programme, with specialisation in Agricultural Economics and Applied and Analytical Economics along with all the necessary information like their eligibility, selection process, fees etc. required to pursue these courses. Read below to know more about these unique BSc degree programmes.

BSc with specialisation in Agriculture Economics

Name of the college/university - College of Agriculture

Location - Bhawanipatna, Odisha

Duration - 3 years

Eligibility - Must have passed Class 12 with at least 50 percent marks in aggregate from a recognised school or college.

Admission process - Must qualify the common entrance test conducted by the Odisha University of Agriculture & Technology (OUAT).

Fee - The fee (including tuition fee, hostel fee etc.) for the entire degree programme ranges in between Rs 2,00,000 - Rs 2,50,000.

Website - ouat.nic.in/collegeofagriculturebhawanipatna

Important Information: Students from different states (outside Odisha) are admitted through ICAR (Indian Council of Agricultural Research) All India Entrance Examination for admission to agriculture degree programmes.

BSc (Hons) with specialisation in Agricultural Economics

Name of the college/university - Banda University of Agriculture and Technology

Location - Banda, Uttar Pradesh

Duration - 4 years

Eligibility - Must have passed Class 12 with at least 50 percent marks in aggregate with PCM and English including Agricultural Science from a recognized school or college.

Admission process - Must qualify the UP-CATET examination with a good rank.

Fee - The fee (including tuition fee, hostel fee etc.) for the entire degree programme is around Rs 2,00,000.

Website - buat.edu.in

BSc (Hons) with specialisation in Applied and Analytical Economics

Name of the college/university - Raiganj University

State - Raiganj, West Bengal

Duration - 3 years

Eligibility - Must have passed Class 12 with at least 60 percent marks in the subject in which Honours is intended with any of Economics/Business Mathematics/ Mathematics/English as a subject from a recognised school or college. If a student doesn’t fulfil the above eligibility criteria, he/she must possess the following:

• For students belonging to General and OBC category - Must have passed with at least 55 percent marks in aggregate.

• For students belonging to SC/ST category - Must have passed with at least 50 percent marks in aggregate with at least 45 percent marks in the relevant subject in Class 12 examinations in which he/she likes to pursue Honours.

Admission process - The student should fill in and submit an application form on the university’s website. The admission is taken purely on the basis of merit and the marks obtained by the student in Class 12. Further, a merit list is released with the names of the shortlisted candidates for the admission. The shortlisted students then move to the final stage of the admission process i.e.,participation in the university level counselling process, document verification and fee payment.

Fee - The tuition fee for the first year is around Rs 17,000.

Website - raiganjuniversity.ac.in

Important Information: Other fee components may get added upon admission. Do get the full fee details by contacting the university.

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