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B-S-HONS in Economics at Indian Institute of Technology Kharagpur
Paschim Medinipur, West Bengal
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About the Specialization
What is Economics at Indian Institute of Technology Kharagpur Paschim Medinipur?
This Economics program at IIT Kharagpur focuses on rigorous analytical methods and quantitative skills to understand economic phenomena. It uniquely blends core economic theory with strong foundational courses in mathematics, statistics, and computation, reflecting India''''s growing demand for data-driven economic analysis across various sectors, from policy-making to corporate strategy.
Who Should Apply?
This program is ideal for high-achieving 10+2 graduates with a strong aptitude for mathematics and analytical thinking, seeking entry into core economic research or data-intensive roles. It also suits individuals aiming to pursue higher studies in economics, finance, or public policy, leveraging a robust quantitative foundation for impactful careers in India and globally.
Why Choose This Course?
Graduates of this program can expect diverse career paths in India, including economic consulting, data analytics, financial services, and public sector policy roles. Entry-level salaries typically range from INR 8-15 LPA, with significant growth trajectories for experienced professionals. The quantitative rigor aligns well with sought-after roles in actuarial science and econometrics.
Student Success Practices
Foundation Stage
Master Foundational Mathematics and Programming- (Semester 1-2)
Dedicate significant effort to building a strong base in calculus, linear algebra, and C/Python programming. Regularly solve problems from textbooks and online platforms to solidify understanding. This foundational knowledge is crucial for advanced economic theory and econometric modeling.
Tools & Resources
NPTEL courses for Math and Programming, HackerRank, CodeChef for coding practice, reference books like ''''Calculus'''' by Thomas, ''''Linear Algebra'''' by Gilbert Strang.
Career Connection
Essential for advanced economics (econometrics, mathematical economics) and highly valued for quantitative roles in finance and data science placements, providing a competitive edge in the Indian job market.
Cultivate Strong Analytical and Critical Thinking Skills- (Semester 1-2)
Actively engage in class discussions, question economic theories, and critically analyze real-world economic news and policies. Form study groups to debate concepts and solve complex problems collaboratively, focusing on applying theoretical knowledge to practical scenarios.
Tools & Resources
Economic newspapers (e.g., The Economic Times, Business Standard), reputable online economic journals (e.g., Livemint), discussion forums, peer study groups for problem-solving.
Career Connection
Develops the ability to break down complex problems and propose data-backed solutions, crucial for consulting, policy analysis, and research roles, enabling effective decision-making in India''''s dynamic economy.
Build Effective Communication for Academic and Professional Success- (Semester 1-2)
Focus on improving both written and oral communication skills through academic assignments, presentations, and active participation in seminars. Seek feedback on clarity and conciseness, mastering the art of articulating complex economic ideas effectively.
Tools & Resources
University writing center, public speaking clubs, English for Communication course materials, Toastmasters International (if available) for presentation practice.
Career Connection
Essential for conveying complex economic ideas to diverse audiences, critical for interviews, presentations, and report writing in any professional setting, and highly valued by employers in India.
Intermediate Stage
Develop Robust Statistical and Econometric Modeling Expertise- (Semester 3-5)
Beyond coursework, practice applying statistical software like R or Python''''s Pandas/StatsModels libraries to real-world datasets. Work on small research projects to build intuition for econometric models and their practical implications.
Tools & Resources
R Studio, Python (Anaconda, Jupyter Notebook), online courses on Coursera/edX for R/Python for Data Science, Kaggle datasets, econometrics textbooks.
Career Connection
Directly applicable to data scientist, business analyst, and quantitative analyst roles, enhancing employability in analytics-heavy Indian industries and preparing for advanced roles in economic forecasting and policy evaluation.
Gain Practical Exposure through Internships and Research Assistantships- (Summer breaks after Semesters 4 and 6)
Actively seek summer internships at financial institutions, consulting firms, research organizations, or NGOs. Look for opportunities to work as a research assistant with faculty on ongoing projects to apply classroom learning to real-world challenges.
Tools & Resources
IIT Kharagpur Career Development Centre, LinkedIn, university faculty contacts, NITI Aayog internships, RBI internships for policy experience.
Career Connection
Provides invaluable real-world experience, builds professional networks, and often leads to pre-placement offers, a strong advantage for Indian placements and a gateway to industry insights.
Participate in Economic Quizzes and Case Study Competitions- (Semester 3-5)
Join college clubs focused on economics, finance, or business. Participate in inter-college economic quizzes, essay competitions, and case study challenges to apply theoretical knowledge and develop problem-solving skills under pressure and in team settings.
Tools & Resources
College Economics Club, E-Cell (Entrepreneurship Cell), national level competitions like RBI Policy Challenge, CFA Research Challenge, and other inter-IIT events.
Career Connection
Enhances résumé, demonstrates practical application of knowledge, and hones presentation and teamwork skills valued by recruiters in India, showcasing proactive engagement beyond academics.
Advanced Stage
Specialize through Advanced Electives and Dissertation Research- (Semester 6-8)
Choose departmental electives aligned with specific career interests (e.g., Financial Economics, Behavioral Economics). Undertake a comprehensive dissertation, applying advanced econometric techniques to an original research question, contributing to new knowledge.
Tools & Resources
Advanced academic journals (e.g., American Economic Review, Journal of Political Economy), specialized textbooks, faculty mentors for guidance, statistical software for complex models.
Career Connection
Provides deep expertise in a niche area, making graduates highly desirable for specialized roles in research, academia, or specific industry sectors, and a strong foundation for Master''''s or PhD programs.
Prepare Rigorously for Placements and Higher Studies- (Semester 7-8)
Engage in mock interviews, group discussions, and aptitude tests through the Career Development Centre. Network extensively with alumni and industry professionals. If pursuing higher studies, prepare for GRE/GMAT/UPSC Civil Services Exam, and meticulously work on statements of purpose and recommendations.
Tools & Resources
CDC (Career Development Centre) resources, alumni mentorship programs, online test platforms (e.g., Face Prep, Mettl), coaching classes for competitive entrance exams.
Career Connection
Maximizes chances of securing top placements in core economic roles, analytics, or admission to prestigious graduate programs in India and abroad, ensuring a smooth transition into desired career paths.
Develop Leadership and Project Management Skills- (Semester 6-8)
Take on leadership roles in student organizations, departmental societies, or lead multi-disciplinary projects. Practice managing timelines, resources, and teams, including effective communication and conflict resolution to deliver successful outcomes.
Tools & Resources
Student Gymkhana, Departmental Societies, event organizing committees, project management tools (e.g., Trello, Asana, Microsoft Project) for practical application.
Career Connection
Cultivates essential soft skills highly sought after by employers for managerial and team leadership positions in Indian corporate and public sectors, preparing graduates for senior responsibilities.
Program Structure and Curriculum
Eligibility:
- Successful completion of 10+2 (or equivalent) with Physics, Chemistry, and Mathematics as compulsory subjects, and qualifying in the JEE (Advanced) examination.
Duration: 4 years / 8 semesters
Credits: 152 Credits
Assessment: Internal: undefined, External: undefined
Semester-wise Curriculum Table
Semester 1
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| MA11001 | Mathematics I | Core | 4 | Single Variable Calculus, Limits and Continuity, Differentiation Techniques, Integration Methods, Introduction to Linear Algebra |
| PH11001 | Physics I | Core | 4 | Newtonian Mechanics, Work, Energy, and Momentum, Rotational Dynamics, Oscillations and Waves, Special Theory of Relativity |
| CS10001 | Programming and Data Structures | Core | 4 | C Programming Fundamentals, Control Structures and Loops, Functions and Pointers, Arrays and Strings, Basic Algorithms |
| HS13001 | English for Communication | Core | 2 | Grammar and Usage, Paragraph and Essay Writing, Oral Presentation Skills, Listening and Comprehension, Technical Report Writing |
| CE10001 | Engineering Drawing and Graphics | Core | 3 | Orthographic Projections, Isometric Projections, Sectional Views, Dimensioning and Tolerancing, Introduction to CAD Software |
| EV10001 | Environmental Science | Core | 2 | Ecosystems and Biodiversity, Environmental Pollution, Climate Change Impacts, Resource Management, Sustainable Development |
| HS10001 | Introduction to Economics | Core | 3 | Basic Economic Problems, Demand and Supply Analysis, Market Equilibrium, National Income Accounting, Fiscal Policy Basics |
Semester 2
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| MA11002 | Mathematics II | Core | 4 | Multivariable Calculus, Partial Differentiation, Multiple Integrals, Vector Calculus, Introduction to Differential Equations |
| PH12001 | Physics II | Core | 4 | Electrostatics and Magnetostatics, Electromagnetic Induction, Maxwell''''s Equations, Wave Optics, Introduction to Quantum Physics |
| EE11001 | Basic Electrical Engineering | Core | 3 | DC and AC Circuits, Circuit Laws and Theorems, Transformers and Motors, Power Systems Basics, Semiconductor Devices |
| EC19001 | Data Structures and Algorithms | Core | 4 | Linear Data Structures (Arrays, Lists, Stacks, Queues), Non-Linear Data Structures (Trees, Graphs), Sorting and Searching Algorithms, Hashing Techniques, Algorithm Analysis |
| HS20002 | Principles of Microeconomics | Core | 3 | Consumer Behavior and Utility, Theory of Production and Costs, Perfect Competition, Monopoly and Oligopoly, Market Failures |
| HS20004 | Principles of Macroeconomics | Core | 3 | Measurement of Macroeconomic Aggregates, National Income Determination, Money, Banking and Inflation, Unemployment and Business Cycles, Introduction to Open Economy |
Semester 3
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| HS20005 | Intermediate Microeconomics | Core | 3 | Consumer Theory (Indifference Curves, Budget Constraints), Theory of the Firm (Production Functions, Cost Curves), General Equilibrium Theory, Welfare Economics, Asymmetric Information |
| HS20006 | Intermediate Macroeconomics | Core | 3 | IS-LM Model, AD-AS Model, Phillips Curve, Theories of Economic Growth, Open Economy Macroeconomics |
| HS20007 | Statistical Methods for Economics | Core | 4 | Probability Theory, Random Variables and Distributions, Sampling Distributions, Hypothesis Testing, Correlation and Regression Basics |
| HS20008 | Mathematical Methods for Economics | Core | 4 | Functions of Several Variables, Optimization (Unconstrained and Constrained), Comparative Statics, Difference Equations, Differential Equations in Economic Models |
| HM20XXX | Humanities Elective I | Elective | 3 | Topics from Philosophy, Sociology of India, Indian History, Psychology, Literature Studies |
| OE20XXX | Open Elective I | Elective | 3 | Introduction to Data Science, Web Technologies, Principles of Management, Foreign Language, Art and Culture |
Semester 4
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| HS20009 | Econometrics I | Core | 4 | Simple Linear Regression Model (SLRM), Multiple Linear Regression Model (MLRM), OLS Assumptions and Violations, Hypothesis Testing in Regression, Dummy Variables |
| HS20010 | Game Theory and Applications | Core | 3 | Static Games of Complete Information (Nash Equilibrium), Dynamic Games of Complete Information (SPE), Repeated Games, Games of Incomplete Information, Applications in Industrial Organization |
| HS20011 | Indian Economic Development | Core | 3 | Growth and Structural Changes in India, Agricultural Sector Issues, Industrial Sector Performance, Service Sector Growth, Economic Reforms and Liberalization |
| HS20012 | Public Economics | Core | 3 | Role of Government in the Economy, Public Goods and Externalities, Public Revenue and Taxation Principles, Public Expenditure and Budgeting, Fiscal Federalism in India |
| HS20XXX | Departmental Elective I | Elective | 3 | Agricultural Economics, Environmental Economics, Economics of Education, Health Economics, Labour Economics |
| HM20XXY | Humanities Elective II | Elective | 3 | Topics from Ethics, Political Science, Modern History, Philosophy of Science, Contemporary Social Issues |
Semester 5
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| HS30001 | Econometrics II | Core | 4 | Generalized Least Squares, Time Series Econometrics (ARIMA, VAR), Panel Data Models, Instrumental Variables and GMM, Limited Dependent Variable Models |
| HS30002 | Development Economics | Core | 3 | Theories of Economic Development, Poverty, Inequality, and Human Capital, Microfinance and Rural Development, Health and Education in Developing Countries, Role of Institutions |
| HS30003 | International Economics | Core | 3 | Theories of International Trade (Ricardian, H-O), Trade Policy (Tariffs, Quotas), Balance of Payments, Exchange Rate Regimes, International Financial Institutions |
| HS30XXX | Departmental Elective II | Elective | 3 | Financial Economics, Urban Economics, Applied Econometrics, Computational Economics, Regional Economics |
| OE30XXX | Open Elective II | Elective | 3 | Entrepreneurship Development, Digital Marketing Strategies, Project Management Fundamentals, Human Resource Management, Supply Chain Logistics |
| HS380XX | Seminar / Technical Communication | Core | 2 | Research Proposal Writing, Academic Presentation Skills, Effective Technical Writing, Critical Reading and Review, Ethical Research Practices |
Semester 6
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| HS30004 | Advanced Microeconomics | Core | 3 | Information Economics, Mechanism Design, Contract Theory, Auction Theory, Bargaining Theory |
| HS30005 | Advanced Macroeconomics | Core | 3 | Dynamic Stochastic General Equilibrium (DSGE), Rational Expectations Hypothesis, New Keynesian Economics, Fiscal and Monetary Policy Debates, Real Business Cycle Theory |
| HS30XXY | Departmental Elective III | Elective | 3 | Behavioral Economics, Health Economics, Law and Economics, History of Economic Thought, Economics of Happiness |
| HS30XXZ | Departmental Elective IV | Elective | 3 | Energy Economics, Environmental Policy, Economics of Innovation, Computational Game Theory, Economics of Crime |
| HS370XX | Project I / Internship | Core | 4 | Research Question Formulation, Literature Review, Data Collection Methods, Preliminary Data Analysis, Report Writing |
| OE30XXY | Open Elective III | Elective | 3 | Data Science for Business, Organizational Behavior, Intellectual Property Rights, Digital Humanities, Sustainable Engineering |
Semester 7
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| HS40001 | Economic Policy and Reforms | Core | 3 | Fiscal Policy Challenges in India, Monetary Policy and RBI''''s Role, Trade Policy and WTO, Sectoral Reforms (Agriculture, Industry, Services), Contemporary Economic Issues |
| HS40XXA | Departmental Elective V | Elective | 3 | Industrial Organization, Regulatory Economics, Economics of Network Industries, Competition Policy, Corporate Finance |
| HS40XXB | Departmental Elective VI | Elective | 3 | International Finance, Monetary Economics, Financial Crises, Risk Management, Derivatives Markets |
| HS470XX | Project II / Dissertation | Core | 6 | Advanced Research Methodology, Literature Synthesis, Empirical Model Development, In-depth Data Analysis, Dissertation Writing |
| OE40XXX | Open Elective IV | Elective | 3 | Artificial Intelligence Fundamentals, Cyber Security Essentials, Blockchain Technology, Innovation Management, Design Thinking |
Semester 8
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| HS40XXC | Departmental Elective VII | Elective | 3 | Advanced Time Series Econometrics, Causal Inference in Economics, Big Data Econometrics, Machine Learning in Economics, Non-parametric Econometrics |
| HS40XXD | Departmental Elective VIII | Elective | 3 | Actuarial Economics, Economics of Demography, Political Economy, Experimental Economics, Neuroeconomics |
| HS470YY | Project III / Dissertation Continuation | Core | 6 | Finalizing Research Findings, Manuscript Preparation and Editing, Oral Defense and Presentation, Responding to Peer Review, Publication Strategies |
| OE40XXY | Open Elective V | Elective | 3 | Global Business Environment, Startup Ecosystem, Ethical Hacking, Environmental Law and Policy, Digital Storytelling |
