Career Options in Economics: Top 12 Career Opportunities in India [2025]

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:

Also Read: Scope of MA Economics

Top 12 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.

JOB PROFILE	SALARY
Economist	16.9 Lakhs
Economics Teacher	5.3 Lakhs
Economics Professor	₹10 Lakhs
Personal Financial Advisor	3 Lakhs
Supply Chain Analyst	₹6.9 Lakhs
Data Scientist	14.6 Lakhs
Economic Consultant	9 Lakhs
Product Manager	21.7 Lakhs
Actuary	10 Lakhs
Compensation Manager	22 Lakhs
Quantitative Analyst	17.9 Lakhs
Trader	7.4 Lakhs

Also Read: Top 10 Highest Paid Jobs in India in Commerce Field

1. Economist

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 

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 

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
• Partaking in academic committees and conferences

Where They Work:

• Universities
• Colleges
• Research Institutes

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 

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

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

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:

ROLE	Hiring Organization
IES(Indian Economics Service) Officer	UPSC
ISS (Indian Statistical Service) Officer	UPSC
RBI Grade B Officer	RBI
Economics Expert	NITI Aayog
Research Analyst	SEBI

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Top Economics Institutes 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.

 

Enroll in online Data Science courses from upGrad and start your journey to a lucrative career path

 

• 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.

Take a look at upGrad’s Fintech courses and learn about this emerging technology

• 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.

If you’d like to explore a bunch of courses to upskill yourself, check out upGrad’s courses!

Looking for professional guidance about your career options? Book a free 1:1 counseling session with us now to avail of personalized mentorship now!

 

Reference Links:

https://www.worldbank.org/en/country/india/overview 
https://www.ambitionbox.com/profile/economist-salary 
https://www.ambitionbox.com/profile/personal-financial-advisor-salary
https://www.ambitionbox.com/profile/economics-teacher-salary
https://www.ambitionbox.com/profile/economics-professor-salary
https://www.ambitionbox.com/profile/supply-chain-analyst-salary
https://www.glassdoor.co.in/Salaries/economic-consultant-salary-SRCH_KO0,19.htm
https://www.ambitionbox.com/profile/product-manager-salary
https://www.glassdoor.co.in/Salaries/actuary-salary-SRCH_KO0,7.htm
https://www.ambitionbox.com/profile/compensation-manager-salary
https://www.ambitionbox.com/profile/quantitative-analyst-salary
https://www.ambitionbox.com/profile/trader-salary
https://www.ambitionbox.com/profile/data-scientist-salary
https://www.nirfindia.org/Rankings/2024/UniversityRanking.html
https://www.nirfindia.org/nirfpdfcdn/2024/pdf/Report/IR2024_Report.pdf
https://www.nirfindia.org/Rankings/2024/CollegeRanking.html
https://www.ibef.org/economy/indian-economy-overview
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