Economics in India
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Introduction
Indian Economic Services plan, manage, create, and implement policies for the country, every government requires certain committees, departments, and ministries. The necessity for a decision-making committee that is guided by economic logic is growing in a fast globalizing country. The Indian economic services officials are positioned here.
The Indian Economic Service (IES) is an administrative inter-ministerial civil service that falls under Group A of the Government of India’s core civil services. In IES, one does economic analysis and provides data to plan and formulate developmental strategies, as well as monitor and evaluate various government initiatives. It is a highly specialized and professional agency that provides economic research and policy recommendations to the Indian government.
Deputations are also available for IES officials to serve in UN bodies, foreign governments, and state governments, among other places. The Union Public Service Commission conducts the All India Open Competitive Examination, often known as the IES examination, which is used to select candidates.
Skills Required
- Here are some essential skills
- Economic Analysis: Indian Economic Services officers must have a strong foundation in economics and be able to conduct a rigorous economic analysis to develop policies, evaluate their impact, and make informed decisions.
- Statistical Analysis: A solid understanding of statistical analysis is critical for economic research, forecasting, and policy development. Officers must be familiar with statistical tools and software packages such as R, STATA, and SPSS.
- Financial Management: A good understanding of finance and accounting is necessary to manage government budgets, conduct audits, and monitor financial performance.
- Public Policy: Understanding the intricacies of public policy development, implementation, and evaluation is crucial to effectively managing economic policies in the public sector.
- IT skills
- Data Analysis: Proficiency in data analysis software like Microsoft Excel, Access, and SQL is essential for economic research and data analysis.
- Data Visualization: Knowledge of data visualization tools such as Tableau, PowerBI, and QlikView is critical to presenting complex data in a clear and concise manner.
- Programming: Proficiency in programming languages like Python, Java, and C++ can be valuable for building custom models, automating processes, and developing software applications.
- In conclusion, a career in Indian Economic Services requires a combination of strong technical and IT skills. Candidates must possess a solid understanding of economics and statistical analysis, as well as knowledge of financial management and public policy development.
Eligibility and Courses
| Stream | Graduation | Post-graduation | After post-graduation |
|---|---|---|---|
| The candidate needs to pass class 12 with a minimum percentage to get admission to the graduation degree. | Now, the candidate needs to have a bachelor’s degree from a respected university. | The candidate should now pursue a master’s degree from a respected university. | Now, the candidate needs to appear for the UPSC IES examination. |
| The candidate can study any stream but mathematics should be a core subject. | They can pursue a Bachelor of Arts in Economics/ Applied Economics/ Business Economics/ Econometrics for 3 years. | They can pursue Pursue Master of Arts in Economics/ Applied Economics/ Business Economics/ Econometrics for 2 years | -- |
| After passing class 12 they are eligible to take admission for a bachelor’s degree. | After passing class a bachelor’s degree, they are eligible to take admission for a master’s degree. | After passing the master’s degree, they are eligible to give the IES examination. | After clearing the examination and then the interview, they can join Indian Economic Services. |
The following are the steps that one should follow to apply for the IES exam-
- Visit the UPSC’s official website.
- On the front page, look for the link to the online application.
- Registration is the first step in the procedure. Use a valid email address and phone number to complete the signup form.
- Now you can start filling out the application form by submitting the registration form and logging into the website.
- Because the exam application is performed in two phases, you must complete both sections according to the official guidelines.
- Proceed to payment after submitting the papers and checking the form.
- You can pay your application fee over the internet.
- Finally, submit your application.
Age Limit
Candidates must be at least 21 years old and under 30 years old as of August 1, 2021. It means they must have been born between August 2, 1991, and August 1, 2000.
Age Relaxation
| Categories | Relaxation |
|---|---|
| Scheduled Caste or a Scheduled Tribe | 5 years |
| OBC | 3 years |
| The candidate has been domiciled in Jammu and Kashmir during the period from January 1, 1981, to December 31, 1990, | 5 years |
| Candidates have low vision or blindness/ hearing impairment/ autism, intellectual disability, specific learning disability, and mental illness/ locomotor disability including cerebral palsy, leprosy cured, dwarfism, acid attack victims and muscular dystrophy, | 10 years |
| Ex-servicemen including Commissioned Officers and ECO/ SSCO who have rendered at least five years of Military Service as of August 1, 2020 | 5 years |
| In the case of Defence, Services Personnel disabled in operations during hostilities with any foreign country or in a disturbed area and released as a consequence thereof | 3 years |
Nationality
The nationality of the candidate must be one of the following-
- The applicant must be an Indian citizen.
- Or the subject of Nepal.
- Or the subject of Bhutan.
- The candidate can be a Tibetan refugee who arrived in India before January 1, 1962, intending to stay permanently in India.
- A person of Indian descent who has moved to India permanently from Pakistan, Burma, Sri Lanka, or the East African countries of Kenya, Uganda, Zaire, and Ethiopia, the United Republic of Tanzania, Zambia, Malawi, or Vietnam.
Educational Qualification
The candidate should have the following educational qualification to become eligible for the IES exam-
- Candidates must hold a master’s degree in economics, applied economics, business economics, or econometrics.
- They must get a postgraduate degree from an Indian institution or a foreign university that has been approved by the Indian government.
Selection Process
The selection process for Indian Economic services include 2 stages-
- Written Exam (1000 marks)
- Viva Voce (200 marks)
IES Exam Pattern
Written Exam –
| Subject | Marks | Duration |
|---|---|---|
| General English | 100 | 3 hours |
| General Studies | 100 | 3 hours |
| General Economics - I | 200 | 3 hours |
| General Economics - II | 200 | 3 hours |
| General Economics - III | 200 | 3 hours |
| Indian Economics | 200 | 3 hours |
Candidates who pass the written exam will be invited to participate in the viva-voce. The IES viva-voce has a maximum score of 200 points. The IES result will be determined by adding the written exam and viva-voce scores to a merit list.
Viva-Voce –
Candidates who pass the written exam will be invited to participate in the viva voce or interview process. The interview will be graded on a scale of 200 points. The candidate will be interviewed by the examination board officials. The purpose of the interview is to determine whether the candidate will be able to continue in his or her current position. The interview is intended to supplement the written examination by assessing the candidate’s general knowledge and abilities.
The interview process isn’t about strict cross-verification; it’s about determining the candidate’s standards. The candidate should be well prepared for the Viva-voce. To prepare for an interview, the aspirant should read competitive magazines and a good newspaper regularly. It would also be helpful to participate in mock interviews organized by economists.
Top Colleges
- Indian Economic Services (IES) is a highly competitive and prestigious civil service examination in India, conducted by the Union Public Service Commission (UPSC). Here are some of the top colleges for Indian Economic Services aspirants in India
- Delhi School of Economics, Delhi University: Delhi School of Economics is one of the most renowned institutions for economics in India and offers a two-year full-time Master's in Economics course
- Jawaharlal Nehru University (JNU), New Delhi: JNU offers a Master's in Economics and a Doctoral Program in Economics, which are highly regarded in the field of economics.
- Indian Statistical Institute (ISI), Kolkata: ISI is a premier institution in India for statistics and economics research and offers a Master's and Doctoral program in Economics.
- Madras School of Economics, Chennai: Madras School of Economics is a renowned institution for economics research and offers a two-year full-time Master in Economics course.
- Institute of Rural Management Anand (IRMA), Gujarat: IRMA offers a two-year full-time Postgraduate Diploma in Rural Management, which is highly relevant for candidates aspiring to work in the rural economy.
- Indira Gandhi Institute of Development Research (IGIDR), Mumbai: IGIDR is a research institution in economics and offers a Master's and Doctoral program in Development Studies.
- These institutions are renowned for their excellence in economics research and education and have produced many successful Indian Economic Services officers over the years.
Entrance Exams
| Exam name | Indian Economic Services (IES) Examination |
|---|---|
| Conducted By | UPSC (Union Public Service Commission) |
| Exam Frequency | Once a year |
| Exam Level | National Level |
| Age Limit | 21-30 years |
| Minimum qualifications | Postgraduate degree |
| Number of attempts | 6 |
Work Description
They are not only responsible for the creation, planning, administration, and execution of economic policies, but also for contributing to economic decision-making. They collaborate with the government regularly. Let’s take a look at some of the IES officer’s tasks and roles-
- Officers in the IES are exposed to different aspects of government operations and offer continuity and linkage in policymaking.
- They must be active with and linked with the economic changes in the Ministry/Department to which they are assigned.
- IES officials advise Departments on all policy-related issues, as well as their implementation and assessment.
- They work for international organizations such as the United Nations, foreign countries, and other regulatory agencies as well as for internal government ministries and departments.
- These officers’ responsibilities include economic advising, economic administration, and the execution of development policies and programs. They need to deal with other issues such as economic reforms and regulations.
Job Profiles
| Job Name | Job Description |
|---|---|
| Economic Advisor | IES officers can work as Economic Advisors in various government departments and ministries, such as the Ministry of Finance, the Planning Commission, and the Prime Minister's Office. Their primary responsibility is to provide expert economic advice and analysis to the government on policy matters. |
| Policy Analyst | IES officers can work as policy analysts in various government organizations, such as the National Institution for Transforming India (NITI Aayog), the Reserve Bank of India (RBI), and the Securities and Exchange Board of India (SEBI). Their primary responsibility is to analyze economic trends and policy implications and provide recommendations to the government and regulatory bodies. |
| Project Manager | IES officers can work as project managers in various government organizations, such as the National Bank for Agriculture and Rural Development (NABARD) and the Small Industries Development Bank of India (SIDBI). Their primary responsibility is to manage and implement projects related to economic development and rural infrastructure. |
| Budget Analyst | IES officers can work as budget analysts in various government departments, such as the Ministry of Finance and the Planning Commission. Their primary responsibility is to analyze government budgets, evaluate their impact on the economy, and provide recommendations to policymakers. |
| Research Analyst | IES officers can work as research analysts in various research organizations, such as the Indian Council for Research on International Economic Relations (ICRIER) and the National Institute of Public Finance and Policy (NIPFP). Their primary responsibility is to conduct research on various economic issues, publish papers and reports, and provide policy recommendations to the government. |
Top Recruiters
- Indian Economic Services (IES) officers are recruited by the Government of India through the Union Public Service Commission (UPSC) and are employed in various ministries, departments, and organizations.
- Hence, the top recruiters for IES officers are the Government of India and its affiliated ministries and departments.
Pros and Cons
Pros
- You will be actively involved in policy development and execution, which will put your decision-making abilities and sense of responsibility to the test.
- The status and benefits that come with this position are quite high, and they will follow you even after you retire.
- By working for the improvement of society, you will be able to put your economics-related abilities and critical thinking into practice.
Cons
- Preparing for and passing the admission test takes a significant amount of time and effort, as well as a thorough understanding of the content. To break into this industry, you must put in a lot of effort.
- Every year, IES has a restricted number of vacancies (about 30 seats), although thousands of individuals apply. As a result, there is a lot of competition.
