Introduction to Agricultural Economics

09Sep,2020
By Sanjeet Nayak

Agricultural Economics is an applied branch of economics. The stream allows the candidates to deal with micro and macroeconomics tools & using them for problem-solving purposes. The candidates who will opt for the course will be able to get the technical skills required for the field of Agricultural Economics. Read the full article to get a detailed idea about the field of Agricultural Economics. 

What you will focus on? 

  • Crop and animal health 
  • Weather effect 
  • Monitoring crop prices 
  • Commodity market and fluctuations linked to it 
  • Logistics and accounting 
  • Looking at the consumer’s preferences and pattern of purchasing goods 
  • Ensuring optimal agricultural output 
  • Farm credit 

Highlights:

Course Name Agricultural Economics 
Examination Type  Semester System 
Course Level 

Ph.D. in Agricultural Economics: 2 years (3 years for some colleges) 

M.Sc in Agricultural Economics: 2 Years  

B.Sc in Agricultural Economics: 3 years 

Eligibility  Varies with Course 
Admission Process  Counseling after qualification of relevant entrance examination 
Top Recruiters Academic Institutes, Agricultural Production Companies, Marketing Companies, Agri-Finance Banks, Conservation Research Centres, Food Processing Companies, FMCG Companies, etc
Top Career Scopes  Agriculture Consultant, Research Investigator, Farming Manager, Commodity Analyst 

Top Colleges:

There are many top colleges in India that provide Agricultural economics as a full-time degree. In the past few years, many researchers of this field have contributed largely towards the growth Agricultural economy of India. Some of the top colleges like the Indian Agricultural Research Institute have a long history of empowering students with the latest technological advancements and principles for sustainable development of the agricultural sector.

Some of the top colleges in India are:

Top Colleges in Abroad:

  • Mcgill University, (Quebec) 
  • Nova Scotia Agricultural College, (Nova Scotia) 
  • Universite Laval, (Quebec) 
  • University of Alberta,(Alberta) 
  • University Of Guelph,(Ontario) 
  • University Of Manitoba,(Manitoba) 
  • University Of Saskatchewan,(Saskatchewan) 

Colleges in India providing Agriculture as a course. Check Here

Eligibility:

It is compulsory for each and every applicant to fulfill the minimum eligibility criteria to pursue a degree in Agricultural Economics. The candidates should analyze and properly understand the eligibility criteria before applying for the course. Applicants who have not completed their registration or are ineligible will not be allowed for the admission process. Their application form will be strictly revoked or canceled by the concerned administration. The Eligibility criteria of Agricultural Economics has been mentioned below:

Course Eligibility Duration
Master in Science in Agricultural Economics
  • Students should have completed their Bachelor's degree from a recognized board.
  • The minimum score in graduation should be 60% or above. Students of the Reserved category will have a 5% relaxation.
2years
Ph.D. in Agricultural Economics
  • Students should have completed their Master's degree from a recognized board.
  • The minimum score in masters should be 2.5/4 or 6.5/10.
2 years (3 years for some colleges)

Syllabus:

M.Sc in Agricultural Economics

SEMESTER I

SEMESTER II

Microeconomic theory and application Agricultural marketing price analysis
Macro-economics and policy Research methods for social sciences
Agricultural production economics Econometrics
  International economics
SEMESTER III SEMESTER IV
Agricultural finance project management Master’s seminar
Agricultural development and policies Comprehensive
  Master’s research

Ph.D. in Agricultural Economics

Subjects of Study

Micro Economic Theory and Application Micro Economic Theory and Policy
Elementary Econometrics Linear Programming Methods
Agricultural Marketing & Price Analysis Agriculture Production Economics
Seminar   

Basic Supporting Courses

Elective Optional Courses Thesis

Deficiency Courses

  • Economic Theory   

Deficiency Courses for the Students coming from a non-agriculture stream

  • Agricultural Economics I
  • Agricultural Economics II   

Optional Courses

Advance Fisheries Economics Livestock Economics
Consumption Economics Principles & Practices of Banking
Accountancy and Book Keeping Special Problem
Economics of Development & Growth Monetary Theory and Policy
Research Methodology Resource Economics
Agricultural Policy Economic Planning for Agriculture
Advance Agricultural Finance Project Planning Appraisal & Financing
Seed Business Management Advance Agricultural Marketing

Admission Process and Top Entrances to Appear:

The admission process generally varies across the colleges. The admission process for the students is based on the performance in the relevant entrance examination and also often followed by the round of the personal interview, wherein the general aptitude for the course is being tested. There are institutes where there is direct admission which is based on the candidate's performance at the last qualifying exam

The top entrances for the course study of Agricultural Economics:

  • GIPE Ph.D. Entrance Exam
  1. Minimum requirement: Bachelor’s degree (Economics/Agricultural Economics) with 55% marks (50% for SC/ST/OBC).  
  2. Last date of application: 20 November 2020. 
  3. Exam date: 14 December 2020.  
  1. For M.Sc admissions: Last application date is 30th September 2020 
  2. Course fees: 49,889 INR 
  3. Duration of course: 2 years 
  4. Eligibility: Graduate (Agriculture/Horticulture) with a minimum of 60% marks (General) and 50% for SC/ST candidates
  1. For UG candidates 
  2. Eligibility: +2 passed with 60% marks or Diploma in Agriculture after 10th or equivalent. Minimum age is 16 years.
  3. Applicants who are taking admission from 7th September 2020, will be accommodated in the new batch of October 2020. 
  1. NTA ICAR JRF Exam was conducted in June 2020.
  2. M.Sc and PhD courses are offered by ICAR. 

Skills: 

The major skills found in the CVs of most of the agricultural economists are: 

  • USDA 

  • Food Assistance Program 

  • Financial Statements 

  • Economic analysis 

Along with this, most of the CVs included hard skills like: 

  • Analytical, Critical-thinking and Speaking skills 

  • Problem-solving abilities 

  • Interest in economics 

  • A deep interest in agriculture and the natural environment 

  • Good research 

  • Organizational skills 

Global Average salary:

104,275 USD 

Growth rate of the job (2018-2028) 

8% 

Average salary in India 

1.2 to 1.8 Lakhs per annum

Career Profiles/Job Prospects and the Top Recruiters:

The field of Agricultural Economics is much related to the administering agricultural government policies, financing, research, manufacturing, and distribution of agricultural products. It involves the use of economic tools to solve the problems faced by our agricultural sector. Therefore, the top national companies prefer students who have completed a degree in Agricultural Economics. Some of the well-known recruiters like the FMCG Companies recruit the most eligible students directly during campus recruitment. 

Some of the newly added job profiles for Agricultural economists are: 

  • Cotton and rice economist 
  • Economist or Statistician 
  • Supervisory Economist  

Average salary: 

Profession  Salary per annum 
Agriculture consultant  1.5 Lakhs
Research Investigator  6.4 Lakhs
Farm Manager  9.2 Lakhs
Commodity analysts  7.5 Lakhs

Employment areas: 

  • Agriculture product production companies 
  • Agri-Finance Banks 
  • Marketing companies 
  • Academic institutes 
  • FMCGs 
  • Food processing companies, and so on.  

Top recruiters the year 2020:

  • UNDP 
  • ICAR-IARI 
  • Bhajan Global Impact Foundation 
  • Punjab Agricultural University 
  • National Council of Applied Economic Research 
  • ICRISAT 
  • Cargill 
  • ISPL 
  • IFPRI 
  • Action for Social Advancement (ASA) 
  • IFRC 
  • Commoditiescontrol.com 
  • Doon Business School 
  • Environment Conservation Society

Top hiring cities in India: 

  • New Delhi
  • Dehra Dun
  • Chandigarh
  • Kolkata
  • Bengaluru 

FAQ's

Q: What is Agricultural Economics?
A: Agricultural Economics is an applied branch of economics. The stream allows the candidates to deal with micro and macroeconomics tools & using them for problem-solving purposes. 

Q: Which is the good college to pursue UG & PG in Agricultural Economics?
A: Some of the best colleges are, 

  1. Lovely Professional University
  2. RIMT University
  3. Dolphin PG Institute of Biomedical and Natural Sciences

Check the “Top Colleges” section to know more.

Q: What is the starting salary in a career in Agricultural Economics?
A: The starting salary in a career in Agricultural Economics is 1,80,000/- (approx.).

Q: What is the minimum qualification required for an M.Sc Degree in Agricultural economics?
A: The minimum qualification required is mentioned below:

  1. Bachelor’s degree in agriculture or an equivalent stream
  2. Must have scored a minimum of 60% (5% relaxation for reserved categories)

Q: What are the top entrances for a degree in Agricultural economics?
A: The top entrances are mentioned below:

  • OUAT Common Entrance Exam
  • LPU NEST
  • ICAR Entrance Examination

Read Here:

Promising Career in Agriculture

NIRDPR Agri Entrepreneurship (AE) Programme

 

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