For decades, a familiar hierarchy has shaped academic choices in India. Growing up in 1990s in small town India, the career paths touted by schools, colleges, and parents were predictable: doctor, engineer, lawyer, or, later, MBA. These were the “serious” options, imprinted on children from an early age. Economics and other social sciences languished lower down, often selected only as a backup. This mindset, though understandable, was a product of its time – the mid-1990s to early 2000s, just after liberalisation. Indians, captivated by globalisation’s unfolding drama, saw personal computers arrive, the internet (at a glacial 56kbps) become accessible, television expand beyond a handful of channels and cellular phones became affordable. Middle-class aspirations surged, favouring high-paying fields. Demand drove supply: medical colleges grew from around 150 in 1990 to 300 by 2009-10 Kurian 2024); engineering institutions from just over 300 to 3,364 by 2012 (Singh, 2023); and management schools from about 100 in 1992 to nearly 2,400 by 2012 (Singh and De Bellaigue, 1995; Murray, 2014).

35 years later, this view still exists, but it feels increasingly narrow and somewhat outdated. The world now grapples with artificial intelligence, global crises, climate change, platform monopolies, and geopolitical tensions. Amid these, economics emerges not as a peripheral pursuit but as a vital discipline for navigating complexity. Far from being confined to graphs and equations, it underpins decisions in human behaviour, business, government, technology, and society. For Indian students, a degree in economics is no longer a fallback option – it’s a strategic choice for those eager to understand and influence how the world works.

A Toolkit for Real-World Choices

At heart, economics examines how to allocate scarce resources amid competing demands – a dilemma facing individuals, firms, governments, and societies alike. It equips you to analyse incentives, trade-offs, unintended consequences, and often-irrational human behaviour. These aren’t mere abstractions; they’re the foundation of practical decisions. A company weighing a price hike or market entry? That’s economics. A government crafting tax policies or climate rules? Economics again. Even personal matters – saving, investing, or career choices – hinge on economic logic. As Ha-Joon Chang put it[1], economics is about “life, the universe and everything.”

The discipline’s power lies in its focus on behaviour, not just models. Modern economics, through fields like behavioural and experimental economics, probes why people overspend, form curated social circles, or let biases skew judgments. It explains market failures despite good intentions and how trust, fairness, and norms shape outcomes. In a tech-driven age, where algorithms intersect with human quirks, this behavioural insight distinguishes effective strategists from mere technicians. Economics doesn’t demand rote memorisation; it cultivates a mindset for decoding the world’s messiness.

From Classroom to C-Suite

Prospective students often wonder: What follows an economics degree? Unlike medicine or engineering, which funnel toward specific professions, economics offers breadth. It hones abilities prized by employers: data analysis, critical thinking, clear communication, market savvy, and adaptability. Graduates fan out into academia, consulting, investment banking, public policy, data analytics, and entrepreneurship. The degree keeps options open, allowing specialisation as interests crystallise.

This flexibility shines in global leadership. Many influential figures studied economics, drawn to its lessons in capital allocation, risk assessment, competition, incentive design, and decision-making under uncertainty – hallmarks of top-tier roles. Warren Buffett (Berkshire Hathaway), Elon Musk (Tesla and SpaceX), Meg Whitman (eBay and HP), Jamie Dimon (JPMorgan Chase) –  all leaned on economics for strategic navigation. Such examples highlight how the field propels not just careers, but empires.

India’s Challenges Demand Economic Thinking

In 2026, as India eyes developed-nation status by 2047, economics takes on added urgency. The country’s thorniest issues aren’t purely technical – they’re economic. Job creation amid automation calls for insights into labour markets, productivity, and skills gaps. Climate policy must weigh growth against equity and sustainability. Universal healthcare requires smart financing and incentives to ensure access. Agricultural woes stem from price swings, market barriers, and risk – problems that algorithms alone can’t fix. Even India’s vaunted digital infrastructure, from payments to identity systems, poses questions of inclusion, regulation, and competition.

These demand systematic thinking about institutions, markets, and long-term effects. Economists provide the framework, making the discipline indispensable for India’s progress.

Elevating Economics Education in India

India’s economics programmes are evolving, with international universities importing global standards and local institutions rising to match. A robust curriculum now emphasises rigorous theory, quantitative tools like statistics and econometrics, and hands-on data work. Research opportunities, internships, and employability modules – covering CVs, interviews, and networking – prepare students for the job market. Interdisciplinary options, such as blending economics with AI or policy, add depth.

Graduates from these setups aren’t confined to one path or place; they’re ready for elite master’s programmes, global firms, or policy roles. This shift ensures Indian students gain a competitive edge without leaving home.

Rethinking ‘Serious’ Education

For too long, “serious” degrees in India meant specialised technical training. But today’s world prizes those who navigate uncertainty, balance trade-offs, and understand systems. Economics delivers exactly that. For students aiming to lead in business, policy, tech, or society – rather than merely join – it’s a forward-looking choice, not a fallback.

In this changing landscape, what ultimately matters is not just choosing economics, but choosing an education that reflects how the discipline itself has evolved. The new generation of economics programmes in India is beginning to mirror the best global standards, blending rigorous theory with quantitative depth, real-world data work, and exposure to behavioural and experimental methods that redefine how economic questions are studied today.

At the University of Southampton Delhi, for example, this shift is reflected in an approach that places equal weight on economic foundations and the skills demanded by a changing world. Students build strong grounding in theory while developing quantitative fluency through mathematics, statistics, and econometrics, alongside early exposure to live data, experimental methods, and interdisciplinary perspectives. The aim is not to overload students with tools, but to help them think more clearly about how evidence, incentives, and institutions interact in real life. Learning also extends beyond the classroom into structured employability training, recognising that economists today move across many spaces – consulting firms, policy institutions, financial markets, and technology-driven sectors – often within the same career. The outcome is not a narrow pathway leading to a single profession, but a broader preparation for uncertainty, choice, and leadership. In many ways, this model of education reflects the central argument of this essay itself: that in a world shaped by rapid change and competing priorities, economics matters most when it equips students not merely to interpret the system, but to engage with it thoughtfully and, at times, to help shape its direction.

References

Kurian, O. C. (2024, January 24). Medical education in India: Democratisation through public infrastructure creation. Observer Research Foundation.

Singh, S. (2023). Why engineering education is losing charm among students in India? A discussion (Preprint). Qeios.

Singh, N. K. and De Bellaigue, C. (1995, March 15). Management institutes: Erratic MBA standards worry India Inc. India Today.

Murray, S. (2014, May 21). Hundreds of Indian B-schools are forced to close as business bites. BusinessBecause.

Chang, H.J. (2014). Economics: The user’s guide. Bloomsbury Press, New York, NY.

Author: Chitrakalpa Sen, Head of Economics  at University of Southampton Delhi

Date: Wednesday 7 January 2026

This article reflects the thoughts, opinions and experiences of the author, and do not necessarily represent the official view of University of Southampton Delhi. You should confirm and check factual information presented in this article before making decisions based on its content.

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