PhD In Economics Explained: Eligibility, Fees, Admission 2024

PhD (Doctor of Philosophy) in Economics is a terminal degree in the field of economics. PhD in Economics is considered the highest qualification and the individuals who have completed this degree are awarded a doctorate.

PhD in Economics is a doctoral degree and individuals pursuing it get advanced research and analysis in this field.  Individuals who are eager to conduct original research in economic theory, policy, or applied economics can pursue this degree. 

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PhD in Economics can be pursued after completing a master's degree in Economics. However, some universities allow students to pursue a PhD degree in Economics with any master’s degree. PhD in Economics is highly beneficial for careers in academia and various sectors of diverse industry.

PhD in Economics emphasizes on research and PhD candidates are expected to produce a well-researched dissertation. The dissertation must include all the research and findings during the PhD that can contribute to the field of knowledge. 

Duration of PhD in Economics 

The duration of the PhD program depends upon the type of PhD. Generally, the duration of a Full-Time PhD in Economics ranges from 3 Years to 5 Years which can be further extended to 7 Years.

The duration of a Part-Time PhD in Economics ranges from 4 Years to 7 Years:

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However, working professionals looking for a doctorate that can accommodate their professional obligations and academic learning can enroll for an Online DBA (Doctorate of Business Administration). The duration of an Online DBA is just 3 Years and business executives can pursue it without quitting their jobs. 

PhD in Economics Program Highlights 

Here are the major highlights of a PhD program in Economics. The table below demonstrates the full details regarding PhD in Economics and gives a brief idea about PhD in Economics full form,  PhD in Economics duration, PhD in Economics eligibility requirements, entrance exams for PhD in Economics, best universities and colleges for PhD in Economics, etc.

Particulars	Details
Course Name	PhD in Economics
PhD in Economics Full-Form	Doctor of Philosophy in Economics
PhD in Economics Level	Doctorate
PhD in Economics Duration	3  Years to 5 Years (Can be extended to 6-7 years )
PhD in Economics Eligibility	Master’s degree in Economics
PhD in Economics Entrance Exams	UGC NET or Gate  Universities may conduct their own entrance exams
PhD in Economics Selection Criteria	Personal Interview and Research Proposal
PhD in Economics Top Universities	Jawaharlal Nehru University (JNU), Jamia Millia Islamia (JMI), Chandigarh University, Manipal University.
PhD in Economics Course Fees	INR 3900 to INR 6,50,0000

Why Pursue PhD in Economics?

Before enrolling in a PhD program in Economics, the benefits and the reasons for pursuing this program must be discussed. Individuals who wish to pursue this program must have a great interest in the field of economics.

PhD IN Economics offers a great opportunity to individuals who are willing to conduct original research in the field of Economics. PhD candidates have a significant research opportunity in economic theory, policy, or applied economics. 

Candidates enrolled in the PhD program in Economics get a highly research-oriented curriculum that begins with comprehensive coursework. The coursework provides a strong foundation in the field of economics with courses in macroeconomics, microeconomics, and econometrics.

This is highly beneficial for conducting in-depth research on the selected research topic. The coursework is followed by extensive research work and dissertation writing. With the original research work in the Economics domain, an individual can contribute in the field of economics with an original research work.

This opens doors to a wide range of career opportunities in numerous industries in the field. PhD graduates in economics can also make a great career in academia. 

PhD in Economics Eligibility Criteria

Universities and Institutes offering PhD programs in Economics have a set of eligibility requirements for admissions. Candidates aspiring to pursue PhD in Economics must fulfill this requirement to get admission to this program. Candidates who are interested in pursuing PhD in Economics must have completed their master's in Economics. Although, there are universities that allow students from any background to pursue this program.

Here are the eligibility criteria for PhD in Economics:

• Master’s degree in Economics from a recognized and approved University. 

OR 

• Master's degree in any discipline from a recognized and approved University. (This depends on the particular university and all universities do not allow it).
• Scored at least 60% marks in aggregate at the master’s level.
• Qualified for national-level entrance tests such as UGC NET, and GATE. 
• Candidates in their final year of master’s degree can also apply.

PhD in Economics Eligibility Criteria
Academic Requirement for PhD in Economics	MA in Economics, MSc in Economics, MPhil in Economics
Minimum Marks for PhD in Economics	Minimum 60 Percent in aggregate.
Age Limit for PhD in Economics	No Age Limit

Entrance Tests for PhD in Economics 

Admissions to the PhD program in Economics is entertained based on various entrance tests conducted throughout the country. Apart from this, universities also conduct entrance tests for students who have not qualified for any national or state-level entrance tests for admission in PhD program in Economics.

Here are some of the most popular and well-known entrance tests for admission to PhD programs:

• UGC-NET: This is a national-level entrance exam conducted throughout India twice a year. The exam is conducted by the University Grants Commission (UGC) through the National Testing Agency (NTA). Generally, exams for UGC NET are conducted in June and December every year.

• GATE: GATE  is also a national-level exam that is conducted for admission to PhD in Economics in top and premier institutes in India. Generally, the GATE exams are conducted in February every year. 

• IIM PhD: Indian Institute of Management also conducts entrance tests for the candidates who are interested in PhD in Economics. Candidates aspiring to pursue their PhD in Economics from IIM can take this test. 
• University-Specific Tests: Apart from the above-mentioned entrance tests, universities offering PhD in Economics also conduct entrance tests for admission to this program. Students who could not qualify for the entrance tests can attend university-specific entrance tests for admission in PhD in Economics.

Admission Process for PhD in Economics 

The admission process for PhD in Economics is almost similar in all the universities across India. However, universities have full liberty in deciding the admission process for a PhD. PhD aspirants in economics can secure their admission by following these steps:

Application Submission:

• Step 1: Select the appropriate university that offers PhD in Economics.
• Step 2: Go through the eligibility requirements and check whether you fulfill those eligibility requirements. 
• Step 3: Visit the official website of the university and select the admission section. 
• Step 4: Register yourself and fill out the application form for PhD in Economics. 
• Step 6: Attach the documents required by the university. 
• Step 5: Review the application form and pay the application fees. 

Written Test:

After submitting the application form, the university issues admit cards for written entrance tests. Applicants who have filled out the application form are required to appear for the entrance exam. Most universities provide exemptions in the entrance exams to students who have qualified in any national level PhD entrance exam such as UGC NET. 

Personal Interview and Research Proposal:

Candidates who qualify for the written entrance test and those who were exempted from the written entrance test will be called for a personal interview.

Candidates will have to prepare a detailed research proposal and appear before the Departmental Research Committee (DRC)  for an interview. They need to defend their research proposal in the interview. A merit list will be prepared once all the candidates are done with the interview.

Admission Offer :

Candidates will get admission offer as per their rank in the merit list. Candidates receiving the admission offer can accept it by paying the admission fees:

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PhD in Economics: Syllabus and Course Details

PAPER I) COURSE ON RESEARCH METHODOLOGY	PAPER II) ADVANCED TOPICS IN ECONOMICS
Unit-1:Introduction to philosophy of science and research methodology Research Design: Need for research design, Features of a good research design, Different research design Experimental survey: Basic principles of experimental design Case studies - problems and limitations. Planning and implementing research projects: planning a research project, problem formulation, research strategy, and methods	Unit 1: Micro and Macro Economics Consumer Demand Theory: Choice under Certainty and Uncertainty Theory of Production and Cost Inflation and Unemployment in the Closed and Open Economy Macro policy options.
Unit-2:Methods of Data Collection: Direct method and Indirect methods Data collection through questionnaires and schedules Problems in data collection Data processing: Operations and Problems in data processing Sampling design: meaning and its applications Measurement and scaling techniques: Measurement Scales and Sources of errors in measurement	Unit 2: International Trade, International Finance, Corporate Finance The modern theory of Trade and Trade Policy, Intra-industry trade, Free Trade versus Protection, Analysis of gains from free trade. Theories of Balance of Payment and exchange rate determination Policy Conflicts and Adjustment under Fixed and Flexible Exchange Rates Modern Investment Theory Financial Derivatives
Unit-3:Analysis of Data: Measures of and analysis of Central Tendency, Dispersion, Skewness, and Kurtosis Theoretical Distributions: Normal, Poisson, and Binomial Statistical Estimation and Testing of a Hypothesis	Unit 3: Development and Growth Theory  Theories of under-development • Classical Growth Models • Endogenous Growth Models • Sustainable Development
Unit-4:Methods of Analysis: Simple and Multiple Regression • Time series analysis • Problems in econometric estimation	Unit 4:Economic Issues and Policy-I • Planning and Economic Reforms • Financing of Infrastructure Development, Education Sector, • PSUs, Privatization and Disinvestment, • Fiscal and Monetary Policy Approaches Tax Reforms, Central Government Finances • Financial Sector Reforms, Money and Capital market. • Foreign Trade Liberalization, Balance of Payments, Exchange Rate • World Trade Organization (WTO) and Indian Competition Policy. • WTO and Effects of Trade (Liberalization and Globalization) on Poverty, Inequality, Environment, Gender, Labour Standards, Technological Transfers, etc.
Unit-5: Documentation - writing the research thesis • Introduction to statistical and econometric software	Unit 5:Economic Issues and Policy-II • Poverty, Income Distribution and Justice • Migration and Demographic Transition • Land Reforms in India and their Impact on Agrarian Structure • Nature and Problems of Rural Development in India • Indian Industry and Structural Changes • Rural Industrialization and strategies • Rural poverty alleviation and employment programs.

UGC- NET Syllabus for Economics 

Here is the latest and most updated syllabus for UGC-NET in Economics:

Economics UGC- NET Syllabus
Unit-1: Micro Economics		Unit-2: Macro Economics
Theory of Consumer Behaviour Theory of Production and Costs Decision making under uncertainty Attitude towards Risk Game Theory – Non-Cooperative games Market Structures, competitive and non-competitive equilibria, and their efficiency properties Factor Pricing General Equilibrium Analysis Efficiency Criteria: Pareto-Optimality, Kaldor – Hicks and Wealth Maximization Welfare Economics: Fundamental Theorems, Social Welfare Function Asymmetric Information: Adverse Selection and Moral Hazard		National Income: Concepts and Measurement Determination of output and employment: Classical & Keynesian Approach Consumption Function Investment Function Multiplier and Accelerator Demand for Money Supply of Money IS-LM Model Approach  Inflation and Phillips Curve Analysis Business Cycles Monetary and Fiscal Policy Rational Expectation Hypothesis and its critique
Unit- 3: Statistics and Econometrics		Unit-4: Mathematical Economics
Probability Theory: Concepts of probability, Distributions, Moments, Central Limit theorem Descriptive Statistics – Measures of Central tendency & dispersions, Correlation, Index Numbers Sampling Methods & Sampling Distribution Statistical Inferences, Hypothesis testing Linear Regression Models and their properties – BLUE Identification Problem Simultaneous Equation Models – recursive and non-recursive Discrete choice models Time Series Analysis		Sets, functions and continuity, sequence, series Differential Calculus and its Applications Linear Algebra – Matrices, Vector Spaces Static Optimization Problems and their applications Input-Output Model, Linear Programming Difference and Differential equations with applications
Unit-5: International Economics		Unit-6: Public Economics
International Trade: Basic concepts and analytical tools Theories of International Trade International Trade under imperfect competition Balance of Payments: Composition, Equilibrium and Disequilibrium and Adjustment Mechanisms Exchange Rate: Concepts and Theories Foreign Exchange Market and Arbitrage Gains from Trade, Terms of Trade, Trade Multiplier Tariff and Non-Tariff barriers to trade; Dumping GATT, WTO, and Regional Trade Blocks; Trade Policy Issues IMF & World Bank		Market Failure and Remedial Measures: Asymmetric Information, Public Goods, Externality Regulation of Market – Collusion and Consumers’ Welfare Public Revenue: Tax & Non-Tax Revenue, Direct & Indirect Taxes, Progressive and non-progressive Taxation, Incidence and Effects of Taxation Public expenditure Public Debt and its management Public Budget and Budget Multiplier Fiscal Policy and its implications
Unit-7: Money and Banking		Unit-8: Growth and Development Economics
Components of Money Supply Central Bank Commercial Banking Instruments and Working of Monetary Policy Non-banking Financial Institutions Capital Market and its Regulation		Economic Growth and Economic Development Theories of Economic Development: Adam Smith, Ricardo, Marx, Schumpeter, Rostow, Balanced & Unbalanced growth, Big Push approach. Models of Economic Growth: Harrod-Domar, Solow, Robinson, Kaldor Technical progress – Disembodied & embodied; endogenous growth Indicators of Economic Development: PQLI, HDI, SDGs Poverty and Inequalities – Concepts and Measurement Social Sector Development: Health, Education, Gender
Unit-9: Environmental Economics and Demography		Unit-10: Indian Economy
Environment as a Public Good Market Failure Coase Theorem Cost-Benefit Analysis and Compensation Criteria Valuation of Environmental Goods Theories of Population Concepts and Measures: Fertility, Morbidity, Mortality Age Structure, Demographic Dividend Life Table Migration		Economic Growth in India: Pattern and Structure Agriculture: Pattern & Structure of Growth, Major Challenges, Policy, Responses Industry: Pattern & Structure of Growth, Major Challenges, Policy Responses Services: Pattern & Structure of Growth, Major Challenges, Policy Responses Rural Development – Issues, Challenges & Policy Responses Urban Development – Issues, Challenges, and Policy Responses. Foreign Trade: Structure and Direction, BOP, Flow of Foreign Capital, Trade Policies Infrastructure Development: Physical and Social; Public-Private, Partnerships Reforms in Land, Labour, and Capital Markets Centre-State Financial Relations and Finance Commissions of India; FRBM Poverty, Inequality & Unemployment

PhD in Economics Fellowships In India 

Students enrolled in PhD in Economics get financial assistance through numerous fellowships and Scholarships to continue their research uninterrupted. To get these fellowships, PhD students may be required to qualify for certain examinations.

Fellowship significantly removes the financial constraints in the research process and helps to produce high-quality research. Here are some of the top PhD in Economics fellowships and scholarships in India:

PhD in Economics Fellowships	Amount
UGC-NET JRF	INR 37000 P.M to INR 42000 P.M
Prime Minister's Fellowship for Doctoral Research	Upto 8,70,000 Per Annum
Prime Minister Research Fellowship(PMRF)	INR 80,000 P.M to 1,00,000 P.M
Institute of Economic Growth	INR 20,000 PM (20,000 P.A Contengency Grant)
Jawaharlal Nehru Memorial Fund Scholarships	INR 18,000 P.M

Best Universities  for PhD in Economics 

PhD in Economics is offered by some of the top and highly accredited universities and institutes in India. These universities provide cutting-edge research opportunities to conduct high-quality research in the field of economics.

These universities provide highly experienced faculty who have significant experience in research supervision in the field of Economics. PhD in Economics is offered by both private and public universities in India. 

Best Public Universities in India for PhD in Economics

Here is the list of some of the best public universities that offer PhD in Economics:

However, PhD students willing to pursue their doctoral degree from a globally renowned international university with much flexibility and accessibility can join Online DBA (Doctorate of Business Administration). This program is highly flexible and provides advanced research aptitude and expertise in business management and administration.

Best Private Universities in India for PhD in Economics

Here is the list of some of the top private universities in India for PhD in Economics:

Fields of Research in PhD Economics 

PhD in Economics incorporates a wide range of research fields. Here is the list of different fields of research in PhD Economics:

• Agricultural Economics
• Financial Economics
• Labour Economics
• Industrial Economics
• International Economics
• Business Economics
• Banking Economics
• Environmental Economics
• Developmental Economics
• Rural Economics and Rural Development
• Econometrics

Career Opportunities for PhD in Economics 

PhD in Economics is highly beneficial for rewarding career opportunities in academia and a wide range of industries. Here are some of the top career opportunities available upon completion of PhD in Economics:

Job Profiles	Average Salary
Lecturer/Professor	INR 6.00 LPA
Banker	INR 4.67 LPA
Economists	INR 4.55 LPA
Geographer	INR 5.14 LPA
Econometricians	INR 4.78 LPA