Agricultural Economics

Introduction:

Agriculture is the production, processing, marketing and use of foods, fibers and by products from plant crops and animals. India is one of the leading agricultural countries in the world and our Agricultural sector plays a crucial role in the economic development of the country. Agriculture contributes around 23% of the Gross Domestic product (GDP). About 62% of Indian population depend on agriculture for livelihood, it provides large scale employment and also fulfills the food and nutritional requirements of the nation. 

Those who work in this business field of agriculture is known by the name Agricultural economists. Agricultural economists manage farms and other agricultural industries by applying business concepts and problem-solving techniques. Agricultural economists also predict trends in markets for farm products. They closely observe and explain changes in the market. An agricultural economist; would monitor crops, prices, animal health, equipment, imports and exports, weather cycles, buying patterns, and new methods of production.

Eligibility & Course Areas:

Ø   Students who wish to pursue a career in agricultural economics should possess a strong base in botany, physics, chemistry and mathematics. Various agricultural universities and colleges in India offers Under-graduate, Post-graduate, Diploma and Doctorate courses in agricultural economics. To be an Agricultural economist at least a masters degree is required.

Ø   The basic eligibility criteria for a bachelors programe in Agriculture is a pass in 10+2 or equivalent in science subjects (with Physics, Chemistry, Biology or Mathematics) with a minimum of 50% marks. Minimum duration is 4 years. Most of the universities/institutes offer agricultural economics as a subject or specialization of B Sc. agricultural science courses. Applicants must possess a Bachelors degree in agriculture or an equivalent qualification for studying M.Sc. in Agricultural Economics which is of 2 years duration. Ph. D. Degree Programmed in Agricultural Economics requires a master degree.

Ø   Agricultural Economics imparts students with the knowledge about agricultural production, finance, marketing and policy. The study focuses on crops, animal health, prices, buying pattern, weather cycles, imports and exports, agricultural equipment and techniques of production.

Ø   For a career as an agricultural scientist, a master's degree is necessary and Ph.D in agriculture is needed for the post of a senior researcher and teaching profession. Those with post graduate diploma and degree in agriculture and related subjects can become an agriculture technologists.

Ø   Those with masters degree in agricultural economics can apply for Agricultural Research Service and National Eligibility Test conducted by Agricultural Scientists Recruitment Board (ASRB) for appointment as Scientists in the Indian Council of Agricultural Research (ICAR).

Job Prospects & Career Options:

Agriculture, like other businesses, has its producers, distributors, and consumers - all interdependent in the market system. Globalization and liberalization has increased the need for well-trained personnel with knowledge of agricultural production, marketing, finance and policy. Here comes the role of agricultural economists, who have managerial skills and decision making ability.

Agricultural Economists may find opportunities in administration, management and financial advising. Other jobs include market price forecaster, agricultural statistician, farm credit analyst, managers of farm supply and commodity analyst.

Career Areas in this field are as follows:

Ø  Entrepreneurship and Small Business Management

Ø  Agribusiness Management

Ø  Public Service

Ø  Finance and Appraisal

Ø  Farm Business Management

Ø  International Agriculture and Development

Remuneration:

Salary in this sector depends on various factors such as experience, position acquired, expertise in particular field, area of employment etc. In government sector one get a starting salary of 12,000/- to 15,000/-. However a senior fellow in agricultural economic research field can expect about 35,000/- to 55,000/- per month as per revised scale. Financial sector like banks also offer good pay packages.

Courses:

There are several institutes/universities offering Agricultural Economics at postgraduate level and Doctoral level. Some of them are: Allahabad university, Indian Agricultural Research Institute,Tamil Nadu Agricultural University etc.

 » M.Sc. Agricultural Economics
 » Ph.D. Agricultural Economics

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