M.Sc. (Economics)

The new paradigm of knowledge creation hinges on blending core knowledge with technological innovations. The massive technological disruptions that have taken place in the past few decades have been stimulated by advances in computational technologies. This has led to an exponential growth in data availability paralleled with rapid advances in computational speed. Therefore, the M.Sc. program in Economics is designed to create a knowledge base to analyze economic problems with modern data science methodologies. Data science has become increasingly important for economists working with big data to address complex questions. Therefore, the modality of the program will be based on creating transferable skills across several fields and integrate activities that develop the ability to work with real problems using real data. The program will combine these two interdependent areas to allow researchers to access and process big data using advanced econometrics and computational techniques to answer questions from varied areas in economics such as development economics, environmental economics, health economics, macro and financial economics, behavioral economics, and international economics.

During the first year of the program, students will go through an extensive training in the core areas of economics such as microeconomics, macroeconomics, mathematical economics, and econometrics. They will also take several courses on data science to hone their skill. During the summer break, they will also undertake an internship as a part of the Summer Internship Program (SIP). SIP is a four-credit mandatory program (6-8 weeks) for the students where they are required to intern in a professional ecosystem corresponding to their interests. SIP will provide a platform for the students to integrate classroom knowledge with the related practical applications and skills in a professional ecosystem. It will provide an opportunity for the students to be an integral part of real-time situations that provide practical learning and provide a perspective on the future career path the student would like to pursue. Students are also required to actively participate in the research seminars and workshops organized by the department.

Students can choose from several electives during the second year, including some emerging areas such as behavioral economics, experimental economics, health economics, informal economy, and financial technology. FLAME master's program in economics will also provide a unique experiential learning opportunity through its flagship Ideas for India Program (IIP). In this course, students will conceptualize, design, and analyze contemporary issues related to the Indian economy and undertake a week-long field visit to materialize their ideas and present their findings to a wide audience. During the second half of the second year, they will also pursue a dissertation in their respective subfields under the mentorship of highly skilled faculty advisors would give these students a strong foundation for writing their dissertation and preparing for their future careers.

The aims of the Master's Program in Economics are to:

• develop a solid grasp of the concepts, theories, analytical frameworks within the discipline of economics, which can help them to create new knowledge
• develop a strong analytical, contextual and interdisciplinary understanding of concepts, theories and associate them with real-life situations
• apply data science skills to a wide range of applications, including economics, business, finance, environment, and health
• excel in the area of economic analysis, economic model building, decision making, and intensive academic research
• enhance boundaries of current knowledge by exposing students to a range of interdisciplinary areas related to economics while encouraging them to progress towards an in-depth understanding of the core areas in economics
• expose students to multiple worldviews and foster skills in close reading, critical analysis, and teamwork
• develop habits that foster independent thought and a critical approach to content. The program not only strives to deliver content but also tries to inculcate a spirit of inquiry within the student
• equip with knowledge and tools of a professional economist intending to work in government, private sector firms, central banks, and other national and international organizations.