Agricultural economics: Courses offered in this emerging trade; career opportunities, job prospectus

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Written by Dr. Sharad Sachan 

It is estimated that the Earth will host 9 billion individuals by 2050.  To feed individuals at this scale, it’s crucial that 30 per cent extra meals needs to be produced. This herculean activity comes with a number of challenges akin to useful resource allocation issues, overproduction, local weather change, losses, and meals waste. The answer lies in agricultural economics which is able to allow the world to make use of its sources effectively, sustainably, and economically whereas minimising the associated fee and maximising revenue. 

What is agricultural economics?

Agricultural economics is the research of allocation of scarce sources into numerous makes use of to make sure that the rising inhabitants will be fed. Agricultural economists are involved with monetary points regarding all features of agriculture, its allied actions, meals chain provide, advertising, and so forth. This course is useful for many who are eager to change into agricultural economists and develop superior numerical expertise, analyse agricultural insurance policies, financial incentives, industrial organisation, and deal with innovation.

Why agricultural economics?

The major space of research contains micro-economics, macro-economics, agricultural advertising, farm administration, pure useful resource administration, econometrics, linear programing, venture planning, meals and agricultural coverage, monitoring and analysis, and environmental affect evaluation. After going via this, the scholars can assess financial points and take choices accordingly, analyse numerous features from an financial angle, talk numerous points and their options and familiarise themselves with financial insurance policies.

Universities, schools and institute: 

There are numerous universities/ schools/ institutes for college students who’re in this area. 

International Universities: 

  • Mcgill University, (Quebec), 
  • Nova Scotia Agricultural College, (Nova Scotia), 
  • Universite Laval, (Quebec), 
  • University of Alberta, (Alberta), 
  • University of Guelph, (Ontario), 
  • University of Manitoba, (Manitoba) and 
  • University of Saskatchewan, (Saskatchewan) , are amongst few overseas universities. 

National universities: 

  • Indian Agricultural Research Institute; New Delhi, 
  • Anand Agricultural University; Anand, 
  • National Dairy Research Institute; Karnal, 
  • Punjab Agricultural University; Ludhiana, 
  • Tamil Nadu Agricultural University; Coimbatore, 
  • G. B. Pant University of Agriculture and Technology; Pantnagar

Career in agricultural economics

Agricultural Economics is being offered as a graduate in addition to submit graduate diploma. This supplies a number of career choices to college students. Agricultural Economist will be concerned in all areas of the economic system. This can begin from understanding shopper habits to occasion administration, inventory and commodities merchants in monetary markets, bankers, and even Government advisor to farm managers, pure useful resource supervisor, and entrepreneurship. Through understanding shopper habits, the economist can predict future demand and provide which is able to assist in choice making. The most trending job these days is the inventory and commodities dealer the place an enormous amount of cash will be generated via buying and selling. 

Salary packages 

So what sort of wage packages can college students sit up for? There are variety of elements akin to expertise and experience that are going to play a significant position in one’s incomes capability. A brisker can obtain a bundle ranging from Rs. 2.5- 3 lakh each year however with experience and expertise of round 5-7 years, it could attain Rs. 8-10 lakh each year. It goes with out saying that undoubtedly Agricultural Economics has the power to supply a profitable and rewarding career path.

The writer is an Assistant Professor, Department of Agricultural Economics, School of Agriculture, Lovely Professional University.

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