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Agricultural economics: Courses offered in this emerging commerce; career alternatives, job prospectus

Written by Dr. Sharad Sachan 

It is estimated that the Earth will host 9 billion folks by 2050.  To feed folks at this scale, it’s crucial that 30 per cent extra meals must be produced. This herculean activity comes with a bunch of challenges similar to useful resource allocation issues, overproduction, local weather change, losses, and meals waste. The resolution lies in agricultural economics which can allow the world to make use of its assets 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 assets into varied makes use of to make sure that the rising inhabitants might be fed. Agricultural economists are involved with monetary points referring to all elements of agriculture, its allied actions, meals chain provide, advertising and marketing, and so on. This course is helpful for many who are eager to develop into agricultural economists and develop superior numerical expertise, analyse agricultural insurance policies, financial incentives, industrial organisation, and deal with innovation.

Why agricultural economics?

The principal space of research contains micro-economics, macro-economics, agricultural advertising and marketing, farm administration, pure useful resource administration, econometrics, linear programing, mission planning, meals and agricultural coverage, monitoring and analysis, and environmental impression evaluation. After going by means of this, the scholars can assess financial points and take selections accordingly, analyse varied elements from an financial angle, talk varied points and their options and familiarise themselves with financial insurance policies.

Universities, schools and institute: 

There are varied 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 might be concerned in all areas of the financial system. This can begin from understanding shopper conduct 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 conduct, the economist can predict future demand and provide which can assist in choice making. The most trending job these days is the inventory and commodities dealer the place an enormous amount of cash might be generated by means of buying and selling. 

Salary packages 

So what sort of wage packages can college students stay up for? There are variety of components similar to expertise and experience that are going to play a significant position in one’s incomes capability. A more energizing can obtain a bundle ranging from Rs. 2.5- 3 lakh each year however with experience and expertise of round 5-7 years, it might attain Rs. 8-10 lakh each year. It goes with out saying that undoubtedly Agricultural Economics has the power to offer 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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