It is not an exaggeration to say that currently, we are in the age of Economics, Information and Computation. Economics helps us understand how a business or an industry or even an entire nation performs measured by the metrics of prices, incomes and profitability. Training in the subject provides valuable guidance in the difficult task of designing efficient and welfare-improving policies at diverse levels ranging from the corporate to the national economy. It is an ancient subject that has undergone significant transformation in recent times through extensive use of the methods of Mathematics and the quantitative methods of Statistics and Econometrics. This transformed version is known as Quantitative Economics (QE). At the same time, the world has experienced an Information Revolution that has enormously expanded the database of a large number of scientific disciplines covering both natural and social sciences. The expansion and refinements have taken place along both quantitative and qualitative dimensions of data. This has given a tremendous boost to the applicability of scientific principles to diverse areas of knowledge, both theoretical and applied. Expansion of the database has been accompanied by significant innovations in the analysis and transmission of processed data. This has supplemented the traditional methods of Statistics and Econometrics and moved them into newer directions. The scientific study of the whole range of issues relating to collection, processing, refinement and dissemination of information codified in data is collectively known as Data Science (DS). Theoretical and Applied Computer Science forms an important part of it. Modern Economics makes full use of the resources of this discipline.
Applications of Economics to the fields of environmental studies, health, education, financial management, organizational behavior, supply chain management and numerous other policy areas have become much more powerful and effective through the QE-DS partnership.
Today no scientist, policymaker, manager or skilled worker aspiring to move up the career ladder can afford to remain ignorant of this powerful partnership that is shaping the modern world in so many important ways. Starting at the foundational level the carefully designed QEDA course takes the student step by step onward to the higher levels of applications of modern Economics and Data Science. The three-year undergraduate course offers the basic principles, and the postgraduate programme builds on that to offer specializations in important areas like global finance, forecasting, data mining and Big Data analytics, to give only a few examples.
Rigorous training in QE and DS will make the students well qualified to handle a wide variety of jobs in governmental organizations as well as in the private sector, including NGOs. Prospective employers include the financial services sector, consultancy firms, insurance companies, data analytics organizations, business houses, regulatory bodies and think tanks. Two sectors of the Indian economy- non-traditional industries and IT-enabled services- are expected to grow at a rapid pace over the next two decades. As a result, demand for the products of the Programme will also show sustained growth. A great advantage of studying at BIT Mesra is the strong industry connection and the reputation it holds amongst employers for producing high-level graduates. So, career opportunities can safely be taken to be wide and expanding.
Last but not the least, the advanced and technically rigorous nature of the course will also serve as an excellent foundation for PhD programmes and other research-focused roles.