bachelor of science [bs] programme in economics at iit bombay

Bachelor of Science [BS] Programme in Economics

at IIT Bombay

Department of Humanities and Social Sciences, IIT Bombay

Evolutionary Aspects:

• Process of diversification of academic programmes at IITs

• Lessons gained from the conduct of Core and Elective courses in

Economics for the UG and PG students over several years.

• Sustained and continued discussion sessions about the feasibility

of new programmes

• New programme with the nomenclature of Bachelor of Science in

Economics is being the proposed by the Department of

Humanities & Social Sciences


Vision

• Create a unique brand of students who will be

equipped to balance economics, enterprise,

science and technology, and social objectives.

• Produce well-trained professionals with inter,

and multi-disciplinary skills for applied

economic analysis and efficient decision-

making.


Rationale for the Programme:

The programme aims to create a unique brand of students who will

be equipped with the temper of ethically strong society while

achieving technological applications and breakthroughs. In this

regard, educationists have emphasized the need for a balance

among economics, ethics and enterprise.

The new programme aims to produce well trained professionals

with inter and multi disciplinary skills for Applied Economic

Analysis.

The programme seeks to impart education to students to become

more efficient analysts/decision making professionals in the area

of business & public policy and development administration.

Industrial houses, banks and government/semi government

agencies and organizations are increasingly demanding graduates

with these kinds of skills and capabilities.


Rationale – cont..

• With a strong background in economics, social sciences, mathematics and statistics, science subjects, and exposure to computer science, we expect these students to find excellent placements in a wide range of public and private firms.

• We also feel that starting an undergraduate programme will enhance the department’s profile, and help us in transition to a larger School of Humanities and Social Sciences.


Options Considered:• After considering several options and looking around in other leading

academic institutions in India and overseas, we propose a

• 4 year Bachelor of Science [BS] in tune with 4 year B. Tech and B.S

in Chemistry programmes of the institute

Title of the new programme: ECONOMICS

• Emphasis on the economics centric, based on national and global

scenario

Basic reference points:• Economics programmes of IIT Kanpur and IIT Kharagpur

• Select Universities in India


Criterion for admission: IIT-JEE

Number of seats: 20

Curriculum:

• Drawn on the basis of Biswas Committee report with

recent modifications as applicable

• Courses and project work with corresponding credit

structures for respective semesters

• The credit structure broadly follows the Senate approved

BS Chemistry programme


Features of Courses:

i. Required number of core and elective courses from English, Linguistics,

Philosophy, Psychology, Sanskrit and Sociology disciplines, in order to

reflect the inter-disciplinary ethos of the department

ii. A critical amount of mathematics/statistics and science courses

iii. A select number of electives from multi-disciplinary areas established in the

institute

iv. A comprehensive list of courses [core and electives], based on the following

three perspectives namely, (a). Emerging, (b). International and (c).

Mainstream, in the field of economics have been designed. The set courses

have been identified keeping in mind the key areas of :

• Technology & Industry

• Financial economics & Corporate investment

• Health economics & Labour economics

• Globalization & International economics

• Climate change & Green accounting

• Mathematical Economics & Econometrics


Capabilities and strengths:

• Economics has remained a core course of study for all branches ofUG students. Faculty members of the discipline have been giving agood number of electives for B. Tech and M. Tech programmesover the years. It has been contributing to the existing M. Phil.Programme in Planning and Development both in terms of conductof courses and research guidance. It has also contributedsignificantly to the Ph.D programme (nearly thirty five percentageof Ph.D student of the department output has been produced by thefaculty of the discipline, over the years)

• Apart from the inputs from the other disciplines of the department,there are possible academic and research inputs from some of theinter/multi-disciplinary centers of the institute. This aspect is ofadded advantage for the proposed programme.

• Currently, there are Nine faculty members belonging to economicsdiscipline. Taking into account the emphasis on the newprogramme, special drive is going on to attract some more facultymembers in the discipline.

• There are also prospects of getting necessary inputs from andacademic association with other institutions/ organizations in andaround Mumbai.


Detailed List of Courses

Semester Wise


First Year Courses

• Common for all new entrants of IIT Bombay

• Keeping in mind the provision for branch change, we propose that the UG Economics students also do the first year courses along with everyone else.

• Courses in Mathematics [MA 105, 106, 108] and CS 101 would be highly useful for the Economics students

• In the Second Semester, the Economics UG students would do HS 101 Economics course [6 credits] as a departmental introductory course.


Semester 1 & 2

Semester Number of Courses

Core Elective Credits

1 0 36

2 33

Including HS 101

Total 69



Adopting the 1st Year Curriculum of BS Chemistry


Four year B.S. – Economics 1st Year

Acad Year-Sem Course Name Credits

2017-1 CH 105 Organic & Inorganic Chemistry 4

2017-1 CH 107 Physical Chemistry 4

2017-1 CH 117 Chemistry Lab 3

2017-1 CS 101 Computer Programming and Utilization 6

2017-1 MA 105 Calculus 8

2017-1 ME 119 Engineering Graphics & Drawing 5

2017-1 NOCS01 NCC/NSS/NSO 0

2017-1 PH 107 Quantum Physics and application 6

36

2017-2 BB 101 Biology 6

2017-2 HS 101 Economics 6

2017-2 MA 106 Linear Algebra 4

2017-2 MA 108 Differential Equations 4

2017-2 ME 113 Workshop Practice 4

2017-2 NOCS02 NCC/NSS/NSO 0

2017-2 PH 108 Basics of Electricity & Magnetism 6

2017-2 PH 117 Physics Lab 3

33

For BS in Economics

• In the Second Semester of the First Year of the programme:

• CH 104 Chemistry 2 will be replaced by HS 101 Economics [with 6 credits]

• All others will remain the same, totaling 69 credits

• Students would be allowed branch change at the end of First Year, as is the case in the Institute.


Semester Wise


Semester Number of Courses

Core Elective Credits

3 7 [including HS 200 & ES 200]

7 0 36

4 5 4 1 30

5 6 5 1 36

6 6 [including a Lab course for 3 credits]

4 + 1 lab 1 33

7 5 [including a Lab course for 3 credits] + Project Stage I

2 + 1 lab 2 33

8 2 + Project Stage II

0 2 24

Semester 3 [36 Credits]

Course No Course Title Credits

HS 2xx Intermediate Microeconomics I

6

HS 2xx Intermediate Macroeconomics I

6

HS 2xx Mathematical Economics 6

HS 2xx Statistics I 6

HS 307 Introduction to Sociology 6

ES 200 and HS 200 Environmental Studies 3 + 3 = 6




HS 2xx Intermediate Microeconomics II

6

HS 2xx Intermediate Macroeconomics II

6

HS 2xx Statistics II 6

HS 2xx Money & Banking 6

HS Elective Group 1 [Ethics related courses from a specified basket] – Annexure I

6



Annexure 1:

Elective Group I: HSS Elective Courses in this basket for the B.S., Economics students:

Faculty members in the HSS Department have designed and been teaching various courses in related

to Ethics for both the UG and PG students of the Institute. Some of these already approved and

taught courses are likely to be offered as elective courses in Elective Group 1 basket for the B.S.,

Economics students. They are:

HS 414 Justice, Ethics, and Community

HS 448 Professional Ethics

HS 632 Making Choices: Ethical Dimensions in the Scientific Endaevor

HS 640 Civil Society: Its Foundations and Future

HS 702 Law, Governance, Rights and Development



HS 3xx International Economics I 6

HS 3xx Development Economics I 6

HS 3xx Public Finance 6

HS 411 Indian Economy 6

HS 303 Introduction to Psychology 6

HS Elective Group II [HSS Courses taught by other than economics faculty members]

6




HS 3xx; HS3xx [Lab course] Econometrics I and Lab I 6 + 3 = 9

HS 3xx International Economics II 6

HS 3xx Development Economics II 6

HS 3xx Economics Elective I 6

HS Elective Group II [HSS Courses taught by other than Economics faculty members]

6




HS 4xx ; HS 4xx [Lab course]

Econometrics II + Lab II 6 + 3 = 9

HS 402 Game Theory & Economic Analysis

6

Institute Elective I 6

HS 4xx Elective Group III –Economics related courses] – Annexure II

6

HS 4xx Project Stage I 6




HS 4xx Elective Group III –Economics related courses] – Annexure II

6

Institute Elective II 6

HS 4xx Project Stage II 12



Annexure II:

Elective Courses for the B.S., Economics students:

Faculty members in the Economics group of the Department have

designed and been teaching various courses in Economics for both the

UG and PG students of the Institute. Some of these already approved

and taught courses are likely to be offered as elective courses for the

B.S., Economics students. They are:

HS 417 Economics of Life

HS 416 Energy Economics

HS 419 Economic Reforms in India

HS 426 Theory and Policy of Managerial Finance

HS 439 Health Economics

HS 440 Industrial Economics

HS 457 Managerial Economics

HS 487 Planning and Economic Policies in India

Supervised Learning Course [one course per student]

In addition, some more courses are likely to be designed and offered in

the Electives basket.

Two new course proposals, titled (i) Economics and Ethics and (ii)

Philosophy of Economics are included in the new courses for approval.

Total Credit Structure

Semester Credits

1 36

2 33

3 36

4 30

5 36

6 33

7 33

8 24

Total 261


Annexure 3Semester wise Course Schedule


Semester

No.

No of courses No of courses

in Economics

No of courses

from HSS

[other than

Economics]

No of

courses

from

other

Depts.

No of Core

Courses

No of

Elective

Courses

Lab Total

Credit

1 6 0 0 6 6 0 1 36

2 5 1 0 4 5 0 2 33

3 7 [ES+HS 200] 4 2 1 7 0 0 36

4 5 3 2 0 4 1 0 30

5 6 5 1 0 5 1 0 36

6 5 4 1 0 4 1 1 33

7 4 + Project I 3 0 1 2 2 [1 IE] 1 33

8 2 + Project II 1 0 1 0 2 [1 IE] 0 24

Total 40 + Project 21 6 13 33 7 5 261

Internship

• During the Summer months after the 4th and 6th Semesters, the students would be encouraged and guided to undertake internship in industry and/or research institutions/organisations.


Course Contents and Text/Reference details

• 19 New Courses [15 Core + 2 Lab + 2 UG electives] – detailed course contents prepared and submitted to Senate [with clear recommendations from DUGC and UGPC]

• Several existing Senate approved courses are included in the curriculum – both Core and Electives


Additional inputs

• Two Institute Electives as per institute guidelines.

• Encourage students to opt for Minor from Engineering, Entrepreneurship, IDC, Management, Sciences and other Social Sciences/Humanities


Inputs Received

• Conducted workshop to obtain feedback and inputs on the detailed course contents designed by us

• The participants widely appreciated and said that the positioning of this programme in IIT Bombay could be unique.

• Internal discussion and agreement that the programme can start from the academic year of 2017-18


The Road Ahead

• Introduce additional courses to give an option for students to obtain a Honours in Economics.

• Introduce curriculum to provide an option for those interested to spend one more year, with additional course load, and obtain a dual degree [B.S., and M.S., in Economics].


bachelor of science [bs] programme in economics at iit bombay

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