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

Department of Humanities and Social Sciences, IIT Bombay

 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.

Department of Humanities and Social Sciences, IIT Bombay

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.
Department of Humanities and Social Sciences, IIT Bombay
 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.

Department of Humanities and Social Sciences, IIT Bombay

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

Department of Humanities and Social Sciences, IIT Bombay

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

Department of Humanities and Social Sciences, IIT Bombay

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

Department of Humanities and Social Sciences, IIT Bombay

Capabilities and strengths:
• Economics has remained a core course of study for all branches of
UG students. Faculty members of the discipline have been giving a
good number of electives for B. Tech and M. Tech programmes
over the years. It has been contributing to the existing M. Phil.
Programme in Planning and Development both in terms of conduct
of courses and research guidance. It has also contributed
significantly to the Ph.D programme (nearly thirty five percentage
of Ph.D student of the department output has been produced by the
faculty 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 the
inter/multi-disciplinary centers of the institute. This aspect is of
added advantage for the proposed programme.
• Currently, there are Nine faculty members belonging to economics
discipline. Taking into account the emphasis on the new
programme, special drive is going on to attract some more faculty
members in the discipline.
• There are also prospects of getting necessary inputs from and
academic association with other institutions/ organizations in and
around Mumbai.
Department of Humanities and Social Sciences, IIT Bombay
Detailed List of Courses

Semester Wise

Department of Humanities and Social Sciences, IIT Bombay

 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.

Department of Humanities and Social Sciences, IIT Bombay

 Semester 1 & 2
Semester Number of Core Elective Credits
Courses
1 0 36
2 33
Including HS
101

Total 69

Department of Humanities and Social Sciences, IIT Bombay

Adopting the 1st Year Curriculum of BS Chemistry

Department of Humanities and Social Sciences, IIT Bombay

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

Department of Humanities and Social Sciences, IIT Bombay

 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.

Department of Humanities and Social Sciences, IIT Bombay

 Semester Wise
Semester Number of Core Elective Credits
Courses
3 7 [including 7 0 36
HS 200 & ES
200]
4 5 4 1 30
5 6 5 1 36
6 6 [including a 4 + 1 lab 1 33
Lab course for
3 credits]
7 5 [including a 2 + 1 lab 2 33
Lab course for
3 credits] +
Project Stage I
8 2 + Project 0 2 24
Stage II

Department of Humanities and Social Sciences, IIT Bombay

 Semester 3 [36 Credits]
Course No Course Title Credits
HS 2xx Intermediate 6
Microeconomics I
HS 2xx Intermediate 6
Macroeconomics I
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

Department of Humanities and Social Sciences, IIT Bombay

 Semester 4 [30 Credits]
Course No Course Title Credits
HS 2xx Intermediate 6
Microeconomics II
HS 2xx Intermediate 6
Macroeconomics II
HS 2xx Statistics II 6
HS 2xx Money & Banking 6
HS Elective Group 1 [Ethics 6
related courses from a
specified basket] – Annexure
I

Department of Humanities and Social Sciences, IIT Bombay

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

Department of Humanities and Social Sciences, IIT Bombay

 Semester 5 [36 Credits]
Course No Course Title Credits
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 6
Courses taught by other
than economics faculty
members]

Department of Humanities and Social Sciences, IIT Bombay

 Semester 6 [33 Credits]
Course No Course Title Credits
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 6
Courses taught by other
than Economics faculty
members]

Department of Humanities and Social Sciences, IIT Bombay

 Semester 7 [33 Credits]
Course No Course Title Credits
HS 4xx ; HS 4xx [Lab Econometrics II + Lab II 6+3=9
course]
HS 402 Game Theory & Economic 6
Analysis
Institute Elective I 6
HS 4xx Elective Group III – 6
Economics related courses]
– Annexure II
HS 4xx Project Stage I 6

Department of Humanities and Social Sciences, IIT Bombay

 Semester 8 [24 Credits]
Course No Course Title Credits
HS 4xx Elective Group III – 6
Economics related courses]
– Annexure II
Institute Elective II 6
HS 4xx Project Stage II 12

Department of Humanities and Social Sciences, IIT Bombay

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.

Department of Humanities and Social Sciences, IIT Bombay

 Total Credit Structure
Semester Credits
1 36
2 33
3 36
4 30
5 36
6 33
7 33
8 24
Total 261

Department of Humanities and Social Sciences, IIT Bombay

 Annexure 3
Semester wise Course Schedule
Semester No of courses No of courses No of courses No of No of Core No of Lab Total
No. in Economics from HSS courses Courses Elective Credit
[other than from Courses
Economics] other
Depts.

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

Department of Humanities and Social Sciences, IIT Bombay

 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.

Department of Humanities and Social Sciences, IIT Bombay

 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

Department of Humanities and Social Sciences, IIT Bombay

 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

Department of Humanities and Social Sciences, IIT Bombay

 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

Department of Humanities and Social Sciences, IIT Bombay

 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].

Department of Humanities and Social Sciences, IIT Bombay