Indian Institute of Technology Madras (MA Economics through GATE)

The Department of Humanities and Social Sciences offers this two-year program exclusively for economics. It’s available to students after completing their undergraduate degree. Upon finishing the program, students earn an M.A. in Economics.

This program is meticulously designed to offer a strong theoretical foundation and prepare students for various career paths, including academia, publishing, policy-making, governance, and corporate consultancy. The experienced interdisciplinary faculty at the Department has leveraged their extensive research and expertise to create a program that upholds IIT Madras’ long-standing reputation for excellence.

Admission Procedure through IIT GATE

Qualified candidates can submit their applications for the program via the GATE

Click here to view details about IIT GATE 

Eligibility Criteria for MA Eco IIT Madras 2024

Candidates who are currently enrolled in the 3rd year or beyond of an undergraduate degree program or have successfully completed a government-approved degree program in Engineering, Technology, Science, Architecture, or Humanities are eligible to participate in GATE 2024. For more comprehensive details regarding the eligibility criteria, please refer to the information provided below. Candidates holding B.Sc., B.A., or B.Com. degrees (3-year programs) who wish to pursue Master’s programs at IITs and IISc are encouraged to explore JAM 2024 for further information.

No. of Seats for MA Eco through IIT GATE

IIT Madras offers 25 seats for the M.A. in Economics program.

Fees for IIT Madras

Tuition fee: ₹7,500 (Excludes hostel facilities)

IIT GATE Entrance Exam Syllabus

Syllabus for XH – B1 (Reasoning and Comprehension):

This section assesses candidates’ ability to understand and interpret written information, crucial skills for research in Humanities and Social Sciences. It emphasizes critical reasoning and text analysis rather than language competence, similar to exams like LSAT, GRE, and GMAT. Questions include reading comprehension, expression, analytical reasoning, and logical reasoning.

XH – C1


C1.1 Microeconomics:

Theory of Consumer Behaviour: Cardinal Approach and Ordinal Approach; Consumer Preferences; Nature of the utility function; Marshallian and Hicksian demand functions; Duality Theorem. Slutsky equation and Comparative Statics. Homogeneous and Homothetic Utility Functions; Euler’s Theorem. The Theory of Revealed Preference: Weak Axiom of Revealed Preference and Strong Axiom of Revealed Preference, Theory of Production and Costs: Short-run and Long-run Analysis, Existence, Uniqueness and Stability of Market Equilibrium: Walrasian and Marshallian Stability Analysis. The Cobweb Model, Decision making under uncertainty and risk. Asymmetric Information: Adverse Selection and Moral Hazard. Theory of Agency costs. The Theory of Search, Non-Cooperative games: Constant sum game, Mixed Strategy & Pure Strategy, Bayesian Nash Equilibrium, SPNE, Perfect Bayesian Equilibria., Theory of Firm: Market Structures — Competitive and Non-competitive equilibria and their efficiency properties. Structure-Conduct-Performance Paradigm, Factor Pricing: Marginal productivity Theory of Distribution in Perfectly Competitive markets; Theory of Employment in Imperfectly Competitive Markets — Monopolistic Exploitation, General Equilibrium Analysis. Welfare Economics: Fundamental Theorems, Social Welfare Function. Efficiency Criteria: Pareto-Optimality.

C1.2 Macroeconomics:

National Income Accounting: Closed Economy Concepts and Measurement and Open Economy Issues, Determination of output and employment: Classical & Keynesian Framework, Theories of Consumption: Absolute Income Hypothesis, Relative Income Hypothesis, Life Cycle Hypothesis, Permanent Income Hypothesis and Robert Hall’s Random Walk Model; Investment Function Specifications – Dale Jorgenson’s Neoclassical Theory of Capital Accumulation and Tobin’s, Keynesian Stabilization Policies, (Autonomous) Multipliers and Investment Accelerator, Demand and Supply of Money, Components of Money Supply, Liquidity Preference and Liquidity Trap, Money Multiplier, Interest Rate determination, Central Banking, Objectives, Instruments (Direct and Indirect) of Monetary Policy, Prudential Regulation, Quantitative Easing (Unconventional Monetary Policy), Commercial Banking, Non-Banking Financial Institutions, Capital Market and its Regulation, Theories of Inflation and Expectations Augmented Phillips Curve, Real Business Cycles, Adaptive Expectations Hypothesis, Rational Expectation Hypothesis and its critique. Closed Economy IS – LM Model and Mundell Fleming Model: Monetary and Fiscal Policy Efficacy. The Impossible Trinity.

C1.3 Statistics, Econometrics and Mathematical Economics:

Probability Theory: Concepts of probability, Probability Distributions [Discrete and Continuous], Central Limit Theorem, Index Numbers and Construction of Price Indices, Sampling Methods & Sampling Distribution, Statistical Inferences, Hypothesis Testing, Linear Regression Models and the Gauss Markov Theorem, Heteroscedasticity, Multicollinearity and Autocorrelation, Spurious regressions and Unit roots, Simultaneous Equation Models – recursive and non-recursive. Identification Problem, Differential Calculus and its Applications, Linear Algebra – Matrices, Applications of Cramer’s Rule, Static Optimization Problems and Applications, Input-Output Model, Linear Programming, Difference equations and Differential equations with applications

C1.4 International Economics:

Theories of International Trade, International Trade under Imperfect Competition, Gains from Trade, Terms of Trade, Trade Multiplier, Tariff and Non-Tariff barriers to trade; Dumping and Anti-Dumping Policies, GATT, WTO and Regional Trade Blocks; Trade Policy Issues, Balance of Payments: Composition, Equilibrium and Disequilibrium and Adjustment Mechanisms, Foreign Exchange Market and Arbitrage, Exchange rate determination, IMF & World Bank.

C1.5 Public Economics:

Market Failure and Remedial Measures: Asymmetric Information, Public Goods, Externality, Regulation of Market – Collusion and Consumers’ Welfare, Public Revenue: Tax & Non-Tax Revenue, Direct & Indirect Taxes, Progressive and non-Progressive Taxation, Incidence and Effects of Taxation, Public expenditure, Public Debt and its management, Public Budget and Budget Multiplier, Tax Incidence, Fiscal Policy and its implications, Environment as a Public Good, Market Failure and Coase Theorem, Cost-Benefit Analysis.

C1.6 Development Economics:

Theories of Economic Development: Adam Smith, David Ricardo, Karl Marx, J. Schumpeter, W. Rostow, Balanced & Unbalanced Growth, Big Push Approach, Indicators of Economic Development: HDI, SDGs, MDGs, Poverty and Inequalities – Concepts and Measurement Issues, Social Sector Development: Health, Education, Gender, Fertility, Morbidity, Mortality, Migration, Child Labor, Age Structure, Demographic Dividend, Models of Economic Growth: Harrod-Domar, Solow, Ramsey, Technical progress – Disembodied & Embodied, Endogenous Growth Models.

C1.7 Indian Economy:

Economic Growth in India: Pattern and Structure, Agriculture, Industry & Services Sector: Pattern & Structure of Growth, Major Challenges, Policy Responses, Rural & Urban Development – Issues, Challenges & Policy Responses, Flow of Foreign Capital, Trade Policies, Infrastructure Development: Physical and Social; Public-Private Partnerships, Reforms in Land, Labour and Capital Markets, Poverty, Inequality & Unemployment, Functioning of Monetary Policy in India, Fiscal Policy in the Indian context: Structure of Receipts and Expenditure, Tax reforms-Goods and Services Tax, Issues of Growth and Equity, Fiscal Federalism, Centre-State Financial Relations and Finance Commissions of India; Sustainability of Deficits and Debt, The Fiscal Responsibility and Budget Management Act 2003, Demonetization and aftermath. India’s balance of payments, Composition of India’s Trade, Competitiveness of India’s exports, India’s exchange rate policy.

IIT GATE 2024 Paper Pattern

In the IIT GATE 2024 examination, all papers will be presented in English. Each paper carries a total of 100 marks, with a shared General Aptitude (GA) section accounting for 15 marks. The remaining 85 marks are dedicated to the specific paper’s syllabus, of which 60 marks are allocated to Economics, while 25 marks are reserved for the compulsory Reasoning and Comprehension section, essential for all candidates.

IIT GATE Entrance Exam Marking Scheme

Here’s the marking scheme for the exam:

For 1-mark MCQ (Multiple Choice Questions): 

Correct Answer: +1 mark Wrong Answer: -1/3 mark For 2-mark MCQ (Multiple Choice Questions): 

Correct Answer: +2 marks Wrong Answer: -2/3 mark For MSQ (Multiple Select Questions) and NAT (Numerical Answer Type) questions: 

No negative marking for wrong answers. Full credit is given only if all correct options are selected for MSQ. There is no partial marking for MSQ.

Placements after IIT GATE

Placement opportunities can vary between institutes, so it’s advisable to visit the respective institute’s website for the most accurate and up-to-date information on placements. However, our graduates have found roles in various fields such as data analytics, risk analytics, marketing analytics, data science, consulting, market research, quantitative research, investment banking, credit risk management, and market risk management. Notably, the students have been recruited by esteemed companies like American Express, Boston Consulting Group, Deutsche Bank, Edelweiss, EXL Service, Goldman Sachs, ICICI Bank, JP Morgan Chase & Co., Mastercard, McKinsey & Company, Merrill Lynch, PwC DIAC, Walmart, Wells Fargo, and Wipro.

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