Exploring the scope and importance of Academia-Industry collaborations and employability of Economics Students in India with special focus on Behavioural Economics Research

Abstract

Academia and Industry are the two main driving forces of our economy. For the successful and smooth functioning of the economy, there is a need for these factors to join hands and work together. In the US, Industries reach out to Universities and academic institutions to bring innovation to their work. While in India, corporate bodies majorly rely on their own research. This scenario has been observed to change in recent years. However, this change has been limited to the field of Pure Sciences majorly. Very less has been explored in social science research and in particular Economics research when it comes to Academia-Industry collaborations. There is a need for better linkage between the corporate sector and Academic Institutions in India as it will facilitate innovation in the corporate sector and equip students with new skills and knowledge facilitating employment in today’s dynamic job market. This paper aims to suggest the scope and need for economics research collaborations in India with special reference to Behavioural economics research. It throws light on how such collaborations will increase the employability of Economics students in Job market as well as boost innovation in firms. It studies factors that act as challenges and suggests what can be done to accelerate Academia-Industry Collaborations with a focus on Behavioural Economics research.