Why do you want to join the Economics Club? (max.

300 words) *

I see economics as one of the most influential and powerful social sciences in today which
has a great impact on our daily lives. I believe that economics’ knowledge would lead to
understanding how people interact with each other, better decision-making and improving
quality of life. It is a subject that is very important for future business leaders like SOM
students and very few realise its practical importance for future career in corporate world.
One of the most crucial targets that I would have is to increase the awareness of economics
and policymaking among the students and for that I have few suggestions and plans which I
have mentioned in the subsequent question.

Coming to my interest in the field, even in high school I had an inclination towards
economics which resulted in taking it as the additional subject when most of the students
were interested in computer science. When I got to know on entering SOM, that it is starting
its own economics club, I was ecstatic. Although, I come from an engineering background, I
believe my interest in the subject and attributes like hard work and proactiveness makes me a
good fit for the club. I am driven by the belief of giving back to one's community, and being
part of this club will help me do my bit for SOM and my batchmates.

I am well aware that the club is new, and as a member, one would have to work harder than
any other club member and be creative with the events, not only at the SOM level but at IIT-
B level. It would be a zero-base budgeting kind of scenario and this is the biggest motivation
for me to join this club. It would be a big responsibility to take the make a mark for this club,
and I assure you that I would go above and beyond to make that happen.

I am looking forward to becoming part of this club and I firmly believe that I can help others
learn the subject and by being part of the Economics Club I can learn too at the same time.
How have you contributed to SOM so far? (max. 250 words)
Since the moment I joined SOM I have never missed any chance to do my bit for the
college. I volunteered for Consig Continuum. As part of my responsibilities, I designed the
magazine for the Consig club along with preparing infographics. I also created poster for
the Consig continuum.
I also volunteered for Avenues and
Currently, I am volunteering for final placement preparation of SOM21 as part of Alumni
Relations Team. As part of my responsibilities I have contacted alumni and scheduled
mock interviews for the SOM21 students.
Other than these I have proactively supported my batchmates during summer placements
by helping them with their VAQs.
What activities can you suggest keeping in mind feasibility, batch interest and
usefulness for the batch (At least 3) 

Vaktaa: Interactive Speaker sessions

ChankayaNiti: Case study challenges
ArthaGyan: Quiz, Debates and GDs for eco enthusiasts
Emagica: Monthly/Quarterly Magazine

What activities can you suggest beyond the interest of SOM which can help
Economics club reach out to wider B-school networks as well as IIT Bombay
Ecosystem? 
Vikas pe charcha: Policy making challenge at Intercollege level, inviting
participication from B-school across Pan India
MUN(Model United Nation) sessions related to economic/policy making issues

Please share your thoughts on any economics related topic that interests you (it
could be based on current affairs/ policy / books / articles / any other). (Max. 300
words) 
Growth of Indian Economy from Agricultural to Service economy!!!
India's economy faces certain distortions like massive dependence on agriculture,
enormous reliance on exported materials, etc. These are due to the unique
development of Indian economy. The natural progression of any country's economy
goes from an agricultural economy to an industrial economy (i.e., manufacturing) to
a service economy. But that is not the case with India; we jumped from an agrarian
economy to a service economy, leaving out the industrial development.

What is the reason behind this anomaly?

Firstly, When India opened its trade corridor during the reforms of 1991, China was
already a fast-growing economy and had already become a manufacturing giant.
India couldn't compete with China in this sector; at least not with the resource
limitations it had.
Secondly, India had immense human resources that were well-educated and fluent
in English, and labour was also cheap. This combined with the lack of resources,
India went for a less capital requiring alternative, i.e. the service industry viz-a-viz
manufacturing.

What needs to be changed?

These anomalies can be corrected only by focussing on the growth of the industrial
base. The service sector contributes to more than half of GDP but employs only less
than a quarter of the workforce. This is why a large pool of able labour has not been
utilized in India. The manufacturing sector tends to be labour-intensive; hence, the
renewed emphasis on manufacturing through programmes like 'Make in India' will
correct this anomaly and raise employment proportion with GDP growth.
Since India skipped the manufacturing stage, its heavy industries sector is relatively
underdeveloped, and foreign investment in India's domestic manufacturing sector
must be encouraged. This will also lead to growth in the infrastructure and
production abilities of the country.
Suggest 3 names for Economics Club. (Be creative)
Equinox
Equitron
Polinomics
 HUMANE

Four months in SOM, I’ve seen how clubs and committees play a crucial role, especially
in preparing us for the placements through various media like domain-specific sessions,
industry interactions, GDs, mock-interviews, reading materials, etc. In all these, I found
the role of Humane Club most interesting.
From getting our CV prepared to making us ready for final D-day’s GDs and PIs,
through the various mocks and VAQs, the Humane club has always been there. Being
part of the SOM family, I want to help my batchmates and the juniors in their
placement preparations in every way possible; I want to be there with them.
Coming to my suitability, I am driven, hardworking, and most importantly, patient;
traits which I think are suited to this position. I have helped my batchmates with their
preparation through conducting mock GD and PI, and reviewing their VAQs.
Another critical aspect in choosing Humane is the opportunity to organize the first
Continuum from SOM22. I am definitely looking forward to becoming part of this club,
and firmly believe that I'll not only help others but will also achieve personal
development here; I believe that I can give my best as part of this club.