Economic activities have been a major concern of human beings, from the time of their evolution. Economic is a dynamic science. In the past few decades GDP growth in India has taken place largely due to innovation and technology. New and latest methods of production, consumption and distribution law can be brought to limelight thereby economically strengthening the nation at large. PhD in economics envisages a probe into the interrelationship of various economic factors. New knowledge can be added to the existing one through empirical testing such that it serves the needs of government agencies, firms, financial Institutions and developmental organizations.