The Institute has the unique distinction of undertaking grass root level research so as to impact the rural economy. Till date about 69 percent of the population of the country resides in rural areas and there is a huge contrast in availability of amenities such as health infrastructure, drinking water, fuel, sanitation, etc. between rural and urban areas. Taking this into consideration, the Institute strives to conduct research to study the outreach of government programmes in the rural sector so as to ensure that the gap between rural and urban sector is bridged. Besides, the Institute has been applauded by the government for attempting to understand the factors taken into consideration by citizens while exercising their voting rights. This provides vision to government on the issues which require to be focused and when addressed will improve the quality of life of the citizens.
Overall, the vision of the Institute has always been to solve the social and economic problems faced by the country through undertaking research on almost every aspect which will transform rural lives. Every new scheme introduced by the government which are land mark and path breaking such as Mahatama Gandhi National Rural Employment Act, Crop Insurance, National Food Security Act, Rural health and Infrastructure, etc which impact the rural sector have been thoroughly researched by the Institute. The Institute has three major Centres – (i) Agro-Economic Research Centre established as early as 1954, (ii) Population Research Centre established in 1964 and (iii) Centre for the Study of Social Exclusion and Inclusive Policy established in 2008 which regularly conduct work on issues facing the rural sector and the need to have inclusive policies.
Thus the vision of the Institute has been to continue to give priority to the rural sector and therefore thrust research in this direction. More precisely, the vision of the Institute is largely to contribute to nation building as it is the rural sector which can serve as an engine for growth for the economy.
The Institute has a unique distinction of being a Deemed University solely in the field of Economics. After obtaining Deemed University status, the Institute started expanding its activities rapidly by designing several new programmes in the fields of Finance, Agriculture, International Trade etc. There has been a popular demand for starting an undergraduate programme and the process is on. The demand for undergraduate programme was expressed to our faculty by several prospective beneficiaries, in several national/international education fairs. This made the Institute realize the pressing need for a strong undergraduate programme in Economics, which had the potential to provide students a clear understanding of concepts, quantitative techniques, computer skill, language, thinking ability and thus a direction to developing a research mind. Practical training would also be included in the curriculum, so that students develop confidence with experience. Such an intensive, yet diverse course will bring out the creativity and talent of each student and at a reasonably early age, the student is able to develop a strong foundation in Economics.
The broader vision of the Institute is to become a very large university devoted to Economics and include programmes related in every field in Economics, with priority on Public Policy, Environment and Climate Change and Development Economics.