In recent years there has been increasing concern about the deterioration in the standards of higher education in economics in the country. Undoubtedly, India has produced and continues to produce economists of high calibre who have made valuable contributions to theory and policymaking. However, at present, there are only a limited number of centres of excellence in post-graduate teaching and research in economics in the country. For various reasons, some of which are well known, these centres of excellence have been dwindling in number. It is unfortunately true that today there are very few schools where teaching and research in economics reach up to the best international standards. On the other hand, the services of well-trained, competent economists are in great demand, and the demand is expected to grow exponentially with the rapid growth and globalization of the economy.