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B.A.(Hons.)(Economics)

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BA(Hons) Economics Syllabus

Semester - I

Course Groups Course ID Course Code Course Title MaxMarks PassMarks Internal Marks InternalPassMarks M/D L T/P Credits Minimum Credits Total Credits Mode of Examination Compulsory / Elective
Theory
Discipline Specific Core (DSC) 616101 BAECO101 Principles of Microeconomics 100 40 40 16 MAN D 3 1 4 8 8 UES Compulsory
Discipline Specific Core (DSC) 616103 BAECO103 Principles of Macroeconomics 3 1 4
Minor Stream Course (MSC) 616105 BAECO105 Basic Mathematics for Economics 100 40 40 16 MAN D 3 1 4 4 4 UES Compulsory
Multi-disciplinaryCourses(MDC) Students of USHSS cannot opt for MDCs offered by the USHSS. They must opt for a course offered by the other USS 616107 BAECO107 Choose Any One from the Basket i. Basics Statistics for Economics 100 40 40 16 MAN D 2 1 3 3 3 NUES Elective
ii. Any other IDC offered by other USS iii. MOOCs
SkillEnhancementCourse (SEC) Choose Any One MAND Elective
616109 BAECO109 i.      Basics of Excel & Data Analysis 100 40 40 16 MAN D 2 1 3 3 3 NUES
-- -- ii.      Any SE Course from other USS
AbilityEnhancementCourse (AEC) Choose Any One MAND Elective
617107 BAENG107 i. English Language and Grammar –I 100 40 40 16 MAN D 2 0 2 2 2 NUES Elective
617109 BAENG109 ii. Punjabi – I 100 40 40 16
617111 BAENG111 iii. French - I 100 40 40 16
617113 BAENG113 iv. German - I 100 40 40 16
617115 BAENG115 v. Japanese-I 100 40 40 16
617117 BAENG117 vi. Spanish - I 100 40 40 16
617123 BAENG 123 vii. Hindi –I 100 40 40 16
Value Addition Course (VAC) Choose Any One MAND Elective
616111 BAECO111 i.     IT Tools for Statistics in Economics-I 100 40 40 16 MAN D 2 - 2 2 NUES Elective
ii.     Any VA Course from other USS
Total 22 22

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Outline for 4-year BA (Economics) under 5-year BA-MA Scheme

*NUES: Non-University Examination Scheme.

The evaluation shall be in NUES mode through assignments/presentations by the concerned teacher. Marks shall be given out of 100.

Group Code Course Title L P Credits
NSS / NCC / Cultural Clubs / Technical Society / Technical Club* - -

*NUES: Students are required to enrol in any of the above clubs for a year during the 4-Year BA programme. Comprehensive evaluation of students by the concerned coordinator of NCC / NSS / Cultural Clubs / Technical Society / Technical Clubs, out of 100 to be done as per the evaluation schemes worked out by these activity societies and organizations. The coordinators shall be responsible for the evaluation of the same.

Semester - II

Course Groups Cours e ID Course Code Course Title Max Marks Pass Mark s Interna l Marks Internal Pass Marks M/D L T/ P Credit s Minim um Credit s Total Credit s Mode of Examinatio n Compulsory / Elective
Theory
Discipline Specific Core (DSC) 61610 2 BAECO10 2 Intermediate Microeconomics-I 100 40 40 16 MAN D 3 1 4 8 8 UES Compulsory
Discipline Specific Core (DSC) 61610 4 BAECO10 4 Mathematical Methods for Economics 100 40 40 16 3 1 4 UES
Minor Stream Course (MSC) 61610 6 BAECO10 6 Basics of Statistics 100 40 40 16 MAN D 3 1 4 4 4 UES Compulsory
Multi-disciplinary Courses Students of USHSS cannot opt for MDCs offered by the USHSS. They must opt for a course offered by the other USS Choose Any One MAN D Elective
61610 8 BAECO10 8 Introduction to Economics 100 40 40 16 MAND 2 1 3 3 3 UES Elective
61711 0 BAENG11 0 Literary Appreciation 100 40 40 16
Any IDC offered by other USS MOOCs
Skill Enhancement Course (SEC) Choose Any One MAN D 3 3 Elective
61611 0 BAECO11 0 Advanced Excel & Data Analysis 100 40 40 16 MAN D 2 1 3 NUES Elective
Any other SEC offered other USS
Ability Enhancement Course (AEC Choose Any One MAN D Elective
61711 2 BAENG11 2 i. English Language and Grammar-II 100 40 40 16 MAN D 2 - 2 2 2 NUES Elective
61711 4 BAENG11 4 ii. Punjabi-II 100 40 40 16
61711 6 BAENG11 6 iii. French-II 100 40 40 16
61711 8 BAENG11 8 iv. German-II 100 40 40 16
61712 0 BAENG12 0 v. Japanese-II 100 40 40 16
61712 2 BAENG12 2 vi. Spanish -II 100 40 40 16
61712 6 BAENG 126 vii. Hindi –II
Value Addition Course (VAC) 61611 2 BAECO11 2 i. IT Tools for Statistics in Economics-II 100 40 40 16 MAND 2 - 2 2 2 NUES
ii. Any VAC offered from other USS
Total 22 22

*NUES: Non-University Examination Scheme.

The evaluation shall be in NUES mode through assignments/presentations by the concerned teacher. Marks shall be given out of 100.

NOTE: For those who wish to exit after 2 Semesters i.e., 1 year; or for those who wish to earn extra credits.

Group Code Course Title L P Credits
Extra-curricular Summer Training/ Workshop/ Internship** - - 4

* It is mandatory for a student to undertake at least a two-week-long Summer Training or Internship or Workshop who wishes to exit after 2 semesters to earn Certificate after successful completion of one year.

Semester III

CourseGroups Course ID CourseCode   Course Title Max Marks Pass Marks Internal Marks Internal PassMarks   M/D   L T/P Credits Total Credits Mode of Examination   Compulsory / Elective
Theory MAND
DSC 61620 1 BAECO201 Intermediate Macroeconomics-I 100 40 40 16 MAND 3 1 4   8   8 UES   Compulsory
DSC 61620 3 BAECO203 Statistical Methods for Economics 100 40 40 16 MAND 3 1 4 UES
    MinorStreamCourse(MSC) Choose Any One MAND       4       4       Elective
61620 5 BAECO205 i. Essentials of Micro and Macro Economics* 100 40 40 16       MAND       3       1       4 UES
61620 7 BAECO207 ii. Economics of Intellectual Property Rights 100 40 40 16 UES
61620 9 BAECO209 iii. Environmental Economics 100 40 40 16 UES
iv. MOOCs 100 40 40 16
      MDC Choose Any One MAND       3       3       Elective
61621 1 BAECO211 i. Stock Market and Investment Planning 100 40 40 16 MAND 2 1 3 NUES
61621 3 BAECO213 ii. International Relations and Organizations 100 40 40 16 MAND 2 1 3 UES
iii.   Any other IDC offered by other USS iv.    MOOCs
    SEC Choose Any One MAND     3     3     Elective
61621 5 BAECO215 i.     Data Analysis with R 100 40 40 16 MAND   2   1   3 NUES
ii. Any other SEC offered by University School of Studies
AEC Choose Any One MAND 2 2 NUES Elective
61721 5 BAENG215 i. English Language and Grammar-III 100 40 40 16 MAND 2 0 2
61721 7 BAENG217 ii. Punjabi-III 100 40 40 16
61721 9 BAENG219 iii. French-III 100 40 40 16
61722 1 BAENG221 iv. German-III 100 40 40 16
61722 3 BAENG223 v. Japanese-III 100 40 40 16
61722 5 BAENG225 vi. Spanish-III 100 40 40 16
61722 7 BAENG227 vii. Hindi –III
VAC 61621 7 BAECO21 7 I. Economics, Society and Human Values 100 40 40 16 MAND 2 0 2 2 2 NUES Elective
iii.        Any VAC offered from other USS
Total 22 22

*This course is mandatory and meant only for those students who are either pursing a minor in Economics or are from other disciplines such as Sociology/History/Political Science/Psychology/ English/ Management / or any other discipline and are pursing double major in Economics.

Semester IV

Course Groups Course ID Course Code Course Title Max Marks Pass Marks Internal Marks Internal Pass Marks M/D L T/P Credits Minim um Credits Total Credits Mode of Examination Compulsory / Elective
Theory Papers MAND
DSC 616202 BAECO202 Introduction to Econometrics 100 40 40 16 MAND 3 1 4 8 8 UES Compulsory
DSC 616204 BAECO204 Development Economics 100 40 40 16 MAND 3 1 4 UES Compulsory
MSC Choose Any Two MAND 8 8 Elective
616206 BAECO206 i. Basic Quantitative tools for Economic Analysis* 100 40 40 16 MAND 3 1 4 UES Elective
616208 BAECO208 ii.  Economic History of India 100 40 40 16 3 1 4
616210 BAECO210 iii.  Basics of Game Theory 100 40 40 16 3 1 4
616212 BAECO212 iv. Basics of Financial Economics 100 40 40 16 3 1 4
v.  MOOCs
AEC Choose Any One MAND Elective
617216 BAENG216 i. English Language and Grammar-IV 100 40 40 16 MAND 2 0 2 2 2 NUES Elective
617218 BAENG218 ii. Punjabi-IV 100 40 40 16
617220 BAENG220 iii. French-IV 100 40 40 16
617222 BAENG222 iv. German-IV 100 40 40 16
617224 BAENG224 v. Japanese –IV 100 40 40 16
617226 BAENG226 vi. Spanish - IV 100 40 40 16
617228 BAENG 228 vii. Hindi –IV
Total 18 18

NOTE: For those who wish to exit after 4 Semesters i.e., 2 years; or for those who wish to earn extra credits.

Group Cours e ID Course Code Course Title L P Credits
Extra-curricular - - Workshop/Summer Training/ Internship - - 4

* It is mandatory for a student to undertake minimum a two-week-long Summer Training or Internship or Workshop who wishes to exit after 4 semesters to earn Diploma after successful completion of two years.

Semester V

Course Groups Course ID Course Code Course Title Max Marks Pass Marks Internal Marks Internal Pass Marks M/D L T/P Credits Minimum Credits Total Credits Mode of Examination Compulsory / Elective
DSC MAND
616301 BAECO301 Indian Economy-I 100 40 40 16 MAND 3 1 4 12 12 UES Compulsory
616303 BAECO303 Intermediate Microeconomics-II 100 40 40 16 MAND 3 1 4 UES Compulsory
616305 BAECO305 Money, Banking & Financial Economics 100 40 40 16 MAND 3 1 4 UES Compulsory
MSC Choose Any Two MAND 8 8 Elective
616307 BAECO307 Basics of Econometrics* 100 40 40 16 MAND 3 1 4 UES Elective
616309 BAECO309 History of Economic Thought 100 40 40 16 3 1 4
616311 BAECO311 Introduction to Political Economy 100 40 40 16 3 1 4
616313 BAECO313 Economics of Health & Education 100 40 40 16 3 1 4
MOOCs
Total 20 20

Semester - VI

Semester VI
Course Groups Course ID Course Code Course Title Max Marks Pass Marks Internal Marks Internal Pass Marks M/D L T/ P Credit s Minimum Credits Total Credits Mode of Examination Compulsory / Elective
Theory MAND
DSC 616302 BAECO302 Indian Economy-II 100 40 40 16 MAND 3 1 4 16 16 UES Compulsory
DSC 616304 BAECO304 Intermediate Macroeconomics-II 100 40 40 16 MAND 3 1 4 UES Compulsory
DSC 616306 BAECO306 Principles of Public Economics 100 40 40 16 MAND 3 1 4 UES Compulsory
DSC 616308 BAECO308 International Trade 100 40 40 16 MAND 3 1 4 UES Compulsory
Workshop/Seminar/ Internship MAND 2 2 2 2 NUES Compulsory
MSC Choose Any Two MAND Elective
616310 BAECO310 i.     Research Methodology and Data Extraction 100 40 40 16 MAND 3 1 4 4 8 UES Elective
616312 BAECO312 ii.  Law and Economics 100 40 40 16 3 1 4
616314 BAECO314 iii. Advanced Econometrics 100 40 40 16 3 1 4
616316 BAECO316 iv. Economics of Gender 100 40 40 16 3 1 4
v.  MOOCs
Total 22 26
Group Code Course L P Credits
Statutory NSS / NCC / Cultural Clubs / Technical Society / Technical Club/Music/Fine Arts* 2
*NOTE:
  1. Comprehensive evaluation of the students to be done by the concerned coordinator of NCC / NSS / Cultural Clubs / Technical Society / Technical Clubs/Music/Fine Arts. Student shall be given marks out of 100 as per the evaluation schemes worked out by these activity societies, organizations. The co-ordinators shall be responsible for the evaluation of the same. These activities shall start from the 1st semester and the evaluation shall be conducted at the end of the 6th semester for students admitted in the first semester.
ii.
Group Code Course L P Credits
- - Happiness Course to be offered by USLA - - 2

iii. It is optional for all students to do a course on Happiness. A student may take the course anytime from semester 1 to semester 6.

iv. Those who wish to exit after the successful completion of 6 Semesters i.e., 3 years shall be awarded UG degree in Economics.

Semester - VII

Course Groups Course ID Course Code Course Title Max Marks Pass Marks Internal Marks Internal Pass Marks M/D L T/P Credits Minimu m Credits Total Credits Mode of Examination Compulsory / Elective
DSC Theory Papers MAND
DSC 616401 BAECO401 Research Methodology with Advanced Econometrics* 100 40 40 16 MAND 3 1 4 16 16 UES Compulsory
DSC 616403 BAECO403 Advanced Microeconomics 100 40 40 16 MAND 3 1 4 UES Compulsory
DSC 616405 BAECO405 Advanced Statistics 100 40 40 16 MAND 3 1 4 UES Compulsory
DSC 616407 BAECO407 Advanced Mathematical Methods in Economics 100 40 40 16 MAND 3 1 4 UES Compulsory
MSC Choose Any Two MAND Elective
616409 BAECO409 i. Economics of Corporate Social Responsibility 100 40 40 16 MAND 3 1 4 4 8 UES Elective
616411 BAECO411 ii.  Industrial Economics 100 40 40 16 3 1 4 UES Elective
616413 BAECO 413 iii.  Topics in Applied Economics 100 40 40 16 3 1 4 UES Elective
616415 BAECO 415 iv.  Agriculture Economics 100 40 40 16 3 1 4 UES Elective
v. MOOCS
Total 24 20 24

*BAECO401 Research Methodology with Advanced Econometrics is compulsory for those who will undertake a research project/Dissertation in Semester VIII

  1. Those students who have secured 75% marks and/or above in the first six semesters and wish to undertake research at the UG level will submit a research proposal for evaluation at the beginning of the 7th The research proposal shall be evaluated by the SRC of the School.
  2. Those students who secure less than 75% marks in the first six semesters shall do the UG degree (Hons.) through Scheme

Semester VIII

Course Groups Course ID Course Code Course Title Max Marks Pass Marks Internal Marks Internal Pass Marks M/D L T/ P Credits Minimum Credits Total Credits Mode of Examination Compulsory / Elective
Theory Papers
Scheme (A)
MAND
DSC 616402 BAECO402 Advanced Macroeconomics 100 40 40 16 MAND 3 1 4 16 16 UES Compulsory
DSC (Dissertation) 616404 BAECO404 Dissertation* 100 40 40 16 MAND - - 12 UES Compulsory
MSC Choose Any One MAND Elective
MSC 616412 BAECO 412 Financial Econometrics 100 40 40 16 MAND 3 1 4 4 4 UES Elective
MSC 616414 BAECO 414 Big Data Analysis 100 40 40 16 MAND 3 1 4 UES Elective
MSC 616416 BAECO 416 Economic Analysis with R 100 40 40 16 MAND 3 1 4 UES Elective
MSC 616418 BAECO418 Demographic, Economic & Social Inter-relations 100 40 40 16 MAND 3 1 4 UES Elective
Scheme (B)
MAND
DSC 616402 BAECO402 Advanced Macroeconomics 100 40 40 16 MAND 3 1 4 16 16 UES Compulsory
DSC 616406 BAECO406 Development Theories in Economics 100 40 40 16 MAND 3 1 4 UES Compulsory
DSC 616408 BAECO408 Advanced Public Economics 100 40 40 16 MAND 3 1 4 UES Compulsory
DSC 616410 BAECO410 International Trade and Policy 100 40 40 16 MAND 3 1 4 UES Compulsory
MSC Choose Any One MAND Elective
616412 BAECO 412 Financial Econometrics 100 40 40 16 MAND 3 1 4 4 4 UES Elective
616414 BAECO 414 Big Data Analysis 100 40 40 16 3 1 4
616416 BAECO 416 Economic Analysis with R 100 40 40 16 MAND 3 1 4 UES Elective
MSC 616418 BAECO418 Demographic, Economic & Social Inter-relations 100 40 40 16 MAND 3 1 4 UES Elective
Total 20 20

*Note: For guidance purposes in dissertation and Viva-Voce (BAECO404) the faculty will be allocated one hour per student to the maximum of six hours per week.

Minor Specialization:

Any student who opt for two courses from the list given below and also writes a dissertation in the concerned field will be awarded minor specialisation the following field of studies:

  1. Development Economics: Environment, Agriculture, Gender, Health, Education, Research Methodology and Dissertation
  2. Financial Economics: Financial Economics, Stock Market and Financial Planning and Dissertation
  3. Applied Economics: Advanced Macroeconomics, Game Theory, Big Data Analytics and Dissertation
  4. Public Economics and Policy: History of Economic Thought, Law and Economics, Political Economy, Intellectual Property Rights, Urban Planning, International Relations and Organization, Open Economy and Dissertation

Implementation Rules:

  1. The examinations, attendance criteria to appear in examinations, promotion, and award of the degree shall be governed by the Ordinance 11 of the
  2. Multiple entry and exit policy, credit distribution for different levels and award of certificate, diploma and UG degrees under the 5-year BA-MA Scheme shall be as according to the table given below:

Credit Summary of the UG Programme in Economics at USHSS

Table -1: Distribution of Credits:

Semester Discipline Specific Course (DSC) Minor Stream Coure (MSC) Workshop / Seminar/ Internship (Discipline Specific) Multidisciplinary Courses (MDC) Skill Enhancement Course (SEC) Ability Enhancement Course (AEC) Value Addition Course (VAC) Dissertation / Project Statutor y Minimu m Credits Requried Total Credits Offere d
Sem 1 8 4 3 3 2 2 ------- ------ 22 22
Sem 2 8 4 3 3 2 2 ------- ------ 22 22
Credits after one year 44 Students exiting the programme after securing 44 credits will be awarded UG Certificate in the relevant Discipline /Subject provided they secure additional 4 credits through skill-based vocational courses/workshop offered during offered during the summer break or internship /workshops/apprenticeship. Minimum credit requirement for Certificate after one year is 44+4=48
Sem 3 8 4 3 3 2 2 ------- ------ 22 22
Sem 4 8 8 ------ ------ 2 ------- ------- ------ 18 18
Credits after two years 84 Students exiting the programme after earning 84 credits will be awarded the UG Diploma in the relevant Discipline /Subject provided they secure additional 4 credits through skill-based vocational courses/workshop offered during offered during the summer break or internship /workshops/apprenticeship. Minimum credit requirement for Diploma after two years is 84+4=88
Sem 5 12 8 ------- ---------- -------- -------- ------- ------ 20 20
Sem 6 16 8 2 ------- ---------- ------- ------- ------- 22 26
Total Credits after three years 130 Students will be awarded UG Degree in the relevant Discipline /Subject upon securing 126 credits out of 130.
Students will be given 2 credits for participating in NCC/NSS/Clubs under DSW.
Sem 7 16 8 ------- ------- ------- ------- ------- ------ 20 24
Sem 8 A 4 4 ------- ------- ------- ------- 12 -- 20 20
Sem 8 B 16 4 -- -- -- -- -- -- 20 20
Total Credits 80 48 9 9 8 6 12 166 174
Minimum Credits Require d 80 40 9 9 8 6 12 166
NCC/ NSS/ Club/ IKS Students pursuing a 4-year UG degree at GGSIP University are expected to earn credits through IKS (online)/NCC/NSS/Clubs by the end of 6th semester or 3rd year by participating in any of these bodies/clubs for one year. However, those who will take lateral admission directly in the 4th year of the 4-Year UG programme, under the multiple entry-exit policy, will enrol themselves in any of these bodies/clubs/IKS (online) in the fourth year of the UG programme to earn the required 2 credits. 2 2
Total 168 176
Grand Total Students are allowed to earn 4 extra credits from 2 summer workshops/internships/apprenticeship of 4 credits each or 4 credits from online course(s) approved by the University any time during the 4-year UG programmes. 168 180
  1. After 4 years or 8 semesters and earning the minimum 168 credits through different courses, according to the scheme above, including 2 credits of NCC/NSS/Clubs, a student will be awarded the UG degree.
  2. To get a major in a discipline, a student is required to earn the minimum 80 credits from To get a minor in a discipline, the student is required to earn minimum 28 credits from MSCs. However, all students are required to earn 40 credits from MSCs to fulfil the minimum eligibility criteria for the award of the UG degree. For example, a student who is pursuing a major in Economics will take 20 DSCs of Economics and minimum 7 MSCs from any other discipline such as English/Management/History/Sociology/ Political Science/Psychology/Media or Mass Communication, but all students are required to do 10 MSCs.
  3. A student may also opt from DSCs and MSCs from one discipline e., Economics. Such students will be awarded single discipline degree.
  4. Those who wish to pursue double major in the UG programme will take at least 12 courses (48 credits) each from both the disciplines from DSCs and MSCs. However, such students are required to fulfil the minimum credit requirement of the UG programme. For example, a student who will take at least 12 courses in Economics and English/Management/History/Political Science/Sociology/Psychology or any other discipline as approved by the University from time to time each will get the UG degree with Double Major in Economics and the other discipline.
  5. Those who will write a dissertation in the 4th year of the UG degree and successfully defend it in the viva voce will be awarded B.A. (Hons. with Research).
  6. Students, who will not write a dissertation, are required to take 3 extra courses to earn the required 12 credits from DSCs during the entire course of the UG programme.
  7. Minor courses will be open from Semester 1. Students will opt for a minor within broad disciplines such as Humanities and Social Sciences, Basic and Applied Sciences, and Commerce and Management. For example, a student who is interested in pursuing a major in Economics can opt for a minor in any discipline from Humanities and Social Sciences or allied disciplines.
  8. In the first two semesters, students can explore their areas of interest by studying courses from other disciplines through Minor Courses and Multi- Disciplinary Courses. However, at the end of Semester 2, every student will announce the discipline in which he/she wants to pursue the major and

Scheme A (With Dissertation)

S.N o. Category of Course Minimum Credit Requirement Credits Offered at USHSS Minimum Credit Requirement Credits Offered at USHSS
3-yearUG 4-YearUG
1. Major (Core) 60 60 80 80
2. Minor Stream 32 36 40 48
3. Multidisciplinary Courses 09 09 09 09
4. Skill Enhancement Courses (SEC) 09 09 09 09
5. Ability Enhancement Courses (AEC) 08 08 08 08
6. Value Addition Courses (VAC) 06 06 06 06
7. Mandatory Seminar/Workshop/Summer Internship 02 02 02 02
8. Statutory Course (NCC/NSS/Clubs/IKS) 02 02 02 02
9. Summer Internship/Workshop/Apprentice ship/Approved IKS Online courses (Extra Credits) 00 04 00 04
10. Research Project/Dissertation - - 12 12
  Total 128 136 168 180

Scheme B (Without Dissertation)

S.No Category of Course Minimum Credit Requiremen t Credits Offered at USHSS Minimum Credit Requirement Credits Offered at USHSS
3-yearUG 4-YearUG
1. Major (Core) 60 60 92 92
2. Minor Stream 32 36 40 48
3. Multidisciplinary Courses 09 09 09 09
4. Skill Enhancement Courses (SEC) 09 09 09 09
5. Ability Enhancement Courses (AEC) 08 08 08 08
6. Value Addition Courses (VAC) 06 06 06 06
7. Mandatory Seminar/Workshop/Summer Internship 02   02 02 02
8. Statutory Course (NCC/NSS/Clubs/IKS) 02 02 02 02
9. Summer Internship/Workshop/Apprenti ceship/Approved IKS Online courses (Extra Credits) 00 04 00 04
10 Research Project/Dissertation - - - -
  Total 128 136 168 180

Total Credit

Total Credits of UG Programme in Economics = 180
Minimum Credits required to earn the UG Degree = 168
Credits for Major = 80
Credits for Minor = 28
  1. The course outline, scheme of examination, and detailed course content for 4-Year Bachelor of Arts in Economics under 5-Year BA- MA Scheme approved by the Board of Studies of USHSS in its 38th meeting held on 28th May, 2025.
  2. To be effective from August, 2025.