After all my search for the best schools to apply in India for economics, i have found the following institutions. I have chosen these, taking in account their international repute, number of students who have gone to top universities in the world for further studies and their number of quantitative electives which would help in further studies in economics. They are
1) Indian Statistical Institute(ISI)
2) Delhi School of Economics(DSE)
3) Jawaharlal Nehru University(JNU)
4) Indira Gandhi Institute for Development and Research(IGIDR)
All the above institutions offer a masters programme in economics which includes quantitative papers as compulsory and optional papers. So for those who are planning to do economics at an academic level, these would be the best options. The admission is through an entrance test comprising of both economics and math at the undergraduate level.
For those who wish to pusue a doctorate in economics, these institutions will get you on the right track. The entrance questions can get real tricky if you dont have your basics right. So start working on your basics from now. All the best!