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Hi,
There is no comparison between both the fields.
Students of English literature can get jobs with media as reporters. It is also possible for them to get jobs with newspaper firms. If they have a degree in journalism, they can get jobs with news broadcasting firms like NDTV, CNN, IBN, ZEE, etc. companies that print out magazines as well as journals too take in students of English.
Some of the other fields besides this are:
1. Copywriter.
2. Editor.
3. Freelance writer.
4. Jobs with BPO and KPO firms.
5. Novelist.
6. Public relation.
7. Reporter.
8. Teacher.
9. Technical writer.
Government career after MA in English literature:
1. Civil service.
2. Decoders.
3. Insurance.
4. Interpreter.
5. Law schools.
6. Library.
7. Linguists.
8. Teachers.
9. Tourist guides.
10. Translator.
Scope of economics honors: Economics students have various professions open to them. Globalization has widened the career prospects of economics students in various sectors including business, education, government and consultancy fields.
Some of the fields in which they can get employed are:
1. Banking.
2. Investment.
3. Political consulting.
4. Manufacturing.
5. Transportation.
6. Sales and marketing.
7. Stock markets.
8. Non-profit organization.
All the best.

Dropping a year means that you will get sufficient amount of time to prepare for competitive exams. It will allow you take mock up test and help to score good ranking in competitive exams. However, one year is a long time, so the possibility of you may change your goals and objectives.
You may become lethargic because of availability of time and lesser pressure. If you are confident of keeping the momentum, dedication, determination, readiness to work on a plan, will to achieve your objective and support of family, you may consider dropping a year for competitive exams. It is worth try option to crack JEE and do everything from a good engineering college for long term career growth.

There has been increase in the trend of doing MBA after B.Sc Agriculture, and that too MBA in Agribusiness Management. There is a good demand of Graduates and MBA from Agri. And allied sectors. Fertilizer companies, Mechanical Companies, Banks, FMCG Companies, Warehousing and distribution chains employ people from MBA in Agribusiness Management. There are many government. Autonomous Institutes and government. Agricultural Universities which offer MBA in Agribusiness management. Like, IIM A, L; MANAGE, NIAM, NAARM, IABM Bikaner, VAMNICOM, CABM Pantnagar, FMS BHU. Why MBA is helpful because it will give your profile a good boost and there are many companies which give good offers when you get placed from above mentioned colleges. Some of the companies are:
Nagarjuna fertilizers and Chemicals Limited, Chambal Fertilizers, Du Point, Mahindra Agro Tech, Godrej Agro-vet, FMCGs and Life Sciences companies like Jubilant Foods, Dairy companies like Mother Dairy, AMUL. Savannah Seeds, Bestech Seeds, Cargill, and, Many Banks also offer placements. So, don't be in dilemma. Prepare for CAT and CMAT as these colleges offer admission on the basis of your performance in these competitions. Good Luck. Wish you all the Best.