The Department of Economics was started in 1964 with 3 units of Economics in combination with Sociology, English, Marathi, Hindi, Political Science, and History at UG Level. In 1980, Business Economics as a compulsory subject had started for B. Com Classes. The Entire Economics for TYBA level was started in 1984. The foundation course subject was also headed by the department.

The subject of Economics helps learners not only to understand broader economic issues but also to analyze day-to-day economic activities based on economics knowledge. There are various career opportunities available for economics graduates and post-graduates appearing for examinations of IES, RBI, UPSC, MPSC, NABARD, and other fields, including the corporate sector, education, law, media, journalism, etc.

To ensure the all-round development of the students, the Economics Association was formed in the year 1999. The Economics Association conducts various activities like – ECOTSAV which includes Eco-Quiz, Debates, Elocution, PPT Competition, research article presentation, etc. Through Economics Association also organized Career Guidance lectures, and guest lectures on economic issues by eminent personalities in the field of economics. Industrial Visits and field visits to RBI are organized. Also, the Department has recently organized one international Webinar, a course on mathematical Economics, and a certificate course on entrepreneurship development.

Under autonomy, the Board of Studies (BoS) of the Dept. of Economics was formed in 2019. BoS members consist of eminent personalities from various walks of life like Department faculty members, academicians from colleges affiliated with parent university and other than the parent university, industrialists, and reputed alumni of the department, and under their able guidance, syllabi were designed to touch various aspects like career avenues, soft skills, etc. BoS of the department has been revised in 2023 and the first-year syllabus is designed and implemented from the A.Y. 2023-24 under NEP, 2020 and Courses like skill enhancement, and vocational skill courses are introduced to enhance employability and to develop relevant skills.