The Department of Economics is an important constituent of the college. The Department was established in 1930.The college to caters to the needs of students who were interested in pursuing Economics as a major subject under University of Mumbai. The subject has attracted many students who were keen to take up Economics as a career option in banking, finance and insurance sector. The Department offers subjects like Micro economics, Macroeconomics, Public Finance, Indian Economy and Specialised six papers of the TYBA major in economics. The Department also caters to the needs of the B.Com students and they are taught Business Economics as a compulsory subject right from first year to third year, which gives them a direction for a career in C.A., I.C.A.I, C.S., etc.
The Department undertakes various programes for the students like; career guidance, elocution competition, seminars by resource persons and related activities. The Department also organizes educational visit to RBI headquarters, RBI library, RBI Monetary Museum, Chhatrapati Shivaji Maharaj Vastu Sangrahalaya (CSMVS) and few other prominent places. The Department is student friendly and boasts of highly qualified and motivated teaching staff.