Economics was one among the first Departments to be established along with the founding of the Institute, in the year 1885. It had provisions for classes at Under Graduate level initially. Dr. V.B.Kolte, the ex-Vice-Chancellor of RashtraSantTukdojiMaharaj Nagpur University, introduced the Post Graduate curriculum also. Thus, our Institute was the first among the Affiliated colleges to start Post Graduate classes in Economics, in Marathi Medium, thereby contributing towards Higher Studies in Economics, in this region. . At this time, ShriS.D.Bal was the Head of the Department.