The Department of Economics has been functioning in the college since the starting of the College in 1977 when there was the Pre-Degree course only. Later, a Degree Course in Economics was started, with Indian History and Political Science as subsidiaries. From 2009-10 admission onwards, the annual system has been replaced by the Choice Based Credit and Semester System (CBCSS).

M A Economics was started in 2016.

The aims and objectives of the department are 1: To provide the students with first hand information about the economy in general and the economy of Kerala in particular. 2: To equip the students with recent trends and paradigm shifts of the economy. 3: To enable the students to contribute to economic policy making, research, socio-economic and environmental endeavors in global and local level and for other competitive fields. The avowed motto of the department is to imbibe the spirit of co-operation, self help and mutual help in students.

The facilities provided by the Department of Economics are

Infrastructure: The staff room and all class rooms have very good physical infrastructure facilities. One of the class rooms has been set as a smart class room with all the technical accessories.

Books and Journals: The department has a considerable stock of books in various disciplines like Economics, Politics, History etc. The department has a total stock of 125 journals and periodicals. The important journals are Economic and Political Weekly, Business India, Business Economics, Business Today, South Asia Economic Journal, World Affairs, Yojana, Kurukshethra etc.