The department Economics was started in 1958. Prof. M.K. Varghese was the HOD. The under-graduate programme with four students was begun in 1958-59. In 1982-83, the post-graduate programme commenced with a strength of 10 students which was later raised to 20. The department was nurtured into its present stature by eminent academicians like Prof. M.K. Varghese, Prof. M.D. Kurian, Prof. Joseph Meenattoor, Prof. Fr. J.V. Ambooken, who later became the Principal of the college, Prof. Raymond James, Prof. Ittoop Menachery, Prof. Jimmy Chirayath, and Prof. Johny Sebastian.
The Department feels happy for having produced some of the best results in the University both at the Undergraduate and Postgraduate level for many years. Several times our students bagged top ranks in the University examinations. Students of Economics in this College are in the forefront of extra-curricular activities. Many of our students, past and present, have come out with flying colours in the Fine Arts, Sports and Games and have taken the name and fame of the college to the length and breadth of the country and even to other parts of the world. Nearly 25 students have cleared the NET of the UGC during the recent years. Many of the former students of this department head the economic and political policy making bodies in the country and the state.
The department of Political Science is part of the Economics department as no separate degree or post graduate courses are offered by this department. The former faculty members of this department were Fr. Jose Chittilappilly CMI who was the Principal of the college from 1994-1998 and Sri. K.T. Jose.