The Department was established in 1932. B. A. Economics was started in the same year. Fr. Bonhoure S.J., Fr.S.Mudiappar, Fr. X.M.Adaikalam, Fr.J.Adhisayam, Prof. V.Thiyagarajan, Prof.P.C.R Peter served the Department with commitment. After 17 years of dedicated service, Prof. P. C. R. Peter resigned in 1944 to serve God. Prof. Bonaventure de Mel was appointed in his place in 1944. Fr. K.A.Soosai S.J. joined the Dept. in 1946. After a short break he came back in 1951. Rev. Fr. Mudiappar S.J. left the college after two decades of service. Rev. Fr. Rayappar S. J. became the head of the Dept. and served as Rector for 4 years. He left the College in 1951. Rev. Fr. Soosai S. J. became the Principal in 1952.
Prof.V.Thyagarajan, after 30 long years of devoted service, left in 1953. His place was filled by Rev. Fr. X. M. Adaikalam S.J. He left for Loyola, Madras, in 1957. With the introduction of PUC in 1956 Rev. Fr. J. Puttenkalam S.J. and Rev. Fr. S. Rajanayagam S.J. joined the Dept. in 1957 and they left the college in 1958 and 1960 respectively. Mr. Vincent Gabriel B.A. (Hons) was promoted as lecturer in 1957 but he died in 1960. Mr.R.Arockiasamy B.A. (Hons) and Fr.V.T. George S.J. joined the Dept. when Fr.K.A. Soosai S.J. left the college. Rev. Fr. Oswald Mathias,S.J. became the Head of the Dept. The following year Mr. David Michael retired after 34 years of devoted service. Prof.Bonaventure De Mel left the institution in 1963 after 19 years of dedicated service. Rev.Fr.Oswald Mathias,S.J. served the institution as Vice Principal also. He left for Loyola College in 1966.
In 1966 Rev. Fr. Rajanayagam S.J. became the Principal and head of the Dept. and he introduced the Tamil medium at the PUC and Degree levels and started a special B.A. Economics course. Prof.M.S. Arockiasamy joined the dept. in 1968.
In 1986 Prof.C.Michael Pro became the Head of the Dept. Prof..R.Arockiasamy, Prof.M.S.Arockiasamy, Prof.P.Muthusamy and Prof.Maria Francis were the other faculties of Dept. of Economics till 1993. In 1994 Prof. R. Arockiasamy and Prof. Maria Francis left the college. Rev. Fr. Rajarathinam S.J. and Mr. P. Devaraju joined the Dept. In 1996 Prof.Michael Pro retired after his 34 years of service and Prof.M.S.Arockiasamy retired after his 28 years of service. Prof.P.Muthusamy became the Head of the Dept. Mr. S.V.L. Michael joined the dept. in 1998.
Prof. Muthusamy retired after 33 years of service in 1999 and in the same year Rev. Fr.Rajarathinam,S.J. became the head of the Dept. In the same year Dr.J.Amalanathan joined the department. In 2000 Dr.Thaarcis Albin joined the dept. In 2001 Rev. Fr. Rajarathinam, S.J. (Head), Dr.P.Devaraju, Dr. S.V.L. Michael, Dr.J.Amalanathan, Dr. Thaarcis Albin and Rev.Fr.G. Arockiaraj S.J. were other staff of the department till 2004. Rev. Fr. Leonard S.J. became the Head of the Dept. in 2005-06. Girl students were admitted into the UG economics from 2005-06 onwards.
Dr. P. Devaraju became the head of the dept. in 2006-07. Rev. Fr. Alphonse Manickam S.J. joined the Dept. in 2007-08. In the same year he became the Principal. In 2011 M.A. Economics were started. In 2011-12 Dr. S.V.L. Michael became the head of the dept. Mr. D. Antonysamy and Dr. S. Alphonsa (History) joined the dept. in the regular vacancy in 2015-16. Dr. J. Amalanathan remained as the Head of the Dept. for one academic year in 2016-17.
Dr. Thaarcis Albin became the head of the Dept. in 2017-18 and Dr. S.V.L. Michael retired in the same year after 20 years of service. The department was also recognized as the research department in the same year. Dr. Sasikumar was newly appointed in the Dept. in 2018-19.
Currently Dr. Thaarcis Albin (Head), Dr. P. Devaraju, Dr. J. Amalanathan, Mr. D. Antonysamy, Dr. Alphonsa and Dr. Sasikumar are serving in aided stream and Dr. D. Golda Grace Duraisingh (Coordinator), Dr. K. Prasanakumari, Mr. R. Saravanakumar are serving in self-financing stream.