The Department of Economics was established in Modern College, Shivajinagar in the year 1970. Economics as a special subject for BA was introduced in the year 1973.

During the first academic year of the college (1970-71), first two years in Arts and Commerce i.e. Pre –degree and F Y in Arts and P D and F Y in Commerce were started. At P D Arts & Commerce, there was one paper each in Economics and another paper in Business & Finance. In keeping with the then existing norms, 3 periods per paper were required and 15 periods per week was the maximum work-load for a full time lecturer. So far the first academic year, the total workload of the department was 12 lectures. Only one person i.e. Prof.A.L.Pathre was appointed as Lecturer in Economics. Prof. M S Mahajan was appointed as H O D of Economics in year 1971. Second year classes were started in 1971-72. Next year (1972-73) marked the beginning of a full-pledged Modern College! This year also witnessed the beginning of Economics (Special) at B.A. and recognition to Prof Mahajan as a Research Guide by the Pune University.

At the S.Y.B.A. there were two papers: Principles of Economics (Paper I-Micro & Paper II-Macro) at general level. For T.Y.B.A. there were two papers of Indian Economy, one paper of Economic History and one of History Economic Thought. By the end of 1975-76,we had two divisions each from P D Com to T.Y.B.Com. and one each from P D Arts to T.Y.B.A. During this phase of expansion Prof. R.B.Shaha and Prof. Mrs. Vineeta Kulkarni joined the department. The year 1975-76 was notable for the introduction of 10+2+3 pattern. Under this pattern,’ plus two years’ were designated as Junior College years and junior colleges were made independent entities with a separate Vice-Principal in charge of the junior wing. At this point of time, Shri Vasant Rajguru was selected for teaching Economics and Sociology (being qualified to teach both) at XI and XII. Eventually, with increase in the number of divisions at the junior as well as senior wings of Arts & Commerce faculties, a number of colleagues joined our department and the department became a close-knit team like as extended family. Prof. Miss Vasundhara Hirday joined the team at senior college while Shri D L Limaye, Miss Suman Kaushal joined at the junior College. Next to join us were Ms Sandhya Vartak, Ms Dhonsale  and Ms Gharpure. A note-worthy feature during the initial period was that two colleagues who did not have adequate workload in their own respective subjects viz. Political Science and History, contributed by teaching to F Y Arts & Com. classes (since they were qualified to teach to undergraduates only). They were Prof.S N Navalgundkar and Prof M A Kulkarni.

In 1971, Prof Mukund Mahajan was appointed as a Chairman of Planning Forum as well as Commerce Association. Shri Mohan Dharia, who was Minister for Planning at the Centre, inaugurated the launch of the Planning Forum during the plan week scheduled in September. This was followed by activities like essay competition, debating competition sponsored by Forum of Free Enterprises etc>

Under the  guidance of Planning Forum & Commerce Association, a handwritten weekly wall bulletin was launched under the heading MOM (short for Modern Mahavidyalay). Prof Raykar, Prof Bhimrao Kulkarni and Mrs Vanarase were associated as members of the Advisory, besides Prin. M.B.Limaye. Everything connected with MOM, including reports of activities, short articles, actual writing in a presentable form and illustrations, was handled by students spontaneously and enthusiastically. for years on, this activity earned a name for its punctuality and involvement of students.

The year 1972 was the Silver Jubilee Year of Indian Independence. As a part of celebrating the event, as exhibition entitled ‘India’s March Forward’ was organized, conceptualized and supervised by Prof Mukund Mahajan, a team of over 10 students worked for 10-12 hours every day for two weeks. They were provided with drawing papers, colors etc. They created posters showing the progress made by India in various sectors of the economy. Each poster was based on authentic statistical data but presented in a pictorial/ photographic/ cartoon form, so as to make it interesting to watch. These posters displayed in two rows each on three walls of a classroom, fully occupied three large class rooms. A couple of examples would be illustrative. Under the head ‘holding the price-line’ a rising price-line was drawn to which the man was hanging with both hands and his wife and a kid were looking up in agonized amazement. Progress of rural electrification was shown by lighted and dark thatched huts with inmates laughing and groping in darkness respectively. This exhibition was widely appreciated by academics as well as print media.

Another very important and very regular activity was launched in 1973-74 and continued up to 1981-82. This was called ‘speech workshop,’ under which students interested in developing oratory and debating skills were assembled voluntarily, in a class-room, every Tuesday at 10:40 am. They were given a topic- some current economic issues- a week in advance. Each speaker was subjected to peer assessment. For enhancing skills in elocution, a sectional library was created comprising of collection of speeches by Dr. Radhakrishnan, Mahatma Gandhi, Jawaharlal Nehru, Dr. Ambedkar, V.K. Krishna Menon and in Marathi, by Acharya Atre, Datta Woman Potdar and so on. Just one example: Miss Yashodhara Bhalerao (then S Y B Com student) who actively took part in this workshop, within a year represented Pune University at Inter University Elocution Competition at Lucknow and got first prize. she said , she had hardly opened her mouth earlier and gave full credit to our speech workshop. Many such success stories can be cited where the department of Economics has won laurels for the Modern College and served to enhance the academic reputation of the college.

In the year 1978, the Post Graduate Department of Commerce (M.Com) was introduced in the college and Industrial Economics as a subject was included in the curriculum at PG level.

Dr. AL Pathre was a next Head of the Department. During his headship many State level and National level seminars were held on a subject like Banking Technology, Entrepreneurship, Capital Market, etc. Recently, he presented his research paper at an International Conference in Oxford University. Many eminent persons have been invited in the college for delivering guest lectures and to guide the students. Mrs. V.S. Kulkarni worked as a HOD till December 2007.Dr. M.M. Satam was appointed as Head of the Department w.e.f. January 2008.

Salient Features of the Department

  • The Department of Economics at Modern College, Shivajinagar, Pune 05, prepares students to succeed in a global business environment that is known today for the rapid pace of change.
  • It offers a widely recognized three-year Bachelor of Arts (BA) degree program and two year Master of Arts (MA) program that emphasizes theoretical and analytical skills, and a broad-based education.
  • There are a variety of extracurricular activities including the elocution competition, essay competition, visits to academic and industrial units, etc. to promote student events and activities.
    Workshops are conducted for Quality Enhancement and Research Improvement
  • One of the very few colleges in Pune where mathematical Economics and Econometrics is taught at M.A. Economics.
  • A certificate course in basic Mathematics and statistics is run by the department for Quantitative Economics.
  • The department has a research centre in Economics which also publishes research annual named RESECO with ISSN No. 2395-6860.
  • The College offers admissions and support services to international students to help them adjust to a new environment.
  • Our student has been awarded second prize in research competition ‘AVISHKAR’
  • Encouragement for research activities