The Shikshan Prasarak Mandal, Akluj, established Shankarrao Mohite College in June 1967 with the vision of providing quality higher education to students from rural and semi-urban areas. The Department of Economics was founded simultaneously with the establishment of the college. Beginning with an enrollment of only ten students, the department has steadily grown and currently caters to approximately 20–24 students each year.
The Department is recognized as a Research Centre and offers a Ph.D. Programme in Economics. In addition to its academic programmes, the department conducts two value-added certificate courses: Certificate Course in Agri-Business and Certificate Course in Financial Markets. The Department has established academic collaboration through a Memorandum of Understanding (MoU) with K.B.P. College, Pandharpur, fostering knowledge exchange and collaborative academic activities.
The faculty members of the Department are actively engaged in research and scholarly pursuits. They regularly publish research papers in reputed journals and participate in State, National, and International conferences, seminars, and workshops. The Department provides students with comprehensive exposure to economic theories and their practical applications, enabling them to develop a thorough understanding of the discipline and confidently address contemporary economic issues.
The Department of Economics is committed to promoting economic literacy, analytical thinking, and academic excellence through quality education in economic theory and practice. The Department strives to nurture responsible, informed, and socially conscious individuals who can contribute effectively to economic development, policy formulation, and the overall progress of society