The Department of Economics, Loyola College (Autonomous) Chennai, India, is one of the first three departments along with Mathematics and History started in 1925 with 75 students on the rolls in the under graduate courses. Rev. Fr. Basnach, S.J. was the first Head of the Department of Economics, who held office from 1925 till 1963. Under the guidance of Rev. Fr. Basnach, the department expanded and flourished well and a three year B.A (Honors) programme was started in 1929. All important events at the national and international scenario became the subject matter for discussion during his time at the department level and students really made use of his tenure to progress well both professionally and personally.
Rev. Fr. A. Devasia, S.J., took over as the head, department of economics in the year 1963. His initiative to groom the students of his time was some very special, which enabled the students to pursue their carrier predominantly in the field of civil services is worth mentioning. The autonomous status which was conferred to the Loyola College in 1978 enabled the department to frame a unique curriculum for the courses it offered to Undergraduate. The Postgraduate level was in perfect harmony with both the old and the new schools of thought.
Prof. T. D. Felix, took over as the head of the department of economics in 1981. He was a creative and innovative thinker and a clear exponent of various economic theories during his time. Prof. T. D Felix was responsible for introducing the M. Phil. Programme in Economics both as a regular and as a Part time sequential programme.
Rev. Fr. Dr. A. G. Leonard S.J. took over as the head, department of Economics in 1996. Though not the first one to receive the Ph.D. Degree in the department, Rev. Fr. Dr. A.G. Leonard S.J. was the first doctorate holder to head the department. He was instrumental for the creation of the Loyola Economics Association for Development (LEAD). During his tenure Prof. T. Eugine was instrumental to introduce the popular annual academic departmental magazine called “OIKONOMIKOS” published from the department of Economics since 1997–1998.
Prof. T. Vincent Jayakumar, took over as the head of the department of economics in 2001. During his period both the U.G. and P.G. courses were restructured under the Choice Based Credit System (CBCS).
Dr. A. Joseph Jeyapaul, took over as the head of the department in 2006. Self supporting section for the U.G. in the department was introduced during his time. During his period two international conferences were organized. Eminent speakers across the globe were invited for the conferences.
Prof. T. Eugine, took over as the head of department of economics in 2011.
Since its inception 1925, the department of economics, Loyola College, the castle of learning has retained its uniqueness for excellence, expansion and inclusion. For the academic year 2014-2015, the department got 18 dedicated and committed staff members, among them 8 staff members are doctorates. Today along with U.G. and P.G. courses, the dept. offfers M.Phil. and Ph.D. programmes. Eighty six years later, the department of economics continues to train young men and women to be the leaders of tomorrow to serve the humanity in justice, truth and love. The untiring and timely services rendered by the department of economics and the college to the youth earned the recognition of becoming the top 3 Arts and Science colleges in India - rated by India Today, the national magazine.