The Department of Economics started functioning with the formation of the Lucknow University in 1921. Two other departments, Anthropology and Sociology, were created during mid fifties respectively, which earlier used to be a part of Economics Department. Prof. Radha Kamal Mukherjee was the first Head of the Department. He remained Head until 1955. For a period of over two years during mid-fifties, he also remained The Vice-chancellor of the Lucknow University. Subsequently, Department has had a good fortune of being shaped and developed under the Headship of academicians like Prof. D.P.Mukherjee (1955-57), Prof. Baljit singh (1957-74), Prof. S.D.Mishra (1974-75), Prof. Prakash Chandra (1975-76), Prof. V.B.Singh (1976-78), Prof. N.N.Srivastava (1978-92) and Prof. Paritosh Banerjee (1992-96). Besides these academic luminaries the Department consisted of many great teachers and scholars like Prof. B.B.Mukherjee (also conferred the title of Rai Bahadur by the British Government), Prof. D.N.Majumdar, Prof. M.D.Joshi, Prof. Naseer Ahmad Khan, Prof. P.L.Rawat, Prof. K.C.G.eth, Prof. H.G.P.Srivastava, Prof. P.D.Srimali, Prof. Shailendra singh, Prof. S.P.Dixit, Prof. R.S.Mathur, Prof. A.K.Singh, Prof. V.P.Bharadwaj, Prof. T.S.Papola and Prof. B.P.S.Bhadauria.
Foundation laying ceremony of the Institute and address to the Institute staff & students by Dr. Girilal Gupta was made on September 12, 2007 at the Second Campus of the University of Lucknow. The Institute along with the Dr. Shankar Dayal Sharma Institute for Democracy came into existence together with the great commitment and generous contribution by our alumnus Sri Vinod Gupta. The Institute is housed in its own building in the New Campus of the University. It is a state-of-art building constructed through generous contribution by Sri Vinod Gupta who continues to take active interest in the Institute and would continue in future as well that encourages other alumni of this University to come forward in several possible ways. We are also committed to take the Institute forward to make it a premier institution at the national level soon.
Many prominent figures in the field from the academic field, practitioners, government professionals, international fraternity are associated with the Institute and we are committed to take the Institute forward.
This Institute has been created to fulfill following objectives:
Prof Manoj Dixit has been the founder director of the Institute. Prof Aqil Ahmad has been the Director since 2009 to February 2014.
Professor M.K. Agarwal (Department of Economics, University of Lucknow) is now the Director of the Institute.