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The establishment of the Society in December 1939 constituted a landmark in the progress in the study of agricultural economics in India . In its establishment a notable role was played by the late Lord L.K. Elmhirst, the founder-President of the International Conference (now Association) of Agricultural Economists and by Dr. T.G. Shirname. Among the distinguished persons who occupied the post of President of the Society in its formative years were the late Sir Malcolm Darling and Sir T. Vijayaraghavacharya. But it was left to Sir Manilal B. Nanavati to infuse it with a sense of purpose and direction. It was during his Presidentship covering a period of 17 years from 1943 to 1959 that the Society acquired its present status and stability. The Society is registered under the Societies Registration Act, 1860 and the Bombay Public Trusts Act, 1950.

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