Hello Aman,
English and Economics make us work more. You can't take either of the two lightly.
For an excellence, you have to struggle a lot. They are equally difficult.
A knowledge of English is an asset for you, when you're working for your Ph.D. Otherwise, you have to depend on some Professor for editing. For each page of the thesis, your difficulty gets known to you, if you don't have proficiency of English.
While stating that English is essential, I say that with hard work, Economics yields better results for you. If you're prepared for hard work, you choose Economics.

If you want some job and some earning, English, on the other hand, works faster. Economics can't create opportunities for a mediocre.