Hi

For economics honors maths is compulsory at your qualifying level i.e 12th BUT its not compulsory to consider it in the best 4.

One is language and the other 3 should be your best scoring subject. Now I don't know what phe entails here ..is it physical education? ... They have only mentioned that if you don't have the subject that you are pursuing in your qualifying level 2.5% will be deduced from your best 4.

Like in your case since you don't have economics in your 12th there will be 2.5% deduction

Eg if your best 4 is 91% then after deduction it will be 91%-2.5%= 88.5%

In short you should have studied maths and economics in your 12th but only economics is mandatory in the best 4 you can skip maths if the score is low. If you don't have economics there will be deduction but if you don't have maths you are not even eligible for the course.

Check this link.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.du.ac.in/du/uploads/COVID-19/pdf/Illustrative%2520examples%2520to%2520calcaulate%2520percentage.pdf&ved=2ahUKEwj0raSFrqzzAhUUH7cAHWOwCVkQFnoECB8QAQ&usg=AOvVaw3buF8CJyENTFy4FLADI94X

Hope this helped!