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Economics and english, both are equally good. They are available as optional subjects in the Mains exam. However Economics could be preferred because it has advantage over the General Studies paper and has more toopics overlaping with it. So you may go for economics itself.

Hope this helped. All the best!

Hello Abhijeet,

In case your thinking over taking one of these two subjects of BA, further as an optional for UPSC , consider your attachment with the subject and your interest because if you pick one of these as an optional you'll have to stick with it longer , without losing motivation. 

In my point of view taking up Economics will be better for UPSC because it'll be helpful in GS as well as optional, if you take it as optional. 

And in case you pick up English Literature as an optional it would be limited to being optional only. Also people tend to avoid taking English Literature as an optional given its subjective sense. But these are people who take it too. It's up to your motivation and coping with it. 

I hope this helps .All the best.