On 29th April 1995, large number of academicians from Pune, mainly applied mathematicians, met at Institution of Engineers to participate more rigorously in the society through the application of mathematics. They adopted to form this society for the purpose. The academy is playing an active role to meet its objectives. The objectives of the Academy are :
- To enhance and promote the application of mathematics
- To organize and promote research in appropriate areas and to give financial assistance to the members or interaction with industries, educational institutions from india and abroad
- To assist members to liaise with industry and academic institutions
- To assist universities, college and educational institutions to conduct need based courses
- To establish cooperation with other Indian and International academic and Industrial bodies
- To identify front line areas for our country in the subjects of interest
- To organize national and international level seminars/conferences/workshops in the subjects of interest
- To establish consultancy services at centres approved by Executive Committee
- To print and publish such materials as to promote the objectives of the academy
- To promote knowledge in yoga,ayurveda (medicine),sangit (music),arthashastra (economics)
- To apply vedic wisdom to finding ultimate truth
- To promote studies of sanskrit texts including pali and prakrit