A field experiment was conducted to study the combined effect of chemical fertilizers and biofertilizers on growth, yield and economics of rajmash (Phaseolus vulgaris L.) at Highland Agricultural Research and Extension Centre, Kukumseri during two consecutive summer seasons of 2012 and 2013. The experiment was laid out in randomized block design with nine treatments and replicated thrice. Growth, yield attributes and yield were significantly increased with combined application of chemical fertilizers and biofertilizers. The tallest plants were recorded in T-6 (N60P60K30 + seed inoculated with Rhizobium and phosphate solubilizing bacteria) while the shortest plants were in T-9(N0P0K0BF0). Significantly higher values of pod length, seeds per pod, seed index, seed yield and straw yield were also recorded in T-6. Maximum mean value of dry matter efficiency and harvest index was observed in T-7(N0P60K30 + seed inoculated with Rhizobium and PSB) while maximum mean value of unit area efficiency, net returns and B:C ratio was in T-6. Based on the mean value of two years, T-6 resulted in 81.11, 77.48, 77.49, 172.05 and 65.32% higher dry matter production, unit area efficiency, seed yield, net returns and B:C ratio, respectively as compared to control treatment (T-9). Maximum mean profitability ((sic)1477/ha/day) was also recorded in T-6. Integrated application of 60 kg N, 60 kg P2O5 and 30 kg K2O/ha along with seed inoculation with Rhizobium and PSB proved to be the best treatment for higher productivity and profitability of rajmash crop in cold desert region of North-western Himalayas.