Drought-induced reduction in wheat yield is a serious threat to food security. To avoid this, many management strategies are being adopted, but owing to costs and site-specific non availability, these techniques are often not deployed on a larger scale. Therefore, the agro economics of drought management techniques is a prerequisite. In a two-year experiment, the economics of two regimes of irrigation, that is, control and partial root zone drying (PRD) irrigation, and four ground covers (un-mulched, black polyethylene plastics, wheat straw residue, and cotton sticks residue) in drought-stressed wheat were analyzed. The experiment was arranged in a randomized complete block design with a split plot arrangement with plots in four replications. Water deficit adversely affected important growth (plant height, leaf area index, and crop growth rate) and physiological (relative water content, stomatal conductance, photosynthesis) processes, but the application of mulches significantly mitigated the adverse impacts as well as enhanced grain yield and water use efficiency. The results revealed that the maximum yield (6.00 & 5.70 tonnes/ha) was achieved in combination with normal irrigation with black plastic mulch, while a higher water use efficiency (2.84 & 2.89 kg ha-1 mm-1) was achieved in PRD irrigation with black plastic mulch. Maximum production costs were recorded in the conventional irrigation system in combination with wheat residue (101,770 and 102,870 rupees/ 918.50 and 706.03 USD), The highest net field benefits (95,230 and 84,380 rupees/ 859.47 and 579.13 USD) were attained under normal irrigation with black plastics. It was concluded that a combination of black plastic mulch film provided the best results with control irrigation and PRD.