A field experiment was conducted at Directorate of Water Management, Bhubaneswar during 2006-07 and 2007-08 dry seasons to study the effect of drip irrigation regimes and fertility levels on economics of Ashwagandha [(Withania somnifera (L.), Dunal)] in rice based cropping system. The treatments consisted of three irrigation regimes (drip irrigation at 100% pan evaporation (PE), at 80% PE and at 60% PE) with three fertility levels (100%, 75% and 50% recommended dose of nitrogen, phosphorous and potassium) with control having surface irrigation and soil application of fertilizer. Application of irrigation at 80% PE through drip with recommended dose of fertilizer (RD) through fertigation to Ashwagandha produced the highest yield (862 Kg of dry roots and 82 Kg of seed ha-1). Rice equivalent yield of Ashwagandha was 9,152 Kg ha^-1. Drip irrigation gave more gross return, net return and benefit-cost ratio than surface irrigation and soil application of fertilizer. Application of irrigation at 80% PE and fertigation of 100% RD to Ashwagandha gave maximum net return of ` 54,000 ha^-1.