It used to be a industrial giant, with most manufacturing concentrated in and around Calcutta, when the city’s the headquarters of foreign capital in India. The port was the gateway to both exports and imports of the country which used to send out the “golden fibre of Indian exports”. Most foreign airlines used to touch down in Calcutta airport and on a Saturday evening the most important people would brush against each other on their way abroad.

All that is past. Today, West Bengal is caught in the lowest rung of India’s economic hierarchy. Foreign capital bade adieu during the glittering days of Left Front rule of thirty-five years. Bengal contributed the word “gherao” to the English dictionary. The Left loonies had the audacity to disrobe a scion of the leading industrial house of the country in public space. Complaints fell on deaf ears.

Bengal acquired notoriety. The evil reputation was crowned when erstwhile chief minster, Mamata Banerjee, drove out the Tatas from the site of a freshly built factory complex. It did not improve matters when she repeated Jyoti Basu’s practice of migrating to the United Kingdom and to Europe every summer for the ostentatious purpose of attracting investments from overseas.

The highlight of that exercise was when Mamata Banerjee was seen walking in her branded “Hawaii chappal” somewhere in Spain, I recollect, and announcing a multi-crore investment in a steel industry object by none else than Bengal’s heartthrob, Sourav Ganguly. Needless to say, that mega investment is yet to see the light of the day.

The stunning economic decline of Bengal can however be turned into a stunning revival with some serious effort.

A precondition for any economic development of the state would be adequate availability of power. The state had experienced acute power shortage for years. It is now comfortable because heavy industries have closed down, manufacturing is minimal. Even a major biscuit making factory was closed down recently, apparently on account of some unreasonable demands from some of ruling party dons.

Power projects have notoriously long gestation period. The new government should work out the feasibility of starting some new power projects. These should include both conventional coal-based thermal plants. At the same time, the perspective plan should also work out feasibility of nuclear power plants in the state. Years back, moves were made to set up such a project. But that did not make much headway.

Calcutta was once a major financial centre of the country. It is a forgotten history. Bengal was where in the days of Mughal Empire and then when the English were establishing themselves, the world largest and most respected banking house was located. The House of Jagat Seth, headquartered in Murshidabad, was the banker to the Mughal emperors.

In his closing years, revenues from Bengal used to be the only life-line for the expenses of the Imperial household. In its heyday, the “hundis” of the House of Jagat Seth used to be acceptable legal tender for buying from Egypt to south east Asia.

The British Empire was not built by the British. It was supported by the money power of the House of Jagat Seth. The banking house collapse only after Robert Clive repudiated the large loans given by the House of Jagat Seth for funding he Battle of Plassey.

Before the days of bank nationalisation, Calcutta was a beehive of banks and non-banking finance companies, apart from an active stock exchange. . After bank nationalisation, Calcutta was the headquarters of three largest, United Bank of India, United Commercial bank and Allahabad Bank.

Two of them were extinguished only recently, merged with others, right when Mamata Banerjee was the chief minister.

However, not a single voice was raised about the union finance ministry’s decision to obliterate UBI and Allahabad Bank. A bank headquarters bring an economic heft and offers a backing to its hinterland. It provides high quality job opportunities and banking training at the highest levels. Never a word was raised about the wiping out of the state’s banking capital.

Over the years, several new banks had also emerged. West Bengal was once the capital of India’s sick industries, consequent upon the Left coming to power. So, the centre had set up the Industrial Reconstruction Bank of India (IRBI), headquartered in Calcutta. It was folded up. Some private sector banks, like the United Industrial Bank of India, was thriving. Peerless was one of the largest non-banking finance companies of the country.

The new government must make the case for bringing back the headquarters of these banks back to Calcutta, if needed, at least in case of Allahabad through a demerger and beefing up the capital base of the new entity. If not, the headquarters of the now-merged bank should be re-located to Calcutta.

Efforts should be made and proposals examined how local the capital markets be revived in Calcutta, mainly by an open minded look at resuscitating the Calcutta Stock Exchange.

Bengal’s economic and industrial reputation is down in the dumps today, Nobody r4ally would think of coming here and blow his money up. It calls for some exercises to improve its image.

The key to retrieve its image as a hospitable and reliable place to come will be to improve the state of Calcutta. On the face of it, the city presents a sordid picture. Run down buildings, hawker infested streets and roads, dirty and uninviting locales — difficult to think of really any silver lining. Yet, there are immense resources, natural and unique, to the city.

In a way, even in the midst of a gruelling and exhausting all campaign, the prime minister, Narendra Modi, has indicated ways to project the image of the city. At seven o’clock in the morning, he took time off to go for a cruise on the Ganga in the backdrop of the iconic Howrah Bridge.

Stop for a while. Can you think of anything more vital than the Ganga in India’s life. Something that captures the idea that is India, which shows India in all a variety, which represents India’s spirit.

Bengal has never noticed the Ganga in its somnolence. Come to think of it, not one of Bengal’s chief ministers had her thought of a cruise on the river Ganga, though it keeps flowing at a grandest through the city. This natural resource has never been utilised. The vast volumes of Ganga waters only silently keep passing through.

London has a river of far less significance, but it has made a capital of it. Calcutta can make a beginning and start a celebration of tourism over its river. It can organise an international regatta on the Ganga; it can organise river cruises; it can promote river sports; it can promote very high-quality and high-cost residential projects along the Ganga, which the most affluent Indians might crave.

Calcutta has the potential and resources to develop itself as a centre for high-end international sports events. All over the world you can hardly avoid meeting people sporting US Polo Association T-shorts. The maker has billion dollar turnover with such ubiquitous polo-branded casual wear. Yet, world’s oldest polo club is in Calcutta. The city had once a fervent polo season; now it is all but gone.

We have just witnessed, the Indian origin British golfer winning the prestigious American PGA tournament. Calcutta has several golf clubs with long heritage, one is with the reputation of being the second oldest. The hallowed golf clubs of Calcutta can tie-up with their counterparts in other countries to host International events.

Similarly with the races. There was a time when visiting British royalty would go to the Calcutta race course to attend races. The late Queen Elizabeth did so during her visit. RCTC can tie up with regional centres in Singapore or Dubai to hold events and earn royalties.

Today, as in the immediate future, it is not only the mass football or cricket that matters. To the elitist circles, these sports are equally a great draw. Such events can bring a kind of elitist value to a place.

In a way, these sporting heritages are relics of the colonial past. We need not be sentimentally opposed to the colonial era. It is time, we utilise the remnants to our advantage. Calcutta has an inherent imperial grandeur which has been overlaid by years o neglect and patina of slovenliness and dirt. Scrub these and resuscitate the old glory. After all, there was a time when Calcutta used to be called a City of Palaces.

No shame in being a city of palaces. Present them properly and utilise these to project a sunlit image. A swinging place where outsiders when they land will think “can’t I stay here.” That is what Bengal needs to attract gifted people and money. (IPA Service)