What happened to Bengal's entrepreneurial spirit? ‘Merchants to Moguls’ explores the question

The discussion brought together historian and author Rosinka Chaudhuri, columnist and corporate CEO Sandip Ghose, and cardiac surgeon and public speaker Dr Kunal Sarkar, who moderated the session.

Cardiac surgeon and public speaker Dr Kunal Sarkar said, "My friend Sarojesh has wisely chosen six personalities from a period that spanned an entire era, one that represented everything from subjugation to opportunity. These individuals navigated the challenges of their times, overcoming adversities and, as some might say, making the most of the opportunities available to them. Their journeys also reflect how colonial-era entrepreneurship in Bengal began to take shape."

Reflecting on the achievements of Bengal's pioneering entrepreneurs, columnist and corporate CEO Sandip Ghose questioned why the drive and enterprise demonstrated by these industrialists did not continue at the same scale in subsequent generations.

He raised the possibility that greater financial security and a more comfortable lifestyle may have reduced the urgency to build new businesses.

"Bengal also exported a large quantity of textiles, saltpetre and other goods. This was the great age of the Bengali industry. However, the arrival of the British brought about its decline through various measures, including trade policies that imposed tariffs on Bengali goods. As a result, Bengali manufacturers went out of business, while Manchester and other English cotton and textile products flooded the market", columnist, writer and corporate CEO Sandip Ghose added, sharing his thoughts on the book.

He also pointed out that the six personalities featured in Sarojesh Mukerjee's book did not achieve success through chance alone. Many came from difficult circumstances and identified opportunities through determination, business acumen and perseverance.

Historian and author Rosinka Chaudhuri, meanwhile, highlighted the role of the colonial economic system in shaping Bengal's business environment. She observed that entrepreneurship required more than individual initiative, as businesses also depended on structures that enabled them to operate and grow. The restrictions imposed by British rule, she said, systematically favoured British manufacturers and limited opportunities for Indian producers.

Historian and author Rosinka Chaudhuri said, “I would just like to point out again something that, all of you know and that has been highlighted many times. Business can only flourish when the conditions necessary for it to thrive are in place. One cannot simply wake up one day and decide, ‘All right, I’m going to start a business.’ I say this, as someone who is not from the business world.”

The discussion also examined whether the decline of Bengal's entrepreneurial culture could be understood solely through external factors. The speakers reflected on the need to look at the social and economic conditions that shaped business opportunities, rather than attributing the region's industrial decline to a single cause.

Mukerjee's book traces the journeys of six entrepreneurs — Ramdulal Dey, Muttee Lal Seal, Rustomji Cawasji, Dwarkanath Tagore, Acharya P. C. Ray and Sir Rajendra Nath Mookerjee — who built businesses and institutions during British colonial rule.

Speaking about the inspiration behind the book, author Sarojesh Mukerjee added, "Bengal's business history is far richer and more compelling than the popular narrative suggests. Through this book, I wanted to revisit the lives of entrepreneurs who challenged the limitations of their time, built enduring enterprises and contributed to society through their vision, resilience and philanthropy. Their stories remind us that Bengal has a remarkable legacy of enterprise that deserves to be recognised and celebrated."

Explaining the entrepreneurial spirit of these figures, Mukerjee drew on economist John Maynard Keynes' concept of "animal spirits". He described how the six industrialists navigated the barriers of colonial rule, with some finding ways around the restrictions, while others established themselves within the existing commercial structure and built institutions that challenged it.

Published by Readomania, Merchants to Moguls: The Story of Bengal's Business Titans revisits a significant chapter of Bengal's economic history and examines the contributions of entrepreneurs who helped shape the region's commercial and industrial landscape.

(Reporting by Aaheli Chakraborty, Photos by PR)