Calcutta was formerly the most important economic hub for the British in India as the headquarters for the East India Company and capital of India. However, after independence, Calcutta struggled due to policies under the CPM government that discouraged industry and capitalism. This caused Calcutta to lose industries and economic importance. In recent decades, the government has realized mistakes and tried to reverse losses by encouraging new industries, IT sector, and tourism. Kolkata is now developing rapidly with new industries, malls, and attractions, putting it on a new path of progress.