On the background of Swadeshi movement, the mentality for self-development grew in Bengal and it brough a positive and congenial atmosphere for the establishment of national industries.
As the demand of locally made goods grew higher, several big industries and various small-scale industries came into being. Spinning machine, small and medium scale handloom industries, industries for producing mustard oil, soap, sugar, match box etc. and many biscuit factories were established. Along with this, national bank and national insurance companies came into existence.
The Swadeshi Bhandar, established by Rabindranath Tagore became a reputed textile firm. At the time of Swadeshi movement Yogesh Ch. Choudhury and Krishna Bihari Sen jointly established. ‘Indians stores’ at Bou bazaar, Calcutta. All kinds of India made products were sold in this establishment.
Another woman from Tagor’s family named Sarala Devi started ‘Lakshi Bhandar’ at Cornwallis Street (Now Bidhan Sarani). The ‘United Bengal Store’ was established by Abdul Halim Gajnabi at Lal Bazar.
Some extra ordinary people like Jagadish Ch. Bose, Prafulla Ch. Roy, Nilratan Sarkar etc. planned to establish some heavy industries at Bengal to grow an atmosphere of self-development and self-reliance.
At the initiative of Nilratan Sarkar, ‘Banga Lakshi Cotton Mill’ was established on 25th July, 1906. Jamshedji Tata established iron factory in 1907. Asa consequence of boycotting foreign goods and productions of local industries, the number of imported goods came to be very low in India.
Due to the political movement in Bengal, the foundation of modern industries was laid in various provinces of India. The first Indian industrial summit was held on 17th December, 1905 under the chairmanship of R.C. Dutta at Varanashi and this summit awakened the Indians about the prospect of indigenous industries in India. Even revival of many national industries was possible after this summit.