Banking and IT stocks led the rally; analysts warn of short-term volatility.
Officials and residents in Kolkata have been closely following the developments, which are expected to have lasting consequences for the business landscape. Speaking to our correspondent, several people said the announcement had been anticipated for months but the scale of it came as a surprise.
According to documents reviewed by our newsroom, the plan has been in the works since early this year. Multiple departments were consulted, and independent experts were asked to assess the likely impact before the final decision was taken.
What happens next
The implementation will be rolled out in phases. A monitoring committee will publish progress updates every quarter, and citizens will be able to submit feedback through an online portal as well as at local offices.
"This is a moment we have worked towards for a long time. The real test is in how it reaches ordinary people," a senior official said.
Critics, however, have raised concerns about timelines and funding. Opposition voices said they would seek greater transparency on how resources are allocated, and asked for a clear roadmap with measurable targets.
Why it matters
Analysts say the move reflects a broader shift in priorities. "Sensex crosses 95,000 for the first time on strong FII inflows" is likely to remain a talking point in the weeks ahead, with stakeholders across Kolkata watching closely for the first signs of change on the ground.
We will continue to update this story as more information becomes available.