The bureaucratic culture and the left rule had taken its toll, and by the early 1990s, there was a gradual realisation that things needed to change. This has led to wooing of foreign investment and control over the trade-union activism by the ruling Left establishment. In recent years the city has managed to attract a steady flow of investment from various private sector organizations. The landscape of the city is also fast changing with flyovers, gardens and new commercial establishments. The city itself has expanded into its suburbs, with Greater Kolkata stretching from Kalyani (in Nadia District) in the North to Diamond Harbour in the South (in the South 24 Parganas District).

Kolkata is the main business, commercial and financial hub of eastern India. Kolkata witnessed an economic decline from the late sixties till the late nineties. The city's economic fortunes turned the tide as the early nineties economic liberalization in India reached Kolkata's shores during late nineties.

Since 1977, a "Left Front" coalition of communist and Marxist parties has continuously ruled the state. The Left Front regained control of the Municipal Corporation of Kolkata from the Trinamul Congress in the 2005 civic elections.

The city's fortunes have looked up since the early nineties, coinciding with the liberalization of the Indian economy. Its economy has been amongst the fastest growing in the country. The new metro city is characterised by popular shopping malls, restaurants, coffee shops and entertainment complexes such as the City Centre, Nandan, Tantra, Barista, Sourav's Pavilion and Science City.

Kolkata is home to many industrial units, of large Indian corporations, whose product range is varied and includes - engineering products, electronics, electrical equipment, cables, steel, leather, textiles, jewellery, frigates, automobiles, railway coaches, wagons.

Several industrial estates like Taratolla, Kalyani, Uluberia, Dankuni, Kasba, Howrah are spread throughout the urban agglomeration. A huge leather complex has come up at Bantolla. An export processing zone has been set up in Falta. Specialized setups like the country's first Toy Park, and a Gem and Jewellery Park have also been established. Kolkata is also becoming a major hub for the IT (Information Technology) industry. With construction underway of New Town at Rajarhat and extension of Salt Lake's Sector-V, Kolkata is rapidly turning into a preferred IT/BPO destination. More and more businesses are coming to Kolkata to set up their offices, including multinationals such as IBM, HSBC and ABN AMRO Bank. Leading the way in growth have been the Kolkata based companies such as Skytech, WDC, Vision Comptech and Polaris Networks amongst numerous others. This apart, other big Indian software firms are choosing to make Kolkata their hub of operations. Of these Wipro, TCS, MBT, Cognizant are leading the way

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