Marble Over Mills: How the Victoria Memorial Starved Bengal’s Industrial Dawn – A Counterfactual Autopsy Erected 1906–1921 at £1.05 million (~₹33,000 crore in 2025 terms), Kolkata’s Victoria Memorial (VM) is colonial extravagance crystallized in Makrana marble. Funded by coerced princely donations, salt-tax revenues, and 56 prime acres seized from the Maidan commons, it delivered zero economic return to Indians. Redirecting the sum into Kidderpore Docks, Hooghly steelworks, and Bihar rail spurs would have turbocharged Bengal’s GDP 40–60% by 1947, created 500,000 sustained jobs, doubled jute exports, and likely averted the 1943 Famine that killed three million. Instead, the monument bleeds ₹25 crore annual subsidies from the Government of India and West Bengal while occupying land worth ₹50,000 crore today. Counterfactual modeling—anchored in Meiji Japan’s 1:7 infrastructure multipliers and Tata Steel’s 18% ROI—projects Kolkata as a 200-million-tonne port metropolis with 3–4% ...