The article strongly criticizes West Bengal's initiative to revive the Calcutta Stock Exchange (CSE). It argues many regional exchanges failed due to dwindling trading volumes and operational inefficiencies. Reactivating the dormant CSE would face formidable technological and financial obstacles. The author warns against nostalgia, explaining small exchanges struggle with continuous technological investments, liquidity, and investor trust, making operations unsustainable. Resurrecting CSE would be a costly downward spiral and a mixed signal for West Bengal's reindustrialization. Instead, the state should prioritize fostering innovation and attracting private equity to improve its investment climate.