The history of the development of capitalism in India is for a long time a matter of overarching debates amongst the historians and economists. Several theories and ideas regarding the development of capitalism have been introduced since the beginning of this debate. The theory regarding the emergence of political merchants / portfolio capitalists is an earliest attribute in this debate. The propagator of these theories basically concentrated their studies on the northern Indian and peninsular Indian trading and commercial Diasporas. During the 17th–18th century the eastern Indian region is one of the flourishing trading sectors. With the coming and the intervention of the European trading companies in eastern Indian trading diaspora the economic scenario of eastern India had gradually taken a very curios and complex turn. New kind of economic classes were coming into being with their complex economic activities and features. The intervention of the French company in Bengal more specifically in Chandannagore which was another prime trade center of eastern India these developments were taking place, new merchant classes with their complex economic character gradually emerging with the subordination of the French east India Company. The study of these new economic developments under the French colonial economic influence in eastern Indian trading diaspora can attribute to this debate regarding the emergence of political merchants / portfolio capitalist in eastern India. The main notion of this paper is to trace the development of the political merchants in eastern Indian trading sector under the French colonial economic influence centering Bengal.