Under Diwan Mirza Ismail's leadership, the economic development of Mysore witnessed significant strides, marked by strategic initiatives and policy implementations that transformed the region.

1. Industrialization and Diversification: Diwan Ismail played a crucial role in promoting industrialization in Mysore. He focused on diversifying the industrial base, leading to the establishment of various industries such as sugar factories in Shimoga, Khadi Production Centers in Badanval, and the Porcelain and Glass Factories in Bangalore. This diversification not only created employment opportunities but also contributed to the overall economic stability of the region.
2. Infrastructure Development: Ismail prioritized infrastructure development, particularly in areas crucial for economic growth. He oversaw the construction of key infrastructure projects like the Bangalore Town Hall, which served as a hub for civic activities and furthered urban development. Additionally, his emphasis on rural electrification programs laid the foundation for modernizing rural areas, enabling agricultural and industrial growth.
3. Financial Sector Initiatives: The establishment of Vysya Bank under Diwan Ismail's premiership was a significant step towards strengthening the financial sector. This bank played a vital role in providing financial support to local businesses and entrepreneurs, fostering entrepreneurship and economic resilience.
4. Promotion of Trade and Commerce: Ismail's administration actively promoted trade and commerce, both domestically and internationally. Initiatives such as appointing a trade commissioner in London facilitated trade relations and opened avenues for export-oriented industries, contributing to Mysore's economic integration with global markets.
5. Agricultural Reforms: While industrialization was a key focus, Diwan Ismail also implemented reforms in the agricultural sector. These reforms aimed to improve agricultural productivity, introduce modern farming techniques, and enhance irrigation infrastructure, thus boosting the agricultural economy and ensuring food security.
6. Balanced Approach to Development: Ismail's economic policies reflected a balanced approach, taking into account the needs of different sectors and regions within Mysore. This inclusive strategy contributed to sustainable economic development, mitigating disparities and fostering overall prosperity.
7. Legacy of Innovation: Beyond specific initiatives, Diwan Ismail's legacy includes a culture of innovation and progressive thinking. His administration encouraged research and development, leading to advancements in various sectors such as technology, manufacturing, and agriculture, further fueling economic growth.

In conclusion, Diwan Mirza Ismail's tenure as the Diwan of Mysore marked a period of comprehensive economic development, characterized by industrial growth, infrastructure expansion, financial sector strengthening, trade promotion, agricultural reforms, and a holistic approach to fostering prosperity across sectors. His strategic vision and leadership laid the foundation for Mysore's economic resilience and contributed significantly to its long-term economic progress