 Among Marxists, he is known for his extensive contributions to theories of imperialism and underdevelopment.Born in 1936 in the small village of Jadupur in Murshidabad district in West Bengal, Bagchi received his higher education in Presidency College, Kolkata and Trinity College, University of Cambridge.In 1963 he was awarded the PhD degree at Cambridge University for a thesis titled "Private investment and partial planning in India".