Early childhood education and care (ECEC) is a crucial intervention because of its long-term impact on child development. However, information concerning the effectiveness of the ECEC in developing countries like India is sparsely available. This empirical study drew upon primary data collected from India's eastern state, West Bengal and investigated whether attending preschool contributed to children's cognitive and social skill development. The study found that attending preschool did not provide dividends in the form of cognitive and social skill accumulation. Furthermore, attending private preschool was associated with socioemotional development but no cognitive development. Moreover, parents' education seems to be a strong predictor for child's development. Given the findings of this paper, preschools in India, both in the public and private sectors, would need considerable quality improvement to deliver developmentally appropriate ECEC to children. It is particularly relevant in the context of the new National Education Policy in India, which emphasises the need to provide universal access to high-quality ECCE to all young children across the country.