He was born in a wealthy family engaged in the business of jewellery and diamonds. His reputation and credibility were so high that Arabs, Afghans and other foreign merchants preferred to place their money in the custody of JSS; rather than with banks. JSS was a prominent Indian philanthropist and educationist.
JSS took leadership in many areas of Mumbai’s civil life. He founded the School Society and the Native School of Bombay, the first of its kind in Western India. It changed names from time to time, and finally, it is known as ‘Elphinstone Educational Institute’ (Elphinstone College) today! Many leaders of our country were educated in that college. The Students’ Library and Scientific Society first opened their girls’ schools. Despite the opposition from some orthodox citizens, JSS provided funds to them. He also founded the English School, the Sanskrit Seminary and Sanskrit Library, all located in Girgaum, South Mumbai. He has also instituted a well-known scholarship in his name for the topper in the subject of Sanskrit in the SSC Board, who continues further studies in Sanskrit.
In 1845, along with Sir Jamsethjee Jeejeebhoy, JSS formed the Indian Railway Association to bring railways to India. This Association was eventually incorporated as the Great Indian Peninsula Railway (GIP), presently ‘Central Railway’. JSS and Jeejeebhoy were the only two Indian Directors of GIP Railways. He participated in India’s first train journey between Mumbai and Thane, which took about 45 minutes.
JSS, Sir George Birdwood and Dr. Bhau Daji Lad initiated some of the major reconstruction efforts of the city in 1857. They transformed the then congested city into a spacious one, with monumental buildings. JSS was first Indian member of the Legislative Council of Mumbai under the Act of 1861 and became a member of the Bombay Board of Education. He was also the first Indian member of the Asiatic Society. JSS generously donated to a school in Grant Road and also a theatre. He also helped the British Government in the banning of the inhuman custom of ‘Suttee’ (widow burning). Thanks to his efforts, Hindus got a cremation ground at Sonapur. He donated generously to many temples.
During the first war of independence in 1857, the British suspected his involvement; but acquitted him for want of evidence. Bombay Association was the first political organisation in Mumbai founded by JSS on the 26th of August, 1852.
His memorials are – a marble statue at Asiatic Society of Mumbai, then the erstwhile Girgaum road was renamed as JSS Road and Nana Chowk at Grant Road. The Government of Maharashtra has recently allotted a large plot of land in the Antop Hill area, Wadala, to build a memorial of Shri Jagannath Shankarsheth.
Let us offer our grateful Namaskaar to this great philanthropist, educationist, visionary leader of our country.