Explanation:
To understand this question, we need to have some background knowledge about the history of Surat and Hooghly.

Surat:
Surat is a city in the state of Gujarat, India. It was one of the most important trading ports during the Mughal era. The city grew under the Mughal rule and became a major center for trade, especially with the European countries. Surat was known for its textile industry and was a significant hub for the export of textiles and other goods.

Hooghly:
Hooghly is a district in the state of West Bengal, India. The district is named after the Hooghly River, which flows through it. Hooghly was an important center for trade during the British colonial period. The British East India Company established a factory and trading post in Hooghly, which later became the headquarters of the Bengal Presidency. The district was a hub for trade and commerce, with several European trading companies having their bases there.

Now, let's look at the options given:

a) Bombay and Orissa
Bombay (now known as Mumbai) is a major city in Maharashtra, and Orissa (now known as Odisha) is a state in India. Neither of these options is related to the historical significance of Surat and Hooghly.

b) Bombay and Calcutta
Bombay (now known as Mumbai) is a major city in Maharashtra, and Calcutta (now known as Kolkata) is the capital city of West Bengal. This option seems to be the correct answer because it replaces both Surat and Hooghly with cities that were significant during the British colonial period in India.

c) Masulipatam and Calcutta
Masulipatam (now known as Machilipatnam) is a city in Andhra Pradesh, India. Although Masulipatam was an important trading port during the Mughal era, it does not replace Hooghly in terms of historical significance. Therefore, this option is incorrect.

d) None of the above
This option is incorrect because option B, Bombay and Calcutta, is the correct answer.

In conclusion, option B correctly replaces Surat and Hooghly with Bombay and Calcutta, cities that were historically significant during the British colonial period in India.