[2] The weekly printed its first issue in 1948[3] after Pillai left the Hindustan Times following pressure from Times editor Devdas Gandhi to stop publishing cartoons critical of C. Rajagopalachari, a prominent Congress leader.

Prominent cartoonists who published in the weekly include R K Laxman, Rajinder Puri, Kevy, Kutty, Bal Thackeray and Yesudasan.

According to Unny, Shankar's Weekly was the "homing ground for the second generation of Indian political cartoons".

[6] Shankar allowed a variety of styles to function together despite himself being a very powerful leader with certainty for the craft.

Prime Minister Indira Gandhi wrote a letter to Pillai on hearing of the closure, stating she will "miss the journal".