Economic Growth in ChennaiChennai has been the hub of major economic activities in the country from many decades. The economic activity has been hastened with increase in SEZs in and around the city. These SEZs deal in trading goods and offering employment to a large population. Chennai has been identified as the second largest global trafficker in the country owing to increased volume of IT and BPO services export. Chennai is a very attractive city on its own and is considered to be the prime base for tourism in South India.
Chennai began flourishing with textile industries in the 16th Century and today it has become the only city to enter the "Forbes Top 10-Fastest Growing Cities in the World" race. After Mumbai, Delhi & Kolkata, Chennai has become the next big city to host maximum Fortune 500 companies in the Nation. Not only this, Chennai is also a city which has 24 In-House companies who have a net-worth of 1 Billion US Dollars. 5 million Rupees have come up as the paid capital by more than 5000 companies to Chennai. More than 30% of the automobile industry breathes in Chennai. So, Now you know why is Chennai called the Automobile Hub of the Nation!
Role of Industries in Chennai's Economic Growth:
IT Software and BPO Sectors in Chennai:Numerous software development sectors and business processing organizations (BPOs) have evolved in Chennai, bringing in more and more growth to the economic sector of the city. Chennai comes second in the list of top exporters of software services in the country after Bangalore, followed by Hyderabad listed as the third one in the list.
India's topmost IT companies like Mahindra, Wipro, TCS, Infosys, IBM, HP etc. and many such leading CMMI-level 5 Corporations have their magnificent offices situated in Chennai.
The large IT tech parks are very spacious and commercialized adding to the standardization and economic developments of the city. Chennai has the distinction of being a tier -1 BPO location and is rapidly growing to compensate for outsourced service.
The key advantages that Chennai offers for the growth of the IT and BPO sector are:
- Low Cost
- Business Connectivity
- Techno Skills
- Exclusive Infrastructure
Automobile Industry of ChennaiChennai, commonly acknowledged as the “India’s Automobile Centre”, is the hub for many domestic and international automobile companies.
Many big shot enterprises that deal with the production of four wheelers as well as two wheelers, namely Ashok Leyland, BMW, Nissan, Royal Enfield, Daimler, Ford, Hindustan motors, Hyundai, Yamaha, Renault and many more such manufacturing plants are present in Chennai.
Chennai has been offering high supply of commercial/passenger vehicles and automobile components with a regular increase in its production segments yearly. This directly results in a heavy economic evolution of the city and the country as well. At present, Chennai is regarded as the most profitable manufacturer and the leading automobile export hub in India.
According to tourism secretary foreign tourist arrival increased 40% in 2013 as compared to 2012.It serves as gateway to the rest of South.The foreign tourist brought in about Rs 20,000 crores to the state last year while domestic tourism contributed around Rs 5,500 crores.