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.
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.
Role of Industries in Chennai's Economic Growth:The economic base of Chennai is spread across wide-ranging industries and manufacturing divisions. The following industries have been anchored to be the key drivers in the economic growth of Chennai:
IT Software and BPO Sectors in Chennai:
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.
Automobile Industry of Chennai
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.
Chennai is rapidly growing as a prominent automobile market in India. The development and upgradation of NH 45 and Chennai's excellent infrastructure for automobile industry and the existence of a good number of manufacturing plants are aiding the development of the Indian Automobile Market in Chennai.
This has forced
developers to resort to freebies and schemes to attract buyers.The Chennai residential market has traditionally shown low volatility in price.
Automobile Manufacturing Units in Chennai:Ford has a manufacturing plant located in Chennai which contributes around 60,000 vehicles annually to the automobile industry as a whole. Porsche India is looking ahead to control the luxury car market in India and thinking about hiring new dealers in Chennai.
Chennai also has manufacturing units of companies like Hyundai and Ford. Hyundai Motors' Chennai plant was started with US$ 900 billion and is now capable of producing 250,000 units yearly with its upgraded standards.
Factors encouraging the growth of the automobile sector in Chennai:The efficiency and quick service of the administrative sector in Tamil Nadu in assisting the automobile industry in Chennai are helping the growth of the automobile sector in Chennai.
This is precisely the reason for the growth of the luxury car market and the heavy automobile sector in Chennai.
Latest automobile launches in Chennai:Hyundai Motors has launched its recent car, Getz from its Chennai plant. The new Honda Accord has also been recently launched from Chennai. Hyundai also plans to launch its latest car, Honda CR-V from Chennai.
Reasons behind the demand for automobiles in Chennai:Transportation costs are quite high in Chennai which often leads to the purchase of cars as a better option to reduce transportation costs.
The Indian Automobile Market in Chennai is rapidly becoming the most desired location of major car companies for setting up their manufacturing sites. As a result, the automobile market in Chennai looks poised for a bright future ahead.
Hardware and Electronics Manufacturing Units:
Many companies have set up its large engineering plants in Chennai, Chennai has emerged as a popular electronic market amongst the south Asian countries.
The domestic marketplace of electronic hardware goods such as Mobile handsets and computers, color televisions, set-top boxes, DVD players, home theatres, personal audio systems, watches, clocks etc have been estimated to be the fastest developing venture in the world today.
Medical Tourism in Chennai:
The most sought-after and proclaimed medical destinations like the Apollo Hospitals Group, Global Hospitals and Health City, The Madras Institute of Orthopedics and Traumatology (MIOT) etc. in Chennai, vows to serve superior quality healthcare and advanced health facilities to its numerous patients and tourists.
These centers also provides hassle-free scheduling and appointment registrations, estimation of cost and paramedical assistances, post medical reviews, accommodation aids, arrangements of transportations and ticketing benefits and many other guidance, and hence is a hotspot for the tourists.
Travel and Tourism Industry in Chennai:
Many historical places of worship, belonging to different religions exists in this city. These legendary temples, churches offer fascinating locations to tourists from around the world.
History, heritage and healthcare are just some of the reasons Chennai is one of the most visited cities in the country. In 2009, Chennai attracted the highest number of foreign tourists, with its temples, beaches and historical and cultural centers. For many foreigners, there is also the draw of learning Tamil and visiting places such as Mammallapuram.
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.
Chennai Entertainment and Arts Industry:The Tamil Film Industry, more famously referred to as the “Kollywood” is a huge entertainer as well as an economically reinforcing industry. The city is home to the traditional arts comprising of world famous Carnatic music and magnificent dance form of Bharatnatyam.
The classical music and dance concerts by renowned musicians/artists held in the city attract visitors from all age group and all places. The south Indian film industry is dominated by Kollywood, which is considered the second largest entertainer after Bollywood.
Real Estate in Chennai:Real estateChennai’s residential property market was marked by moderate demand during calendar year 2012, but despite the subdued economic conditions, the city witnessed several new project launches.
With absorption staying at around 29,000 units in 2012, an increase of only 6 per cent over the previous year, the surge in new launches increased the proportion of unsold units alarmingly, which now hovers around the 40 per cent mark, up from the previous level of 31 per cent in 2011.
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