TravelTill

Economy of Chennai


JuteVilla
According to Forbes magazine, Chennai is one of the fastest growing cities in the world. It is ranked 4th in Hosting the Maximum number of Fortune 500 companies of India,next only to Mumbai, Delhi and Kolkata.It also is home to 24 Indian companies having an net worth of more than 1b$. It has a diversified economic base anchored by the automobile, software services, hardware manufacturing, health care and financial services industries. According to the Confederation of Indian Industry, Chennai is estimated to grow to a $100–billion economy, 2.5 times its present size, by the year 2025.

The city is base to around 30% of India's automobile industry and 40% of its auto components industry. A large number of automotive companies including Hyundai, Renault, Nissan Motors, Ashok Leyland, Daimler AG, Caterpillar Inc., Komatsu Limited, Ford, BMW and Mitsubishi have manufacturing plants in Chennai. The Heavy Vehicles Factory at Avadi produces military vehicles, including India's main battle tank: Arjun MBT. The Integral Coach Factory manufactures railway coaches and other rolling stock for Indian Railways. The Ambattur–Padi industrial zone houses many textile manufacturers, and an SEZ for apparel and footwear manufacture has been set up in the southern suburbs of the city. Chennai contributes more than 50% of India's leather exports.

Many software and software services companies have development centres in Chennai, which contributed 14% of India's total software exports of  144,214 crores during 2006–07, making it the second largest exporter, by city, of software in the country, behind Bangalore. The Tidel Park in Chennai is Asia's largest IT park. Major software companies have their offices set up here, with some of them making Chennai their largest base. Prominent financial institutions, including the World Bank, Standard Chartered Bank, ABN AMRO, Bank of America, The Royal Bank of Scotland, Goldman Sachs, Barclays, HSBC, Deutsche Bank, ING Group,
previous12next
JuteVilla