The Union Territory of Chandigarh is the capital of both states of Punjab and Haryana. Hence the government is the major employer in the UT. Majority of the population of the city is either serving for one of these three governments (governments of Punjab, Haryana and UT) or have retired from government services. This is why Chandigarh is sometime referred to as “Pensioner’s Paradise”. The second source of income for the people is provided by the industries dealing with various products. The major industries comprise manufacture of paper, basic chemicals, basic metals and alloys and machinery. Some other important industries include food products, metal products, electrical goods, transport equipment and repair services.
Chandigarh economy is growing at a very fast pace. Being a Union Territory, Chandigarh is at natural advantage of being the capital city of two states i.e. Punjab and Haryana. For this reason Chandigarh is also the home to enormous business and commercial activity. The percapita income of the city is quite high, it is often termed as the ‘wealthiest Town’ of India. Majority of population in Chandigarh is the employee of any one of the three government based in the city.
The city is emerging as a hub to various commercial areas like service industry, education, health, Information technology, food processing etc. Regions adjoining Chandigarh are Panchkula in Haryana and Mohali in Punjab. Chandigarh together with these areas is termed as ‘The Tricity’. High commercial activities in these areas have also given a major boost to the economy of Chandigarh. To attract investment in the city, government has introduced various sectoral policies in the field of Information Technology, Biotechnology and special economic zones are formed. Owing to its excellent quality of life, large base of human resources and investment friendly policies, Chandigarh has become one of the most preferred destinations for IT companies in the country.
Economic dependency of Chandigarh for generating revenue is on agriculture, industrial, animal husbandry, fishing, IT and tourism sectors. Some of the major economic products are engineering items, auto parts, tires and tubes, house fitting items, cables, antibiotics, biomedical instruments, crockery, bicycle parts, wool tops, hosiery items and many more.