Business and Economy in Chandigarh
According to report published by the Reserve Bank of India in 2012, Chandigarh is the twelfth largest deposit centre and tenth largest credit centre in India. This makes the city one of the richest in the country. Many factors have contributed to the economic prosperity of the town.
Influencing Factors on Economy in ChandigarhAs we said, there are quite a few reasons behind rapid growth of economy of Chandigarh. The city being the base of three different governments is indeed a major factor. Other than that we can mention availability of proper infrastructure and excellent living condition. Because of them, the city has been able to attract a large pool of skilled workers from all over the country. This too has encouraged the growth of business and industry in Chandigarh. Let us now look into them one by one.
Governmental Contribution to the Economy of Chandigarh
Industries in Chandigarh
40% of the existing small scale industries in Chandigarh are ancillary units that manufacture components for a major tractor industry located in the vicinity. Light engineering sector is also well developed in Chandigarh. Electrical, pharmaceuticals, plastic goods, sanitary fittings, steel and wooden furniture, food products etc are also adequately represented in the industrial scenario of the city.
However due to limitation of available land, there is no scope for further expansion of traditional industries in Chandigarh. That is why the government is now trying to develop the IT sector, which requires minimum space, in Chandigarh.
Trade and Commerce in Chandigarh
Service Sector in Chandigarh
If you have gone through our page on Services in Chandigarh, you would know that the city has many banks, currency exchange units, hospitals, spas, salons, beauty parlors, laundries, courier service providers, catering service providers, packers and movers etc. They provide excellent services to the people and in turn contribute extensively to the economy of the city.
Other Sectors in ChandigarhAlthough Chandigarh itself is a cosmopolitan city, the agricultural sector has considerable influence on its economy. The areas around this city produce 2800 tons of wheat, 250 tons of paddy and around 40 tons of maize annually. The produce is brought to the city for marketing and this in turn has significant impact on the economy of the town. Therefore, we see that economy of Chandigarh depends not on one, but on multiple factors.
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