Economic History and Recent Developments
Kolkata was the most developed and the most industrialized City in India till the late Seventies. However, Kolkata witnessed an economic decline from the eighties till the early nineties. The partition was a major blow to the once flourishing economy during the world wars, it removed most of the hinterland cutting down the supply of the human resource and a took away a huge portion of its market. Also the huge inflow of refugee from East Pakistan, Bihar, Jharkhand was a major drain to the city's infrastructure which was inadequate for the population boom. In the 70's the city saw a predominance of the trade-union movements which forced the investors to flow out of the state to other newly emerging destinations in India. As the investors lacked trust in the newly formed communist government the lack of capital destroyed most of its small scale industries like foundrys and tool casting.
Since 1991, the city's industrial face have improved immensely, as it has managed to board the all India bandwagon of buzzing economic sectors like IT, BPO along with a good pace of development matching all India average with the liberalization of the Indian economy. Several industrial estates like Bantala Taratolla, Rajarhat, Durgapur, Kalyani, Uluberia, Dankuni, Burnpur, Kasba, Howrah, specialized setups like the country's first Toy Park, and a Gem and Jewellery Park are spread throughout the urban agglomeration. The establishment of a new harbour at Haldia and industries like Haldia petrochemicals was one of the major come backs of the state of West Bengal, which in turn improved business and industry in the state capital. In 2009, Kolkata was ranked the hardest Indian city in which to do business by the World Bank.
A plethora of IT-SEZ and IT parks have come up in the city, attracting Software Corporations and Foreign Direct Investment in Kolkata. More recent development like a huge leather complex that has come up at Bantala an export processing zone that has been set up in Falta has set the city's reputation as an industrial hub in right path once again, paving its way for the new beginning in 90's.
A satellite Township development named Kolkata West International City across 400 acres (1.6 km2) is under construction, comprising several IT-parks, Malls, Residential Complexes, Hospitals, entertainment zones. This project is a joint venture between Indonesian based Salim Group and Universal Success Group in collaboration with Kolkata Metropolitan Development Authority. The project is considered to be one of the largest foreign direct investments in township projects in India. Another such Large scale satellite Township is being developed, known as Calcutta Riverside, which is a Joint venture between Riverbank Holdings Private Ltd. and Bata India Ltd. and CMDA spreading across 270 acres (1.1 km2).
Read more about this topic: Economy Of Kolkata
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