Economy
By virtue of its population and role as the administrative center for business, Indore dominates the Central Indian economy. With a bulk of its trade coming from Small, Mid and Large scale manufacturing & service industries, Indore’s function as the State’s commercial capital, its economic base and population size have also created development opportunities for many other businesses oriented to local or more diversified markets. Industries in Indore range from Automobile to Pharmaceutical and from Software to Retail and from Textile trading to Real estate. The city also host prestigious Global Investors' Summit which attract investors from 21 countries, including the US, Australia, Japan, Singapore, the UK, Germany and Finland.
Madhya Pradesh Stock Exchange (MPSE) originally set up in 1919 is the only exchange in Central India and the third oldest stock exchange in India is located in Indore an now the National Stock Exchange (NSE) established an Investor Service Center in the city. Industrial employment influenced the economic geography of Indore. After 1956 merger, Indore experienced suburban expansion aided by high levels of car ownership. Workforce decentralization and transport improvements made it possible for the establishment of small-scale manufacturing in the suburbs. Many firms took advantage of relatively cheap land to build spacious, single-storey plants in suburban locations where parking, access and traffic congestion were minimal.
Major industrial areas surrounding the city include the Pithampur Special Economic Zone and the Sanwer Industrial belt. Pithampur is also known as the Detroit of India. Pithampur industrial area houses many production plants of various Pharmaceutical companies like Ipca Laboratories, Cipla, Lupin, Glenmark, Unichem and big auto companies prominent among these are Force Motors, Volvo Eicher commercial, Avtec, Mahindra 2 wheelers Ltd.
While the Textile manufacturing and Trading is the oldest business to contribute to economy, the Real Estate has emerged very fast in past few years. National Real Estate Players DLF Limited,Suncity (ZEE Group), Omaxe, Sahara, Parsvnath, Ansal API, Emaar MGF have already launched their residential projects in Indore. These projects are generally on the Indore bypass. This road also houses the projects of many local and regional Real estate players like Silver spring, Kalindi, Milan Heights etc.
Several IT services companies have presence in Indore: these include, IBM India, Computer Sciences Corporation (CSC), Impetus, Cyber Infrastructure (CIS) and Premier Biosoft (India). Infosys is setting up new development centre at Indore at an investment of Rs 100 crore in phase one at Super corridor. TCS and Collabera also announced their plans to open campuses in Indore. Government of MP has also done the land allotment. Besides these, there are several small and medium size software development firms in Indore.
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Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)