Nagpur - Economy

Economy

Nagpur is an emerging Metropolis of India and the fastest growing crorepati city also. Nagpur has been the main center of commerce in the Vidarbha region since early days and is an important trading location. However, Nagpur's economic importance had gradually declined relative to Mumbai and Pune after the merging of Vidarbha into the Maharashtra because of a period of neglect by the state government. During the slowdown, state and central government offices were a major source of employment in the city.

Nagpur's economy is currently recovering from past slowdowns and the city has attracted Rupees 5,000 crore in investment in 2004. The city is ranked 11th most competitive city in the country by the Institute for Competitiveness in its 2012 report. The city is important for the banking sector as it hosts the regional office of Reserve Bank of India, which was opened on 10 September 1956. The Reserve Bank of India has two branches in Nagpur in which one of it houses India's entire gold assets. Sitabuldi market in central Nagpur, known as the Heart of the city, is the major commercial market area.

. Itwari and Mahal areas also host large number of small businesses and are very famous for shopping and crowded especially during holidays.

Multi-modal International Cargo Hub and Airport at Nagpur is an airport project for Dr. Babasaheb Ambedkar International Airport, Nagpur. It is the biggest economical development project currently underway in India in terms of investments. The project aims to exploit the central location of Nagpur and convert the present airport into a major cargo hub with integrated road and rail connectivity.

• This Project consists of "Two Parts":
• An International airport to act as a cargo hub and
• A Special Economic Zone (SEZ) with residential zone covering a total area of 40.25 km² on the southern end of Nagpur.

The Government of Maharashtra formed a special purpose entity in the name of Maharashtra Airport Development Company for development of MIHAN. The project is financed by multiple Indian banks with total loan amount of INR 3,000 million along with investment from state government and Airports Authority of India. With a projected target of serving 14 million passengers and handle 0.87 million tones of cargo this is one of largest aviation project in India.The estimated capital cost of the project is INR 2581 crores (by year 2035) and is supposed to generate revenues INR 5280 crores.

The Butibori industrial area is the largest in all of Asia in terms of area. The estate's largest unit is of Indo Rama Synthetics, which manufactures synthetic polyester yarn. Other units in Butibori include the power transmission company KEC, Hyundai Unitech, ACC Nihon Castings Ltd. Koradi Thermal Power Station and Khaparkheda Thermal Power Station are the two major thermal power stations located near Nagpur and operated by MSPGCL.

The Hingna industrial estate located on the western fringes of the city is made up of around 900 small and medium industrial units. The major ones among them are tractor manufacturing plant of Mahindra and Mahindra, casting units of NECO Ltd. (the country's largest casting group), units of International Combustion, Bajaj Auto group, Candico (the second largest confectionery manufacturing plant in India), Ajanta toothbrushes, and Sanvijay Group (largest steel rolling group of companies for long products in Central India). Nagpur is home to ice-cream manufacturer Dinshaws, Indian dry food manufacturer Haldiram's, Indian Ready to Cook food manufacturer Actchawa and Ayurvedic product company Vicco and Baidnath.