Economy
As one of the largest cities in India, and as a result of its many colleges and universities, Pune is emerging as a prominent location for IT and manufacturing companies to expand. Pune has the seventh largest metropolitan economy and the sixth highest per capita income in the country.
The automotive sector is prominent in Pune. It is home to the Automotive Research Association of India, which is responsible for the homologation of all vehicles available in India. All sectors of the automotive industry are represented, from two-wheelers and autorickshaws to cars, tractors, tempos, excavators and trucks. Automotive companies like Tata Motors, Mahindra & Mahindra, Mercedes Benz, Force Motors (Firodia-Group), Kinetic Motors have set ups in Pune. Automotive companies including General Motors, Volkswagen, and Fiat have set up greenfield facilities near Pune, leading The Independent to cite Pune as India's "Motor City". Several automotive component manufacturers like Saint-Gobain Sekurit, TATA Autocomp Systems Limited, Robert Bosch GmbH, ZF Friedrichshafen AG, Visteon, and Continental Corporation are located here.
India's largest engineering conglomerate, the Kirloskar Group, was the first to bring industry to Pune by setting up Kirloskar Oil Engines Ltd. in 1945 at Kirkee in Pune. The Group was originally set up in Kirloskarwadi. Kirloskar Brothers Limited (India’s largest manufacturer and exporter of pumps and the largest infrastructure pumping project contractor in Asia), Kirloskar Oil Engines (India's largest diesel engine company), Kirloskar Pneumatics Co. Ltd. and other Kirloskar companies are based in Pune.
The Hinjawadi IT Park (officially called the Rajeev Gandhi IT Park) is a project being started by MIDC to house the IT sector in Pune. When completed, the Hinjawadi IT Park is expected to have an area of about 2,800 acres (11 km2). The estimated investment in the project is 60,000 crore (US$10.92 billion). To facilitate economic growth, the government made liberal incentives in its IT and ITES Policy, 2003 and leased properties on MIDC land. The IT sector employs more than 70,000 people. Software giant Microsoft intends to set up a 700 crore (US$127.4 million) project in Hinjewadi.
Pune Food Cluster development project is an initiative funded by the World Bank. It is being implemented with the help of SIDBI, Cluster Craft to facilitate the development of the fruit and vegetable processing industries in and around Pune.
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Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)