Economy
The economy of Sambalpur is basically dependent on trade. Majority of the residents are either salaried or self-employed. Forest products play an important role in the economy in terms of contribution to revenue and domestic product. Kendu leaf or Coromandel Ebony or East Indian Ebony (Diospyros melanoxylon) also forms part of the economy of Sambalpur with many bidi manufacturing units functioning in Sambalpur. Gole Bazaar is the main merchandising area of the city. It is famous for handloom and other textile products. Other merchandising areas are Khetrajpur, Fatak, V.S.S. marg and Budharaja.
Mahanadi Coalfields Limited, a subsidiary of Coal India Limited located at Sambalpur produced 100.28 Million Tonnes coal and had a Profit Before Tax during the year 2010-2011 at Rs 4039.30 crore. The Hirakud smelter, set up by Indal in 1959 at Hirakud, was the country’s second aluminium smelter operating on grid power sourced from the hydro power station of the Hirakud Dam. It was the first in India to adopt clean coal combustion technology that uses a circulating fluidised bed, which is considered environmentally friendly. Currently the smelter has a capacity of 213,000 tpa, it provides employment to around 1700 persons.
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Famous quotes containing the word economy:
“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)
“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)
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—Anthony, Sir Eden (1897–1977)