Economy
The government is a major employer in Chandigarh with three governments having their base here. A significant percentage of Chandigarh’s population therefore consists of people who are either working for one of these governments or have retired from government service. For this reason, Chandigarh is often called a “Pensioner's Paradise”. Ordnance Cable Factory of the Ordnance Factories Board has been setup by the Government of India. There are about 15 medium to large industries including two in the Public sector. In addition Chandigarh has over 2500 units registered under small scale sector. The important industries are paper manufacturing, basic metals and alloys and machinery. Other industries are relating to food products, sanitary ware, auto parts, machine tools, pharmaceuticals and electrical appliances. Yet, with a per capita income of 99,262, Chandigarh is the richest city in India. Chandigarh's gross state domestic product for 2004 is estimated at $2.2 billion in current prices.
Three major trade promotion organizations have their offices in Chandigarh. These are: Federation of Indian Chambers of Commerce & Industry, (FICCI) the PHD Chamber of Commerce and Industry (PHDCCI) and the Confederation of Indian Industry (CII) which has its regional headquarters at Sector 31, Chandigarh.
Chandigarh IT Park (also known as Chandigarh Technology Park) is the city's attempt to break into the IT world. Chandigarh's infrastructure, proximity to Delhi, Haryana, Punjab and Himachal Pradesh, and the IT talent pool attracts IT businesses looking for office space in the area. Major Indian firms and multinational corporations to the like of Quark, Infosys, Dell, IBM, TechMahindra have set up base in the city and its suburbs. According to a 2007 survey, Chandigarh is ranked ninth in the top 50 cities identified globally as "emerging outsourcing and IT services destinations".
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Famous quotes containing the word economy:
“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)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)