Synopsis
Kochi is the biggest city in Kerala by volume of trade. The economy of the city can be classified as a business economy with emphasis on the service sector. Major business sectors include construction, manufacturing, shipbuilding, transportation/shipping, seafood and spices exports, chemical industries, information technology (IT), tourism, health services, and banking. The High Court of Kerala is situated in the city. Consequentially, legal services are a major contributor to the economy. To tap the potential of the natural harbour at Kochi further, a marina and an international container transshipment terminal are currently under construction. The city also houses Kerala's only stock exchange, the Cochin Stock Exchange. Federal Bank, the fourth largest Private-sector bank in India, is headquartered at Aluva. As in most of Kerala, inward remittances from abroad by Non Resident Indians (NRI) is a major source of income. Kochi is recognized as one of the seventeen major industrial cities of India by World Bank, Doing Business Group. In the 2009 rankings of ease to start and operate a business, Kochi was ranked sixteenth, above Kolkata Exports and allied activities are also important contributors to the city's economy. Tourism has of late, become a major contributor to the city's income. The Headquarters of the Southern Naval Command of the Indian Navy is situated at Venduruthy about 5 kilometers south of the city centre. The state government has given priority to the establishment of IT and BPO enterprises to exploit the opportunities that have arisen in the field.
Read more about this topic: Economy Of Kochi