Economy
Noida is a major hub for multinational firms outsourcing IT services e.g. EXL Service, One97, MyKaarma, Abstract Consultancy, TSYS International, SDG Corporation, Dex Consulting, Search Value, IBM, Miracle, AON Hewitt, Fujitsu, Ebix, CSC, Fiserv, TCS,WIPRO, HCL, Tribal Fusion, Tech Mahindra, Adobe, DELL, Sparta Consulting, Patni Computers, Corbus, Accenture, Samsung JK Tech, Metlife, Smartchip, Avis e-Solutions, Indus Valley Partners, The Smart Cube, Many large software and business process outsourcing companies have their offices in the city.
Many other companies have their Indian branch offices in Noida, because of many factors, including its Special Economic Zone status, its suburban atmosphere and its proximity to Delhi. Noida also hosts the head office of the Software Technology Park, which was established by the Government of India to promote the software industry.
Noida is a major hub of industry. Noida has quickly emerged as a hub for automobile ancillary units, with companies like Escorts, Honda-SIEL and New Holland Tractors (JV of FIAT with Ford). A Daewoo plant was also located in the city, but has since closed. Major manufacturers and others like Alstom, ISGEC, LG, Samsung, Ericsson and music company T-series also have their corporates in the city.
Film city, established by Sandeep Marwah, is a hub for major news channels and studios. News channels such as Zee News, NDTV, TV Today group, CNN-IBN, CNBC, newsX, are situated here. Noida's proximity to Delhi, which is the political hub of the country, makes it an attractive destination for news channels. Commercial activities have also risen in recent years, with a spate of new malls and multiplexes.
Noida is a major centre for the Meetings, Incentives, Conferencing, Exhibitions industry, boasting Delhi's largest conference and exhibition venue, the India Expo Centre and Mart (IECM), and the Delhi International Expo Centre. IECM is planning to build a 400-room five-star hotel on its premises by 2015.
Development in industry, commerce and trade have led Noida to be a model city in UP. It is a major revenue earner for the government through taxes. The Noida model is now being replicated across various cities in UP, with a proactive development agency working to achieve high growth rates for business, industry and commercial ventures.
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Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“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)