Thrissur - Economy

Economy

Thrissur is home to many leading Malayali entrepreneurs, and is a major financial and commercial hub of Kerala. Historians say that King Sakthan Thampuran had invited several Syrian Christian families and Brahmins to settle in Thrissur city from their business centers in adjoining areas. Soon, Thrissur became a flourishing centre of internal trade in Kerala. Thrissur is one of the major manufacturing centers of plain gold and rolled gold jewelry in South India; up to 70% of Kerala's jewellery is manufactured in Thrissur. There are around 3,000 gold ornaments manufacturing units in the city and 40,000-odd artisans and others work in these units. The industry provides direct and indirect employment to 200,000 people in Thrissur. The artisans based in these units, craft nearly 85 percent of one tonne gold which is used per day in Kerala. About 90 tonnes of gold was being used annually in Kerala for manufacturing of ornaments daily.

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According to Reserve Bank of India, the city in the 1930s boasted of head offices of 58 banks and was recognised by RBI as 'Banking Town'. Even now also it's the headquarters of major banks like South Indian Bank, Catholic Syrian Bank, Dhanalakshmi Bank, Lord Krishna Bank and non-banking institutions like Manappuram General Finance and Leasing Ltd, Kerala State Financial Enterprise and ESAF Microfinance and Investments. The city’s financial capabilities also saw the rise of Chit fund. According to All Kerala Kuri Foreman's Association, Kerala have around 5,000 chit companies, with Thrissur District accounting for the maximum of 3,000. These chit companies provide employment to about 35,000 persons directly and an equal number indirectly.

The city is also emerging as the largest hub for Ayurvedic drug manufacturing industry in the India. Out of the 850 ayurvedic drug-manufacturing units in Kerala, about 150 units, including some of the major ayurvedic drug manufacturers in the Kerala state are located in and around the city. Of these, some of the companies like the Oushadhi, Vaidyaratnam Oushadhasala, KP Namboodiris, Sitaram Ayurvedic Pharmacy Ltd, Kandamkulathy Vaidyasala, SNA Oushadhasala etc. are among the leading ayurvedic drug manufacturers in the state.Thrissur Ayurveda Cluster, anonther initiative by a group of Ayurvedic manufacturers of Thrissur, has developed a cluster in KINFRA Park in Koratty in Thrissur District.

Modern retailing is a big business and revenue earner for the city. Jewellery and textile retailing occupies a major part of the retailing business in Thrissur. The city is considered as hub of jewellery and textile business in Kerala. Most of the jewellery groups have outlets in Thrissur and provide jobs to thousands of people. Kalyan Group, Jos Alukka & Sons, Joyalukkas, Josco Group, Jayalakshmi Silks, Seemas Wedding Collections, Pulimoottil Silks, Emmanuval Silks, Sree Lakshmi Silks, Fashion Fabrics, Elite Fabrics, Elite Sareee House, Modern Silks, Manshire, Lakshmi Silks, Kalima Collections and Chakola Silkhouse are the few to name.InfoPark Thrissur, the fourth technology park in Kerala after Thiruvananthapuram and Kochi and Calicut is situated in Thrissur District.Tourism has also contributed heavily to the economy of Thrissur. Domestic tourists generally use the city as a hub to explore the highly promoted tourism industry of the state of Kerala. The city with its temples, old churches and its culture, is ranked first in the number of domestic tourists visiting Kerala.