Timothyves: expand section and cleaned formatting

2025-11-03T21:06:32Z

expand section and cleaned formatting

>MADdutta at 20:08, 6 July 2021

2021-07-06T20:08:27Z

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{{Short description|Economy of the region}}
{{EngvarB|date=May 2014}}
{{Use dmy dates|date=May 2014}}
[[File:JL Nehru Rd view.jpg|thumb|JL Nehru Road, one of the CBD in Kolkata]]
[[File:Government Place North - Kolkata 2011-12-18 0107.JPG|thumb]] Kolkata is the prime business, commercial and financial hub of eastern India and the main port of communication for the North-East Indian states.<ref name="worldbank2016">{{cite web |url= https://www.worldbank.org/en/news/feature/2016/04/19/better-integrated-transport-modes-will-help-reinvent-kolkata |title= Better Integrated Transport Modes will Help Reinvent Kolkata|date= 20 April 2016 |publisher= [[World Bank]] |access-date= 9 February 2020 |url-status= live |archive-url= https://web.archive.org/web/20190327204243/http://www.worldbank.org/en/news/feature/2016/04/19/better-integrated-transport-modes-will-help-reinvent-kolkata |archive-date= 27 March 2019|df= dmy-all }}</ref> [[Kolkata]], Kolkata's Nominal GDP is more than $177 billion & PPP is more than $256 billion, is home to [[India]]'s oldest, stock exchange company (bourse)<ref>[http://www.cse-india.com/cse_factbook.htm CSE Factbook]. Calcutta Stock Exchange Association Ltd.</ref> – The [[Calcutta Stock Exchange]].<ref name=" World Bank and International Financial Corporation ">{{cite web|url= http://www.doingbusiness.org/~/media/WBG/DoingBusiness/Documents/Subnational-Reports/DB09-Sub-India.pdf |title= Doing Business in India 2009|publisher=[[World Bank]]|access-date=8 June 2010}}</ref>Kolkata is home to many industrial units operated by large public- and private-sector corporations; major sectors include steel, heavy engineering, mining, minerals, cement, pharmaceuticals, food processing, agriculture, electronics, textiles, and jute.

==Economic history and recent developments==
There are a few of the oldest and front line banks and PSUs —such as [[UCO Bank]], [[Allahabad Bank]], [[United Bank of India]] and [[Geological Survey of India]], [[Zoological Survey of India]], [[Botanical Survey of India]] and [[Tea Board of India]]—were founded and is headquartered in [[Kolkata]]. The oldest operating photographic studio in the world, [[Bourne & Shepherd]], is also based in the city. The [[Standard Chartered Bank]] has a major branch in Kolkata.<ref>{{Cite web |url=http://www.standardchartered.com/in/home/aboutus.html |title=Standard Chartered Bank website |access-date=28 March 2006 |archive-url=https://web.archive.org/web/20060322065948/http://www.standardchartered.com/in/home/aboutus.html |archive-date=22 March 2006 |url-status=dead |df=dmy-all }}</ref> Kolkata is also the headquarters of [[Botanical Survey of India]] and [[Zoological Survey of India]] and many more organisations and companies.Kolkata is 3rd most richest City in India after Mumbai & New Delhi , & also 3rd richest City in South Asia.

Kolkata is home to many industrial units operated by large public- and private-sector corporations; major sectors include steel, heavy engineering, mining, minerals, cement, pharmaceuticals, food processing, agriculture, electronics, textiles, and [[jute]].<ref>https://timesofindia.indiatimes.com/city/kolkata/kolkata-has-9600-millionaires-60-billion-in-total-wealth/articleshow/57285430.cms</ref>
[[File:SBI Local HO (1).jpg|thumb|SBI Regional HQ, Strand Rd]]

==Economic history and recent developments==
[[File:JL Nehru Road (3).jpg|thumb|[[Tata Group|Tata]] Centre, JL Nehru Road]]

[[Kolkata]] was the capital of the [[British Indian Empire]] until 1911. Throughout British Raj, the city was a major port and commerce center in world economy. The [[Partition of India]] in 1947 was a major blow to the once flourishing economy during the [[world wars]], it removed most of the [[hinterland]], cutting down the supply of the [[human resource management|human resource]] and a took away a huge portion of its [[Market (economics)|market]]. Also the huge inflow of refugee from [[East Pakistan]] was a major drain to the city's infrastructure which was inadequate for the population boom. In the 1970s, the city saw a predominance of the trade-union movements which led the investors to flow out of the state to other newly emerging destinations in India. As the investors lacked trust in the newly formed [[communist state|communist government]], the lack of capital destroyed most of its small-scale industries like [[foundry]]s and tool casting. Once India's leading city, Kolkata experienced a steady economic decline in the decades following India's independence due to steep population increases and a rise in militant [[trade-unionism]], which included frequent strikes that were backed by left-wing parties.<ref name="bbceco">{{cite news|last= Dutta|first= Tanya|author-link= Tanya Datta|title= Rising Kolkata's winners and losers|url= http://news.bbc.co.uk/2/hi/programmes/crossing_continents/4830762.stm|access-date= 11 December 2011|publisher= BBC|date= 22 March 2006|url-status= live|archive-url= https://web.archive.org/web/20120204123645/http://news.bbc.co.uk/2/hi/programmes/crossing_continents/4830762.stm|archive-date= 4 February 2012|df= dmy-all}}</ref> From the 1960s to the late 1990s, several factories were closed and businesses relocated.<ref name="bbceco" /> The lack of capital and resources added to the depressed state of the city's economy and gave rise to an unwelcome sobriquet: the "dying city".<ref>{{Cite news|first=Sudipta|last=Dutta|url=http://www.financialexpress.com/news/calcutta-chronicles/417579/|title=Calcutta chronicles|date=1 February 2009|newspaper=Financial Express|location=New Delhi|access-date=6 December 2011|url-status=live|archive-url=https://web.archive.org/web/20130615141012/http://www.financialexpress.com/news/calcutta-chronicles/417579|archive-date=15 June 2013}}</ref>

==Sectors==

Flexible production has been the norm in Kolkata, which has an [[informal sector]] that employs more than 40% of the labour force.<ref name="spatialchange">{{cite book |title= Globalizing cities: a new spatial order?|last=Chakravorty|first=Sanjoy|editor1-last=Marcuse |editor1-first=Peter |editor2-last=Kempen |editor2-first=Ronald van |chapter=From colonial city to global city? The far-from-complete spatial transformation of Calcutta|year=2000 |publisher=Blackwell Publishing |location=Oxford, UK |isbn=978-0-631-21290-4 |pages= 56–77}}</ref> Over the years, the informal sector has grown in size and as a proportion of the total workforce of the Kolkata metropolitan area.<ref name="Shaw2016">{{cite book | last=Shaw | first=Annapurna | title=Spatial Diversity and Dynamics in Resources and Urban Development | chapter=The Informal Sector in Kolkata Metropolitan Area: Appraisal and Prospects for Local Economic Development | publisher=Springer Netherlands | location=Dordrecht | year=2016 | isbn=978-94-017-9785-6 | doi=10.1007/978-94-017-9786-3_24 | pages=499–516}}</ref> One unorganised group, [[Hawkers in Kolkata|roadside hawkers]], generated business worth {{INR}} 87.72 billion ({{USD}} 2 billion) in 2005.<ref name="Telegraphhawker">{{cite news |url= http://www.telegraphindia.com/1061130/asp/frontpage/story_7071031.asp |title= Hawkers stay as Rs. 265 crore talks |access-date= 16 February 2008 |last= Ganguly |first= Deepankar |newspaper= The Telegraph |location= Kolkata |date= 30 November 2006 |df= dmy-all |archive-url= https://web.archive.org/web/20070927200645/http://www.telegraphindia.com/1061130/asp/frontpage/story_7071031.asp |archive-date= 27 September 2007 |url-status= live }}</ref> {{As of|2001}}, around 0.81% of the city's workforce was employed in the [[Primary sector of the economy|primary sector]] (agriculture, forestry, mining, etc.); 15.49% worked in the [[Secondary sector of the economy|secondary sector]] (industrial and manufacturing); and 83.69% worked in the [[Tertiary sector of the economy|tertiary sector]] (service industries).<ref name="urbanprice">{{Cite book|editor1-last=Sahdev| editor1-first=Shashi| editor2-last = Verma | editor2-first = Nilima | contribution = Urban Land price Scenario- Kolkata − 2008 | contribution-url = http://tcpomud.gov.in/Divisions/IEP/Urban%20Land%20Price%20Scenario-%20Kolkata/chapter%20II%20Kol.doc | series = Industry and Economic Planning| year = 2008| title=Kolkata—an outline|publisher = Town and Country Planning Organisation, Ministry of Urban Development, Government of India|chapter-format=DOC}}</ref>{{rp|19}} {{As of|2003}}, the majority of households in slums were engaged in occupations belonging to the informal sector; 36.5% were involved in servicing the urban middle class (as maids, drivers, etc.), and 22.2% were [[Wage labour|casual labourers]].<ref name="kundu">{{cite web | last=Kundu | first=N | publisher=Development Planning Unit. [[University College, London]] | url=http://www.ucl.ac.uk/dpu-projects/Global_Report/pdfs/Kolkata_bw.pdf | title=Understanding slums: case studies for the global report on human settlements 2003. The case of Kolkata, India | access-date=26 April 2006 | url-status=live | archive-url=https://web.archive.org/web/20060524005019/http://www.ucl.ac.uk/dpu-projects/Global_Report/pdfs/Kolkata_bw.pdf | archive-date=24 May 2006 | df=dmy-all }}</ref>{{rp|11}} About 34% of the available labour force in Kolkata slums were unemployed.<ref name="kundu" />{{rp|11}} According to one estimate, almost a quarter of the population live on less than 27 rupees (equivalent to 45 US cents) per day.<ref name="2014 Indian general election, Calcutta">{{cite news |url=http://www.thetimes.co.uk/tto/news/world/asia/article4086790.ece |title=End is nigh for Gandhis after India's marathon poll |work=The Times |date=12 January 2014 |access-date=12 May 2014 |archive-url=https://web.archive.org/web/20140512160254/http://www.thetimes.co.uk/tto/news/world/asia/article4086790.ece |archive-date=12 May 2014 |url-status=live |df=dmy-all }}</ref> Since 2017, warehousing industry in the vicinity of the city experienced significant increase, and was the fastest growing market in India, per 2019 report.<ref name=fewarehouse>{{cite news |date=20 June 2019 |title= Kolkata tops in warehousing leasing volume, says report|url=https://www.financialexpress.com/industry/kolkata-tops-in-warehousing-leasing-volume-says-report/1613051/ |work=Financial Express |access-date=19 January 2020 }} </ref><ref>{{cite news |last=Law |first=Abhishek |date=30 July 2019 |title= Kolkata is a top warehousing hub now|url=https://www.thehindubusinessline.com/economy/logistics/kolkata-is-a-top-warhousing-hub-now/article28762394.ece |work= The Hindu Business Line|access-date=19 January 2020 }} </ref>

==Major Companies based in Kolkata==
Kolkata is home to many industrial units operated by large public- and private-sector corporations; major sectors include steel, heavy engineering, mining, minerals, cement, pharmaceuticals, food processing, agriculture, electronics, textiles, and [[jute]].

Companies such as [[ITC Limited]], [[CESC Limited]], [[Exide Industries]], [[Emami]], [[Eveready Industries India]], [[Lux Industries]], [[Rupa Company]], [[Berger Paints]], [[Patton International Limited]], [[Birla Corporation]], [[Khaitan India Ltd.]], [[Peerless Group]] and [[Britannia Industries]], [[Jai Balaji group]], [[Shyam Steel Industries Limited]] are all headquartered in the city. [[Philips]] India, [[PricewaterhouseCoopers]] India, [[Tata Global Beverages]], [[Tata Steel]] have their registered office and zonal headquarters in Kolkata. Some of the oldest public sector companies are headquartered in the city such as the [[Coal India Limited]], [[National Insurance Company]], [[Garden Reach Shipbuilders & Engineers]], [[Tea Board of India]], [[Geological Survey of India]], [[Zoological Survey of India]], [[Botanical Survey of India]], [[Jute Corporation of India]], National Test House, [[Hindustan Copper]] and the [[Ordnance Factories Board]] of the [[Ministry of Defence (India)|Indian Ministry of Defence]], [[Damodar Valley Corporation]] and [[India Government Mint, Kolkata|India Govt. Mint]] are also headquartered in the city.
Kolkata hosts the headquarters of three major public-sector banks:[[Allahabad Bank]], [[UCO Bank]], and the [[United Bank of India]] and India's one of the newest private bank [[Bandhan Bank]].

Among these three of the [[Forbes Global 2000]] listed companies are headquartered in Kolkata, which includes [[ITC Limited]], [[ Coal India ]] , [[Allahabad Bank]] and [[UCO Bank]].<ref>{{cite news| url=https://www.forbes.com/lists/2009/18/global-09_The-Global-2000_Rank.html | work=Forbes | title=The Global 2000 | date=8 April 2009}}</ref>

== Banking ==
[[File:KolkataHSBC.JPG|thumb|[[HSBC]] in Kolkata]]
Kolkata is an important centre for banking. At present, the city serves as the headquarters of large nationalised bank [[Uco Bank|UCO Bank]] and a private scheduled bank - [[Bandhan Bank]]. Several large financial companies and insurance companies are headquartered in Kolkata including [[Magma Fincorp]], [[Bandhan Bank]], SREI Infrastructure Finance, [[National Insurance Company]]. Many Indian banks, multi-national banks and the World Bank have located their Branch offices operations in the city. All main banks from India have their branch office here. Also big financial banks like [[Standard Chartered Bank]], [[Bank of America]] and [[HSBC Bank India|HSBC Bank]] have office and branches in Kolkata. Bandhan Financial, the largest Microfinance Group in India from Kolkata and 2nd largest of its kind in the World has got RBI nod to set up banks all over India. [[Bandhan Bank]] has its Head Office in Kolkata, which is the only bank after independence to be established in the city.

== Ease of doing business in Kolkata ==
Kolkata has a process to obtaining trade license in the city which is unique in India.<ref>{{cite web|last1=Dikshit|first1=Dhruv|title=How to obtain a trade license in Kolkata|url=http://blog.ipleaders.in/how-to-obtain-trade-license-in-kolkata/|website=iPleaders|publisher=iPleaders|access-date=7 October 2015|date=2015-09-18}}</ref> This ranking however has become better as per recent estimates.Kolkata Municipal Corporation (KMC) is the central authority which deals with the processing of new trade licenses and the renewal<ref>{{Cite web|title = Official Website of Kolkata Municipal Corporation|url = https://www.kmcgov.in/KMCPortal/jsp/KMCPortalHome1.jsp|website = www.kmcgov.in|access-date = 2015-10-08}}</ref> of the same as well.In 2019, Kolkata, along with Bengaluru was included in the list of cities in India for the World Bank's ease of doing business survey in India, which so far covered only Delhi and Mumbai.<ref>https://www.livemint.com/news/india/wb-s-ease-of-doing-business-survey-to-also-cover-kolkata-bengaluru-next-year-11571918678598.html</ref>

== Gallery ==
<gallery>
File:UnitechHi-TechITParkNewTown.jpg| Unitech InfoSpace Hi-Tech Park (New Town) Kolkata
File:UnitechHiTechITParkKolkata.jpg| Unitech InfoSpace
File:HidcobhawanNewTownKolkata.jpg|[[HIDCO]] Bhawan (Narkel Bagan) New Town Kolkata
File:DLFKolkataIBM.jpg| DLF (IBM Pvt. Ltd.) IT Tech Park, New Town, Kolkata
File:1wipinsidekolkata.jpg| Inside Wipro Technologies Saltlake City, Sector V, Kolkata
File:Towardswiprogateno1pavementfrmlearningcentre.jpg| Wipro Technologies, Saltlake City, Sector V, Kolkata
File:CollegemoresectorVSaltlakecitykolkata.jpg| College More, Saltlake City, Sector V, Kolkata
File:TechnopolisSaltlakeSectorVKolkata.jpg| Technopolis, Saltlake City, Kolkata
File:ITCityTowardsCollegeMoreSaltlakeCitySectorV.jpg| Saltlake City, Major Economy Towers
File:KolkataFlowermarket.jpg|Mallikghat flower market
</gallery>

==See also==
*[[Bengal Renaissance]]
*[[Calcutta Stock Exchange Association Limited]]
*[[HIDCO]]
*[[Kolkata Metro]]

==References==
{{reflist}}

{{Kolkata topics}}

{{DEFAULTSORT:Economy of Kolkata}}
[[Category:Economy of Kolkata| ]]

Economy of Kolkata - Revision history

Timothyves: expand section and cleaned formatting

>MADdutta at 20:08, 6 July 2021