Tamilnadu - Places in Tamilnadu - Chennai - Economy & Demographics

Economy Of Chennai

Chennai has a diversified economic base anchored by the automobile, software services, hardware manufacturing, healthcare and financial services industries. As of 2000, the city's total personal income was Rs. 12,488.83 crores, making up 10.9% of the total income of Tamil Nadu. In 2001, the total workforce in Chennai was about 1.5 million, which was 31.79% of its population. According to the 1991 census, most of the city's workforce was involved in trade (25.65%), manufacturing. transportation (10.72%), construction (6.3%) and other services (31.8%). Chennai metropolitan area accounts for over 75% of the sales tax revenue in the state. According to the CII, Chennai's is estimated to grow to a $100-billion economy, 2.5 times its present size, by the year 2025.

The city is base to around 30% of India's automobile industry and 35% of its auto components industry.[54] A large number of automotive companies including Hyundai, Ford, BMW, Mitsubishi, Komatsu, The TVS Group (TVS), Ashok Leyland, Nissan-Renault, Daimler Trucks, TI Cycles of India, TAFE Tractors, Royal Enfield, Caterpillar Inc., Caparo, Madras Rubber Factory (MRF) and Michelin have or are in the process of setting up manufacturing plants in and around Chennai . The Heavy Vehicles Factory at Avadi produces military vehicles, including India's main battle tank: Arjun MBT. The Integral Coach Factory manufactures railway coaches and other rolling stock for Indian Railways. This very industrial expanse has given the name to Chennai as being the "Detroit of Southern Asia". The Ambattur-Padi industrial zone houses many textile manufacturers, and an SEZ for apparel and footwear manufacture has been set up in the southern suburbs of the city. Chennai contributes more than 50% of India's leather exports.


Tidel Park is one of the many software parks in Chennai.

The city is an electronics manufacturing hub where multinational corporations like Dell, Nokia, Motorola, Samsung, Flextronics and Foxconn have set up electronics and hardware manufacturing plants, mainly in the Sriperumbudur Special Economic Zone (SEZ). Many software and software services companies have development centres in Chennai, which contributed 14% of India's total software exports of Rs.144,214 crores during 2006–07, making it the second-largest exporter of software in the country, behind Bangalore. Major software companies like TCS, Infosys, Wipro, Satyam, CTS, HCL, MphasiS, Polaris Software Lab,

Capgemini and Accenture have their offices set up here, with some of them making Chennai their largest base. Prominent financial institutions, including the World Bank, HSBC, Citi bank have back office operations in the city. Chennai is home to three large national level commercial banks and many state level co-operative banks, finance and insurance companies. Telecom giants Ericsson and Alcatel-Lucent, pharmaceuticals giant Pfizer and chemicals giant Dow Chemicals have research and development facilities in Chennai. TICEL bio-tech park and Golden Jubilee bio-tech park at Siruseri house biotechnology companies and laboratories. Chennai has a fully computerised stock exchange called the Madras Stock Exchange.

 

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