Chennai a modern city has a bustling economy and a good number of foreigners have started to work here since a long time now. Chennai has a diversified economy that grows out with various industries like engineering, automobile, software services, hardware, petrochemicals, textiles, medical tourism, and other industries.
Outline: After the liberalization of Indian economy, Chennai has contributed to the growth of different industries and sectors. Chennai possesses the fourth largest Gross Metropolitan Product in India and ports like ChennaiPort, and EnnorePort has contributed great importance. Most importantly, software development and business process outsourcing emerged as the key sectors of Chennai’s economy. So, let us concentrate on the hottest industries of Chennai.
Topmost Industries in Chennai
Chennai, the Detroit of Asia has the highest quality of life among Indian cities, such as Bangalore, and other three eminent metros. And the widespread industries have contributed to the improving standard of life of people. Now let us take a quick look at the hottest industries of Chennai to map the impact on the lifestyle.
Today the major driver of economic growth in Chennai is software development and business process outsourcing. It is the most favorable hotspot for offshore services. MNCs like Accenture, Cognizant, Capgemini, Oracle, IBM, Infosys, TCS, eBay, Honeywell, Adobe Systems, Microsoft have their development centers in the city. Chennai became the largest second largest exporter of IT and ITes just behind Bangalore. The IT corridor with numerous technology parks provides employment to 350,000 people. Besides existing TidelPark, two more are on the anvil of the IT corridor. The city employs a large pool of technically qualified IT manpower with more than 37% engineering graduates in Computer Science or IT or Electronics and Communication. Chennai offers a number of jobs to IT professionals.
Recently, Chennai has shown a steady rise is the electronic manufacturing industry in South Asian region. With the growth of Fortune 500 companies like Dell, Motorola, Samsung, Siemens, Flextronics, Nokia and Foxconn that has set up hardware manufacturing plants the Special Economic Zone of Sriperumbudur. Chennai has invested about Rs.11,500 to 12,000 crores employing 40,000 workers. At present, Chennai is the largest electronic hardware exporter in India. Nokia plant in Chennai has the World’s largest mobile handsets manufacturing facility.
Chennai has abundant skilled manpower who serves the Automobile Engineering industry making Chennai the most effective location. With the growth of 40% of the country’s auto parts and vehicles, Chennai is known as the Detroit of Asia. Chennai now has the top 10 global automobile manufacturing centers for Ford, BMW, Renault, Nissan, Mitsubishi, Hyundai, Ashok Leyland. Chennai now exports high-value critical automobile components to global automobile makers like GM, Chrysler, Volkswagen and more. Hyundai has turned Chennai into a small car exporter to the world for models, such as i10 and i20.
Chennai has a strong engineering base producing a wide range of products such as bicycles, automobiles, castings, forgings, textile machines, pumps, and transportation equipment. It has emerged as an offshore engineering due to the presence of Offshore Technology and Renewable Energy. At present, the export of engineering products is around Rs.14.50 billion. The city has nearly 3,000 units employing 2.5 lakh making high-quality inputs in castings, forgings, and a wide variety of ancillaries. The popular engineering centers include McDermott International, Technip, Vestas, Mott Mecdonald, and others.
Chennai is leading the health sector for quite some time and now known as Health Capital of India. It is the home to some of the best hospitals such as Apollo Hospital, SankaraNethralaya, Fortis Healthcare, Adyar Cancer Institute and more. The increased budget is looking for creating a mega blood bank, the largest in Asia besides launching a new insurance scheme and upgrading several hospitals. Even Chennai is the preferred destination for the medical tourists across the map Chennai attracts about 45% of all health tourists arriving in India, along with 30% of domestic tourists.
Banking & Finance
Chennai for their vibrant bank culture, trading, and investments have become the Bank Capital of India. The city is now an important center for banking and finance. Chennai maintains a transaction volume of about 900 million people across the World. At present, it has four national level commercial banks and prominent financial institutions Standard Chartered Bank, ABN AMRO, Barclays, HSBC, Deutsche Bank, Bank of America and other development center operations in the city.
Conclusion: With such a high industry growth rate, it is have secured second highest rating just after Delhi. The city is emerging as the global hub for various industries.