Business and Economy in BhubaneswarBhubaneswar is a city known for its business structure and economic growth. The World Bank ranks the city among the top places to do business in India. Bhubaneswar has a diversified business and economic background. In terms of Economy, the elements that contribute to the growth of it are agriculture, horticulture, and sericulture. For business, the city currently depends on Information technology, education institutes, engineering, and tourism. Within a few decades, Bhubaneswar has emerged as a fast growing city, an important trading, and commercial centre of eastern India. Each industry present in the city is interdependent to each other. This has led to the creation of many subsidiary industries in the city.
Agro based Economy of BhubaneshwarBhubaneswar is highly dependent on agriculture, sericulture, IT and tourism. The development in these sectors has led to the growth of banking industry, minerals industry and metal industry in the city. Tourism has led to the development of hotel industry, handicrafts industry and food industry. Basic services like the fire service, electric supply, medical services has also helped several big companies to make this city as there prime centre of business. The city is filled with knowledge complexes, IT parks, BPO complex etc. to facilitate the growth of both business and employment.
Trade and Industry in BhubaneshwarIn the early 1990’s there were a few major players in the city. During those years, retail and small scale industries played a very important role in business development and economic growth. The government of India adopted the economic liberation policy, which finally helped Bhubaneswar to move from small-scale industries to the growth and expansion of IT industries, telecommunication industry, and education sectors. In a study conducted by the Association Chambers of Commerce and Industry of India, Bhubaneswar received the highest rate for employment growth and economic growth. The demographics, physical and social conditions, the current level of economic structure and government support have given Bhubaneswar the strength and background to develop and emerge as a business paradise.
Handicrafts and MNC’s in BhubaneswarBhubaneswar is the home to one of the largest handicrafts industry of eastern India. Industries like silver filigree work, stone and woodcarvings, appliqué work, and patta painting have contributed majorly on the development of the economy. Infosys, Mindspace, TCS, Wipro, IBM, Mindfire Solutions, Genpact, MindTree, Mphasis, First Source, all these companies are located in Bhubaneswar. Their office employs residents of Bhubaneswar and other cities to work for them. Owing to the massive development of the IT industry, the city has also surged in retail, infrastructure, real estate, and hospitality sectors. Apart from the multinationals, there are several small-scale companies, and business startups companies trying to find growth in this city.
The government has played a very important role in the development of the business and economic conditions of the city. It has been lenient with business sectors, which has promoted the development of many small and big industries in several different sectors. The policies and programs initiated and executed by the government has benefited several sectors. Banks have rendered proper financial help to all the business sectors resulting the generation good revenues. With new investments and business plan, the economy and trade is increasing rapidly in Bhubaneswar. Very soon the city will be a part of the leaders in the country.