Economy - how Calcutta is changing - technology boom.
The city's economic recovery gathered momentum after the economic
reforms in India introduced by the central government in the mid-1990s.
Since 2000, Information Technology (IT) services revitalized the city's
stagnant economy. The city has also experienced a growth in the manufacturing
sector.
Until recently, flexible production had always been the norm in Kolkata
and the informal sector has comprised more than 40% of the labour
force.
State and federal government employees make up a large percentage
of the city's workforce.
The city has a large unskilled and semi-skilled labour population,
along with other blue-collar and knowledge workers.
Kolkata's economic revival was led largely by IT services, with the
IT sector growing at 70% yearly - twice that of the national average.
In recent years there has been a surge of investments in the housing
infrastructure sector with several new projects coming up in the city.
Recently, various events such as adoption of "Look East"
policy by the Government of India, opening of the Nathu La Pass in
Sikkim as a border trade-route with China and immense interest shown
by the South East Asian countries to enter and invest in the Indian
market have put Kolkata in an advantageous position.
Since the liberalization of the Indian Economy in the 1990s resulted
in the improvement of the city's fortunes, its economy has been amongst
the fastest growing in the country. The IT giants are establishing
themselves in Bengal today. Kolkata is all set to become a major hub
for the IT industry. With the formation of New Town at Rajarhat and
extension of Salt Lake's Sector-V, Kolkata is rapidly turning into
a pro-IT town. Thanks to the forward-looking leadership of the Left
front, Kolkata is fast developing into a modern infotech city with
various private sector companies setting up shop here.
Investors' community has increasing and greater confidence in Kolkata.
In addition to putting up facilities, they are expanding and investing
in a very big way. More and more businesses are coming to Kolkata
to set up  their
offices.
Kolkata is also home to many industrial units operated by large Indian
corporations with products ranging from engineering products, electronics,
electrical equipment, cables, steel, leather, textiles, jewellery,
frigates, automobiles, railway coaches, wagons to jute. Some notable
companies headquartered in Kolkata include ITC Ltd, Bata India, Birla
Corporation, Coal India Ltd and Damodar Valley Corporation.
The landscape of the city is also fast changing with flyovers, gardens
and newer commercial establishments.
The Kolkata city itself has expanded into its suburbs, with the Greater
Kolkata stretching from Kalyani (in Nadia District) in North to Diamond
Harbour in South (in the South 24 Parganas District).
The New Metro city is characterised by popular spots like Inox Multiplexes,
Nandan, Tantra, Barista Coffee Shops, Sourav's Pavilion and Science
City.
Several industrial estates like Taratolla, Kalyani, Uluberia, Dankuni,
Kasba, and Howrah are spread throughout the urban agglomeration. A
huge leather complex has come up at Bantolla. An export-processing
zone has been set up in Falta. Specialized setups like the country's
first Toy Park, and a Gem and Jewellery Park have also been established.
|
The
Floatel
Quantum
Designs