Economy of Chennai:
Chennai has a diversified economic base anchored by the automobile, software services, medical tourism, hardware manufacturing and financial services. Other important industries include petrochemicals, textiles and apparels. The Chennai Port and Ennore Port contribute greatly to its importance. The city has a fully computerised stock exchange called the Madras Stock Exchange. Chennai has the fourth largest Gross Metropolitan Product in India.
*Chennai’s economy is expected to increase to around $150 billion from the current $45 billion by 2025. Infrastructure would lead the growth, according to a Confederation of Indian Industry (CII) stud*
*Chennai was recently rated as having the highest quality of life among Indian cities ahead of the other three metros and Bangalore, based on the "Location Ranking Survey" conducted by ECA International.*
*Chennai has improved its global ranking to 138 in 2006-07 from 179 in 2002-03. It is now ranked at 26th position in Asia in terms of livability, up from 31st rank in 2002-03.*
Software and Software Services:
Since the late 1990s, software development and business process outsourcing and more recently electronics manufacturing have emerged as major drivers of the city's economic growth. Chennai has been rated as the most attractive Indian city for offshoring services according to A T Kearney's Indian City Services Attractiveness Index 2005. Major software and software services companies like Accenture, Cognizant Technology Solutions, CSC, EDS, HCL, HP, IBM, Infosys, Satyam, Sun Microsystems, Symantec, TCS, Verizon, Wipro, and US Technology Resources have development centres in the city.
The city is now the second largest exporter of IT and IT enabled Services in the country behind Bangalore. The IT Corridor, on Old Mahabalipuram Road in the southeast of the city houses several technology parks, and, when completed, will provide employment to close to 300,000 people. Besides the existing Tidel Park, two more Tidel Parks are on the anvil in the IT corridor.
Tidel Park, one of the largest software parks in India.
Automobiles
Chennai has a market share of around 30% of India's automobile industry and 35% of its auto components industry. A large number of the automotive companies including several global automotive companies such as Hyundai, Ford, BMW, Mitsubishi, TVS, Ashok Leyland, Caterpillar, Royal Enfield, TI Cycles, TAFE, Dunlop, MRF have manufacturing plants in and around Chennai. Nissan-Renault and Apollo Tyres have plants under construction. The city is a major centre for the auto ancillary industry. Hyundai is in the process of setting up engine plant in the city. Ford is planning to invest $500 million dollars in Chennai plant.Several Petrochemical companies like Chennai Petro Chemicals Limited (Manali Refinery), Manali Petrochemicals, Petro Araldite and Orchid Pharmaceuticals are situated in the outskirts of Chennai.
Banking and Finance
Chennai is an important centre for banking and finance. At present it is home to three large national level commercial banks and many state level co-operative banks. Several large financial companies and insurance companies are headquartered in Chennai. Many Indian banks, multi-national banks and the World Bank have located their back office operations in the city. The city serves as a major back up centre for operations of many banks and financial companies in India.
Aerospace Industry
Chennai Aero Park has been proposed and is intended to become the largest integrated aerospace ecosystem in the world. The project is a pioneering initiative to mark India's entry into the global aerospace industry. The aero park will enable global players to design, manufacture and maintain all types of aircraft for both civilian and defense needs. It is to be established as a Public-Private Partnership (PPP) entity.
Already the city is home to more than 20 companies in the aerospace field. The establishment of this park will make chennai, the Aero City of India
Aero Park Facilities
* Design/Development & Engineering Services complex
* Helipad and 3KM Landing Strip
* Manufacturing complex
* Software & IT complex
* International complex
* Corporate offices
* Pilots Aid complex
* MRO complex
* Central Approved Testing Facilitiy
* Warehouse complex
* Training/Simulators complex
* Aviation and Aerospace University
* AME/ARME Ground Crew School
* Aircrew Training School
* Residential and Other Supporting Facilities
chennai future:
Chennai set to become a world-class city-NDTV News:
