Manufacturing companies in Chennai are a large part of Chennai's economic strength and potential. The Chennai Metropolitan Area has a GDP of between $78.6 billion and $86 billion, making it one of the most prosperous cities in India. Chennai's industrial base is diversified and includes automotive, healthcare, and hardware manufacturing businesses.
The city was India's second-largest business process outsourcing (BPO) and information technology (IT) producer in 2012. The city is home to a large portion of India's automotive industry, and is therefore called the "Detroit of India".
The Madras Stock Exchange, India's fourth stock exchange and one of the four stock exchanges officially recognized by SEBI, is located in the city. It is also India's third-largest trading exchange after the Bombay Stock Exchange and the National Stock Exchange of India.
Prospects for Manufacturing Companies in Chennai
The city's industrialization began in the 16th century when textile mills made things for Britain during its war with France. According to Forbes magazine, Chennai is one of the fastest-growing cities worldwide and is among the "Top 10 Fastest Growing Cities in the World".
It is the fourth most populous city in India in terms of Fortune 500 companies, second only to Mumbai, Delhi and Kolkata. It is also home to 24 Indian businesses with net worth over $1 billion. In 2012, the city had about 34,260 accredited firms in 15 sectors, of which 5,196 had a paid-up capital of over Rs 50 lakh.
Chennai's economy is based on the automobile, software services, hardware manufacturing, healthcare and financial services industries. According to the Confederation of Indian Industry, Chennai's GDP will grow to $100 billion by 2025, or 2.5 times its current level.
As of 2012, the city is planning significant industrial investment, with investments of Rs 1 lakh crore expected over the next five years. GaWC has classified Chennai as a global city, assigning it a Beta grade based on its global reach and economic importance. The city will have 400 financial enterprises, half of which will be concentrated in Mylapore, RA Puram, Nungambakkam and T. Nagar. The city is home to about 40% of India's car sector and 45% of the auto component industry.
Chennai has manufacturing plants of Royal Enfield, Hyundai, Renault, Robert Bosch, Nissan Motors, Ashok Leyland, Yamaha Motor, Daimler AG, Caterpillar Inc., Komatsu Limited, BharatBenz, Ford, BMW, Citroen and Mitsubishi.
The Avadi Heavy Vehicles Factory manufactures military vehicles, most notably India's premier battle tank, the Arjun MBT. The Integral Coach Factory is a factory for the Indian Railways that manufactures railway coaches and other rolling stock. Many textile industries are located in the Ambattur-Padi industrial area, and a special economic zone (SEZ) for apparel and footwear manufacturing has been set up on the city's southern borders. Chennai accounts for more than half of all leather exports from India.
The industrial potential in Chennai must be evaluated not only in terms of the resources and demand prospects of the district, but also in terms of agricultural produce. These resources come to the city's main markets from other districts with limited storage and marketing facilities.
The notion of creating ancillary units for large and medium-sized units and the use of by-products and industrial waste have also been examined, and efforts have been made to set up new industries.
However, for the success of any attempt to promote any sector there must be a practical programme to encourage and promote entrepreneurship. This is followed by a sustained support programme by agencies involved in small business development.
The number of initiatives taken by the Government of India and the Government of Tamil Nadu to assist industrial development in the state have dramatically increased the possibility of setting up a business in Chennai. The government has announced various incentives, and all processes and formalities have been streamlined.
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FAQs:
Q: Why is Chennai called the 'Detroit of India'?
Answer: Chennai is called the 'Detroit of India' because the city has important automobile manufacturing plants and other businesses located in it. Avadi also houses the Heavy Vehicles Factory (HVF), which manufactures military vehicles.
The city is home to about 40% of India's car sector and 45% of the auto component industry. Chennai has manufacturing factories of Royal Enfield, Hyundai, Renault, Robert Bosch, Nissan Motors, Ashok Leyland, Yamaha Motor, Daimler AG, Caterpillar Inc., Komatsu Ltd., BharatBenz, Ford, BMW, Citroen and Mitsubishi.
Q: How many companies are there in Chennai?
Answer: Chennai is known as the health capital of India as it caters to about 40% of domestic and 45% of foreign health tourists visiting the country.
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