Economy of Surat

According to the National Council of Applied Economic Research (NCAER), Surat households are the richest one earning an average annual income of Rs.4.57 lakh – the highest in the country. Surat is renowned for diamond cutting and diamond polishing units. According to an article published in the Wall Street Journal in 2008, about 80% of the world’s diamonds are cut and polished in the diamond city. Diamond cutting and polishing industry of Surat make India earn over $12 billion in exports.

Economy of Surat

Areas Upon Which Economy of Surat is Based

Surat is located on the banks of Tapti River. During the 17th and 18th century, Surat was known as one of the major ports and trading hub in the Western region of India. Surat is best known for the production of man-made fabrics and synthetic fibers. It contributes 40% of India’s total synthetic production. It also contributes in exports of man-made fiber by 20%. Since the British colonial period itself, Surat has been called as “Manchester of the East”. Surat is renowned for its silk saris like Gajee and Tankol saris and Kinkhab brocades. Surat has a major share in fruit and vegetable production. Surat is the largest producer of turmeric, chilly and ginger.

There are more than 41,300 industries running in Surat. Around 24.00 small scale industries relate to textile industries only. Some of the other areas of SSI include diamond cutting and polishing, zari making, chemical dying and printing and allied engineering equipment manufacturing industries. Major pharmaceutical companies and IT companies are based in Surat. These industries contribute a substantial share in Surat’s economy. Emergence of Special Economic Zone (SEZ), Gems and Jewellery Park, Petrochemical Complex will further strengthen the economy of Surat. The Hazira port facilities to import Liquified Natural Gas (LNG) and up gradation of Surat airport with major destination in India and abroad would attract large investment in Surat.

Economy of Surat: Welcoming Foreign Investments

Surat’s geographical position and infrastructure are liked by the Industry giants and it has attracted Foreign Direct Investment (FDI) in various sectors like energy, oil and petroleum sector. Surat is a place of major industrial projects. Essar has set up 10 million ton steel plant; Reliance group has a major petrochemical plant in Surat. It’s also home to NTPC Power plant, L & T engineering unit. KRIBHCO fertilizer plant. Surat has lignite-based thermal power plant as it is the second largest producer of lignite in Gujarat.

Economy of Surat - The Prosperous Surat

Surat is also known for Dandi March and Satyagraha Andolan which led by the great Mahatma Gandhi. Surat has a glorious past both culturally and economically. It is one of the fastest growing economic hubs of India. Surat is all about business. Surat is undoubtedly the economic capital of Gujarat. Rapid industrial growth has propelled the growth of population in Surat and its neighboring area. Quality of life in Surat is amazing. Cleanliness, water supply, basic amenities, law and order, pollution control, greenery, effectiveness of Municipal Corporation makes Surat an unparalleled city in the country. No wonder Surat is known as one of the best cities in the country.

With the growing number of industries and visiting traders, property rates have gone surprisingly high. Many industrialists, traders and techies want to settle in Surat permanently. Suddenly, there is scarcity of accommodations and the need of building new apartment arises in Surat. Because of endless opportunities in all fields, Surat has become a popular destination. Surat is turning into popular residential city too. Increase of real estate business in Surat further contributes the significant growth of economy in Surat.

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