Economy
Tidel Park, the largest software park in Chennai(right image)Chennai has a diversified economic base. The main industries are automobile, software services, 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 GMP(Gross Metropolitan Product)in India.Since the late 1990s, software development and business process outsourcing and more recently manufacturing have emerged as major areas in the city's economy.
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. Software services giants like Infosys, TCS, Wipro,Cognizant Technology Solutions, Satyam, HCL, EDS,CSC,IBM,Verizon, Accenture, Sun Microsystems and HP have development centres in the city. The IT Corridor, on Old Mahabalipuram Road in the southeast of the city houses several technology parks. The Mahindra World City, a Special Economic Zone (SEZ) with one of the world's largest information technology parks, is currently under construction in the outskirts of Chennai.
A Collage of modern buildings in Chennai (left image)
Multinational corporations like Dell, Nokia, Motorola, Siemens, Flextronics,and Foxconn have or are in the process of setting up electronics manufacturing plants in the Sriperumbudur electronics SEZ. Ericsson and Alcatel have research and development facilities in the city while Texas Instruments' R&D facility is in the pipeline. Semiconductor companies like SPEL and Tessolve have announced plans to set up or expand manufacturing and R & D centers in the city.
The city has two main biotechnology parks, TICEL bio-tech park and Golden Jubilee bio-tech park at Siruseri that house bio technology companies and laboratories.Chennai is the base for around 48 per cent of India's auto components industry and 29 per cent of the vehicle industry. A large number of the automotive companies in India are based in Chennai. Several global automotive companies such as Hyundai, Ford, Mitsubishi,TVS, Ashok Leyland, Caterpillar, Royal Enfield, TI Cycles, TAFE, Dunlop, MRF have manufacturing plants in and around Chennai while BMW, Mahindra & Mahindra, and Apollo Tyres have plants under construction around chennai. The city is a major centre for the auto ancillary industry.
Hyundai is in the process of setting up engine plant in the city. Naza Auto has firmed up plans to invest $259 million in its proposed chennai plant. Several Petrochemical companies like Chennai Petro Chemicals Limited (CPCL), Manali Petro Chemicals Limited, Madras Refineries Limited (MRL), Petro Araldite and Orchid Pharmaceuticals are situated in the outskirts of Chennai.
Cars on the production line at the Hyundai car factory in Chennai
(below image)
The Heavy Vehicles Factory, Avadi produces military vehicles, including India's main battle tank: Arjun. The Railway Coach building factory of the Indian Railways, the Integral Coach Factory[14] manufactures railway coaches and locomotives.Chennai is an important centre for banking and finance. At present it is home to three large national banks 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.Other major manufacturing facilities range from small scale manufacturing to large scale heavy industrial manufacturing, pertochemicals and auto ancillary plants. Chennai is a textile industry hub with a large number of apparel industries located in the Ambattur-Padi industrial zone in the northern suburbs of the city.
The city also has a large leather apparel and accessory industry. SEZ's for apparel manufacture and footwear are under construction in the southern suburbs of the city.The city is home to the Tamil entertainment (motion pictures, television, and recorded music) industry which is the second largest in Indian entertainment industries.
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