Bangalore
Economy of Bangalore
The currency used in India is Rupees. Bangalore's 100 billion dollar economy makes it a major economic hub in India. It boasts of an economic growth of 10.3% making it the fastest growing metropolis in the country. It is also a rich urban centre. It is the country's fourth largest market for fast moving consumer goods, the third largest hub for high net worth individuals and is home to over 10,000 dollar millionaires. It also has the fourth highest share of Foreign Development Investment in the country. Apart from technology, Bangalore is also a hub for horticultural businesses and biotechnology. In 2005, around 47% of the 265 biotechnology companies were located here.
The head quarters of some very prominent public sector undertakings are based out of Bangalore. Key among them include Hindustan Aeronautics Limited (HAL), National Aerospace Laboratories (NAL), Bharat Heavy Electricals Limited (BHEL), Bharat Earth Movers Limited (BEML) and Hindustan Machine Tools (HMT). It is also home to a number of software companies that are located in three main clusters across the city - Software Technology Parks of India (STPI), Information Technology Park Bangalore (ITPB) and Electronics City. Infosys and Wipro, two of India's largest software companies have their head quarters in this city.
India has enjoyed a rapid pace of growth in recent years. It boasts of the world's second largest labour force with 516.3 million people. Economic reforms have transformed India into the second fastest growing large economy. However, it still suffers from high levels of poverty, illiteracy and malnutrition. Economic growth is unequal and the income difference between the rich and poor is vast. In recent years, India has become a major outsourcing destination for many multinational corporations and is a big player in the global IT industry. It has the world's twelfth largest economy in terms of market exchange rates and the fourth largest in terms of purchasing power.
Sources
Update 28/11/2008
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