Business in LucknowLucknow is a premier business hub of North India for trading, manufacturing, services and entrepreneurship. It has been ranked sixth in terms business growth and job creation among cities in India. Agriculture around the city is also one of the main sources of income though it has been gradually declining in favour of industry and other avenues of employment. Apart from this, traditional textile and handicrafts occupy a significant niche in the economy. Lucknow provides a unique business ethos which is an amalgam of its rich cultural traditions with modern business practices.
Encouraging investment in Lucknow and fostering growth are such agencies as the Small Industries Development Bank of India, Pradeshiya Industrial and Investment Corporation of Uttar Pradesh, Uttar Pradesh State Industries Development Corporation, Confederation of Indian Industry, Awadh Chamber of Commerce and Industry, Associated Chambers of Commerce and Industry of U. P. and the Entrepreneurship Development Institute of India That the Indian Institute of Management is present in Lucknow is a testament to the city’s rising economic profile.
What adds to Lucknow’s advantage is the fact that the city is home to a number of technical universities, engineering institutes, industrial training institutes and polytechnics, proving trained manpower for various industries. A robust banking and legal framework enhances the advantage of doing business in Lucknow. An emerging middle-class has also contributed to Lucknow’s growth by making investments in real estate and significantly contributing to the growth of the manufacturing, retail and services sectors.
Business Opportunities in Lucknow
Industry in Lucknow presents many business opportunities for entrepreneurs. The city industrial areas include Chinhat, Aishbagh, Talkatora, Amausi, Sarojini Nagar and Mohanlalganj. Companies located here include Tata Motors, Eveready Industries, Omax Auto and Scooters India Ltd. Tata Motors has its facility in the Amausi Industrial Area and manufactures a range of modern buses. Eveready Industries has a high speed manufacturing unit in Aishbagh where it manufactures batteries and flashlights. Omax Auto in Chinhat has a presence in the automotive and engineering sectors, manufacturing components for two-wheelers, machine tools and metal furniture. Scooters India Ltd. has its facility in Sarojini Nagar and is involved in the manufacture of a range conventional and non-conventional three-wheelers. Mohan Meakin Ltd., one of India’s most famous breweries and distilleries, is also located in Lucknow. It manufactures a range of whiskies, beers, brandies, gins and rums.
Manufacture of items for export is another sector which offers many business opportunities in Lucknow. Apart for textiles, handicrafts and jewellery for which the city is well-known, marble, electronic items, brassware, silk, leather goods, glass and chemicals are also manufactured for export.
The fashion sector in Lucknow is mostly known for traditional garments and this includes chikankari which was invented in the city during the reign of the nawabs. Hundreds of small workshops churn out chikankari garments for which Lucknow is justly famous the world over. Fashion designers in India have also taken note of it to enhance the look of their garments and they in turn have made chikankari contemporary. Chikankari was given the status of Geographical Indication in 2008. Zardosi, a more ornate type of embroidery, is also popular in Lucknow and has also been given GI status.
Investment Opportunities in LucknowLucknow as an emerging city offers several investment opportunities. The government has proposed the development of an IT City, spread over 100 acres, in the city. Tax incentives will be offered to all developers involved in the project. It is expected to generate over 25, 000 jobs. A biotech park is also being built in Lucknow. Software Technology Parks of India has selected Lucknow as one of the cities for its Smart City project. The government also proposes to develop a Lucknow-Kanpur industrial corridor on the lines of others in the country. A proposed township here will be spread over 29,996 hectares and comprise of industrial, residential and commercial complexes and have adequate recreational facilities and public amenities and transportation links.
The real estate market in Lucknow has boomed in the last few years. Retails space has expanded with the building of malls such as Saharaganj, Fun Republic, Riverside, Phoenix United Mall, Westend, City Mall, Garden Galleria, Shopping Square, Singapore Mall, Felix Square, DLF and Ansal in all parts of the city. Residential apartment complexes are also opportunities for investment in Lucknow and include projects by Edelco, Fortuna and DLF.
Chambers of Commerce and Industry in Lucknow
Spearheading investment in Lucknow and supporting trade and industry in the city are various organisations from all-India organisations such as the Confederation of Indian Industry to local bodies such as the Awadh Chamber of Commerce. They interact effectively between their members and other entrepreneurs and government agencies to facilitate industrial growth in and around Lucknow. They also promote the city as an excellent investment destination for trade and industry. These organisations include:
Associated Chambers of Commerce and Industry of U. P
2/302, Vikas Khand, Gomti Nagar
Tel: +91 522 2301957, +91 9415513683
Tele Fax: +91 522 2301958
Awadh Chamber of Commerce and Industry
Harbhaj Ram Kripa Devi Trust Building
Sharbagh, Lucknow – 226019
Tel: +91 522 323494
Confederation of Indian Industry
Plot A, Vibhuti Khand
Tel: + 91 522 2721950, +91 5222721952
Fax: +91 522 2721953
Lucknow Industrial Development Authority
332, Hind Nagar, Kanpur Road
Lucknow - 226012
Tel: +91 522 2435514, +91 522 4070404
Pradeshiya Industrial and Investment Corporation of Uttar Pradesh
PICUP Bhawan, Gomti Nagar
Lucknow – 226010
Tel: +91 522 2720689, +91 522 2720798
Small Industries Development Bank of India
Sidbi Tower, 15, Ashok Marg
Lucknow - 226001
Tel: +91 522 2286576