Economy of LucknowLucknow is the capital of Uttar Pradesh one of the largest states in India. Lucknow is famous for many industries both in medium and small industries and it is home to many manufacturing goods and services to the northern region. By virtue of the capital of the state most of the government offices and departments were in the city and providing jobs to many people. The liberalization of economy saw more industries set up their shop in the city and on the other side many young professionals started their own business. According to the recent study Lucknow is among top 6 cities in India for the generation of jobs.
The industry is classified into three major sectors medium and small-scale industry, traditional trade and processing and manufacturing industry.
There is wide scope in Lucknow for investors to start their operations. The city has excellent facilities with good road, rail and air connection from all parts of the country and has good infrastructure facilities. The government has set up a special cell to develop industries in and around Lucknow. With government offering many facilities to industrialists many leading industrial houses in the country are keen on setting their shop in Lucknow. With many industries developing more number of people from many parts of the state come to Lucknow and it is increasing every year.
To attract investments in the city the state government has set up many special divisions and the city has head offices for many leading financial and business establishments. Some of them are PICUP or The Pradeshiya Industrial and Investment Corporation of Uttar Pradesh, the regional office of UPSIDC or Uttar Pradesh State Industrial Development Corporation and SIDBI or Small industries Development Bank of India. State and regional level of offices of CII or Confederation of Indian Industry and other trade bodies are in Lucknow to guide entrepreneurs. The city has also got a branch of Entrepreneurship Development Institute of India.
The city has home to many manufacturing industries and some of the few top names are Hindustan Aeronautics Limited, Tata Motors, Eveready Industries, Omax India, Scooters India Limited.
There are many industrial estates in and around Lucknow that caters to the need of small and medium scale industries. These were located at following areas Mohanlalganj, Talkatora, Aishbagh, Amausi and Chinhat.
Since opening up economy the real estate is turned out to be a leading provider of employment to many people. The real estate industry contributes a significant part to the economy of Lucknow. Lucknow is one of the fastest growing cities with many leading developers in the state put their investment. Due to the growth of population many shopping malls have come up in Lucknow. Below mentioned are few malls in Lucknow Fun Republic Mall, Sahara Ganj Mall, Phoenix Mall, Felix Square, Riverside Mall, Singapore Mall, Ansal, Garden Galleria Mall, City Mall, Shopping Square, DLF and Westend Mall.
Traditional Trade in Lucknow
Since it is mainly agricultural producing state Lucknow has in its borders has many sugar mills with many people taking up sugarcane cultivation. From sugar there is a sub product called molasses and from that breweries are manufactured. Traditional and handmade industry is taken up in small scale and they are made in embroidery and earn a good amount of money for those who are in the trade. The famous names of embroidery are chikan and Zardozi and chikan has the attention of Bollywood fashion designers. Kite making is also done in the city and in the small scale level. Lucknow is popular for its Tobacco products, handicrafts, and Khadi products made by village industries.
Lucknow is witnessing a rapid growth as more people are coming to the city in search of job, education and medical facilities. Lucknow boasts some best names in the field of education, business, banking and medical. The information technology field is the fastest growing industry followed by banking, real estate and service sectors. The opening up of doors for new ventures has led to the opening of many trades and such as commercial property, entertainment centres, business centres, SEZs, clubs, banks, multiplexes, food courts and financial institutions.
The government also focuses its attention on developing software parks around Lucknow to boost its economy. To train students in the field of information technology many leading computer training institutions have their branches in the city. The government is also developing a bio tech park and Lucknow is included in the cities that are going to have smart city project.