Business and Economy in Faridabad
The business and economic growth of Faridabad is often cited to be an outcome of all the industrial and real estate growth which has been experienced in the last decade. With all the employment options in the city, we see a lot of inflow of people from various parts of the country moving into the city. The city of Faridabad along with Gurgaon constitutes to 50 per cent of Haryana’s entire revenue and income tax.
Industries in FaridabadThe city gets its name as the industrial city due to varied industries in the city. Some of them are as follows:
Agriculture in FaridabadWhen it comes to agriculture, the city of Faridabad has always been famous for the production of heena. Being renowned all over the world, a lot of export happens yielding in high revenue ranging as high as 500 crores. This city was self-sufficient in terms of agricultural production and needs however with the sudden populous increase a lot of agricultural land has been occupied for real estate purposes.
Manufacturing industries in FaridabadThe city of Faridabad is called as the manufacturing capital of the country due to a lot of organizations setting up their businesses and manufacturing units within the city. Faridabad on a whole is home to an array of as much as 50,000 industries comprising of mid-scale, large-scale and small-scale industries. Most of these industries could be bifurcated into mechanical and engineering verticals.
Other major companies in Faridabad are Lafarge, Imperial Auto Ltd. Birla VXL, Elofic Filters, Shova, Escorts Group, JCB, Star Wire India Limited, Yamaha, Knorr Bremse, ACE-Cranes, ABB, GoodYear, ACC, NHPC Ltd. Indian Oil, Whirlpool, L&T, Havell’s, Mahindra Defence, Orient Fans, Bhartia Cutler Hammer, Frick India Ltd., Clutch Auto, Lakhani Shoes, Khaitan, Talbros, Bharat Gears, Hyderabad Industries, Marathon Electric, Tecumseh, Central Insecticides and JBM Group amongst others.
Public and Government Sectors in FaridabadDue to the over-crowding in cities like New Delhi and Gurgaon, many of the Public and Government Companies have shifted their base to Faridabad to ease the pressure and proper functioning. Some of the renowned Government agencies like directorates of different government ministries are headquartered out of Faridabad. The Central Water Commission, Central Insecticide Lab and Department of Plant Quarantine are the major ones. Commissioner of Central Excise within Department of Revenue, Government of India, Department of Explosives, Department of Labor etc. are some of the number of Union Government Offices from Haryana are based out of Faridabad.
We have the presence of the Apex Central Training Institute of the Department of Revenue, Government of India, National Academy of Customs Excise & Narcotics at Sector 29.
Real Estate in FaridabadThe one reason due to which Faridabad looses out on developed cities like Gurgaon within Haryana is the lack of free land. During the industrial growth in the city during the last two decades, Faridabad lost a lot of land be it the agricultural or the open free green land to all the real estate developers due to the high increase of housing requirements of the inhabitants. The real estate in Faridabad is certainly blooming as any and every piece of land is converted into shopping complexes and residential communities depending upon the requirements roping in a lot of revenue and tax income to the state of Haryana.
There are various industries in Faridabad which play an integral role in the overall business and economy of the city also providing employment to hundreds and thousands of people. The commercialization and industrial growth of Faridabad continues to grow and scale new heights keeping in mind all the investments coming in from private and public sectors.