Ahmedabad - Economy

Economy

The gross domestic product of Ahmedabad was estimated at $59 billion in 2010.

In the 19th century, the textile and garments industry received strong capital investment. On 30 May 1861 Ranchhodlal Chhotalal founded the first Indian textile mill, the Ahmedabad Spinning and Weaving Company Limited, followed by the establishment of a series of textile mills such as the Calico Mills, Bagicha Mills and Arvind Mills. By 1905 there were about 33 textile mills in the city. The textile industry further expanded rapidly during the First World War, and benefited from the influence of Mahatma Gandhi's Swadeshi movement, which promoted the purchase of Indian-made goods. Ahmedabad was known as the "Manchester of the East", for its textile industry. The city is the largest supplier of denim and one of the largest exporters of gemstones and jewellery in India.

The automobile industry is also important to the city; after Tata's Nano project, Ford and Suzuki are planning to establish plants near Ahmedabad while the groundbreaking ceremony for Peugeot has already been performed.

The Ahmedabad Stock Exchange located in the Ambavadi area of the city is India's second oldest stock exchange. Two of the biggest pharmaceutical companies of India—Zydus Cadila and Torrent Pharmaceuticals — are based in the city. The Nirma group of industries, which runs a large number of detergent and chemical industrial units, has its corporate headquarters in the city. The city also houses the corporate headquarters of the Adani Group, a multinational trading and infrastructure development company.

The Sardar Sarovar Project of dams and canals has improved the supply of potable water and electricity for the city. In recent years, the Gujarat government has increased investment in the modernisation of the city's infrastructure, providing for the construction of larger roads and improvements to water supply, electricity and communications. The information technology industry has developed significantly in Ahmedabad, with companies such as Tata Consultancy Services opening offices in the city. A NASSCOM survey in 2002 on the "Super Nine Indian Destinations" for IT-enabled services ranked Ahmedabad fifth among the top nine most competitive cities in the country. The city's educational and industrial institutions have attracted students and young skilled workers from the rest of India.

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