Financial Status of Chandigarh

Chandigarh can aptly be termed as the ‘City Skyline of India’, because we will come across the well heeled as well as the compulsive shoppers all around the city. If we take the cross section of the society, the average is coming to earning Rs. 10 lakh per month, shopping to more than half of that earning and saving the rest for future requirements. Thus Chandigarh finds its name in the list of cities known for gross income, expending it and hoarding it for future.

Investment boulevards…
When we consider the avenues for investment, FDI’s or Foreign Direct Investments come to the picture. Joint business enterprise and Real Estate are the up surging opening that is grouped under this category. The policies that are made in the FDI are very much forthcoming and lucrative.  The well planning of the city and the filth free ambience make it attractive to take up the real estate properties.

The land costs are booming as folks have found it worthwhile to invest in the city’s real estate. The availability of easy loans makes the investment opening more simple and approachable. The interest rates quoted by the service providers like banks and other financial institutions are pretty low. This results in more and more people getting a chance and opportunity to buy a house. After all, for most of us home is the biggest priced custody and ownership.

The Rent Act announcement recently made out by the Supreme Court itself has been so encouraging ad promising for the investors. Those who dreaded the investment on various joint ventures can now intrepidly come forward for beginning their enterprises. They no longer need to agonize about the mislaying of capital deposited for the start. The directions and paperwork by the recent judgment from the Supreme Court have heartened and cheered up all those who had eyed on this field.

This solves a major issue on the tenancy and ownership. It will be mostly found in the peripheral market area. Sector 17 in Chandigarh has most number of issues. Thanks to the timely intervention of the administrative department of Supreme Court. It will be seen that lot of entrepreneurs and capitalists would have certainly benefited from this notification.

As all the backlogs and issues are getting cleared, we can see that the investment scenario has slightly been shifted to these marginal and tangential markets. Certainly a forthcoming and promising idea as far as the financial scene in the city Chandigarh is concerned. The non-resident Indians (NRI) raises most of the inquiries, as they are the leaders in the category of entrepreneurs in a city. Hence we can see that they have asked for lot of proposals regarding the financial improvisations.

Financial overhauls…
Unless the services rendered to the investors are superior and first class, we cannot expect breakthroughs in this field. Yes, truly the financial services are so obliging and up beating. Be it the interest rates being low or the easy availability of emergency loans, the service industry has been really magnificent.  The banking sector in the city plays a major role in presenting the case more welcoming.

Almost all the banks in our country have cataloged their existence in the city. Particularly, the Sector 17 of the city has all offices in these premises. The finances are flowing from the banks and we can see that they are giving absolute encouragement for all the cross section to take up the missions and ventures they want to pursue. These, of course are subjected to the regulatory norms of Reserve Bank of India (RBI).

Economy Overview
Industries, both small scales as well as large scales cater for the high status of economy in the city also the inhabitants can proudly claim of the GDP rate of 8.3 %. As per the statistics, there are nearly factories in the city. Mainly, the fast moving consumer goods are the industries in the city.

They either makes finished products of the auxiliary items for the major industries. Steel fabrication, electronic accessories, parts of vehicles, chemicals, and ropes are some of the small-scale industries. And the large-scale industries are clothing sector and those equipments for the defense purposes. Coming to the exports, there is no city that can beat city’s own refined products of railway parts and watches components.

Farmers’ can proudly claim that they are responsible for making the city self sufficient in terms of vegetables and grains. Water supply is also catered for; Tube wells are the source that are depended upon for the purpose. Animal Husbandry plays a key role in the economy of the city. The department, which takes care of the livestock, takes into consideration all the innovative technology like synthetic insemination, cross breeding with high quality breeds so that the offspring yields better upshots.

Fisheries department is also not left behind as we can see that fish culturing has been done in all the big ponds and lakes in the city. Fish seeding is also done in a very large scale. Information Technology and visiting the attractions of travelers also play a pivotal role in the economy. The tourism department facilitates the growth of the industrial development of the city.

Small-scale enterprises are most benefited by this venture. The well-planned architecture of the city makes it the perfect target for the IT majors. Also, the importance given to the education is a very positive sign in the economy of the city. We can find quite a lot of professional institutions and well-managed universities. Slashing of Octroi and sales tariffs is a major attraction for the commercial investors.

Future of the Tricity – Chandigarh, Mohali and Panchkula
The future looks bright for the Tricity of Chandigarh, Mohali and Panchkula. There are a whole lot of factors for this to happen.

The progress of any area on the sub continent has certain factors that are inevitable. These are a good connectivity in terms of transportation, closeness to raw materials, good supply of water and power, ample availability of qualified and affordable manpower and of course a committed government backing with the right people in chairs of importance.

The area encircling these three places has the right mix of all these above and also other factors like the existence of a most sought after beautiful landscape further beautified by the lovely constructions and meticulous planning.

Though the main industry of the area has traditionally been agriculture, which employs about 20 percent of the population even today, the rapid industrialization and boom in the field of Information Technology has spelt a great influence in the economy of the area of late. Apart from agriculture, the other traditional industries in the area have been forestry, animal husbandry and fishery, thanks to the abundant availability of greenery, water and of course a suitable climate.

The area today occupies a prominent place in the industrial map of the country. The reasons for this are many and quite convincing. With the changing economic trends in the country, the area did not have to struggle much to catch up with the booming economic pockets of the sub continent.

There has been a major revolution in the fields of IT services, financial services, hospitality, health, insurance and education services of the area. The administration has made sure to promote the knowledge sector immensely in the area. There have been great initiatives taken in this direction and projects like Chandigarh Technology Park, the education city and the film city offer great promises to the area in terms of economic boom and job opportunities.

The ambitious project of mega scale renovation and up gradation of the Chandigarh airport has its eyes cast on the long-term growth of the economy of the area. The Chandigarh Technology Park or the CTP is another great initiative aimed at providing the area with world class integrated infrastructure that would be mandatory for setting up of further campuses and facilities in the fields of IT and services industry for the big players of the world.

Commissioned in the year 2001, the CTP has been accorded the Special Economic Zone status by the Government of India. This is sure to give a big boost to the prospect of the area and remove the trend of the IT companies going southwards for establishing their domain in the country. The CTP has many flexible options of offering plots of various sizes including even ready built space plots, build to suit sites and large and small sized campus sites.

The allocation done for office/recreational/recoupment areas in the campus has been in international taste and is surely appreciated by one and all. Some of the prominent industries that have already made their mark in the area are the Infosys, DLF, IBM Daksh, Outer Bay and Net Solutions. The Infosys alone employs about five thousand people in this campus.

The story does not end here. What makes the economy in the area promising is perhaps the fact that no where else in the country would you get to stay in such a beautiful environment and still work to your heart’s delight. With the emphasis on the connectivity factor, the airport being worked upon and of course with excellent road and rail connectivity to the rest of the country, the area ranks very high in the probable destinations for the entrepreneurs of the country.

One of the other reasons for this to happen is that the cost of living in the city is about thirty to forty percent lower than Gurgaon and as much as fifty percent lower than that of Mumbai. The salaries to be paid off therefore can be expected to be lower as well, this way! Also important is the factor that with lesser distances involved, the commuting time is reduced considerably and this would certainly boost the efficiency and productivity of the employees.

Also interesting is the fact that with so many educational institutions in the region, the availability of students to do low skill jobs like those in BPOs would be one of the highest compared to anywhere else in the country. Perhaps the most significant of the factors is that the administration of the region has shown tremendous maturity and preparedness in showcasing the prospects of the tri city to be a leading economic hub of the entire country.

What is unique and of course remarkable is the fact that the tri city has really believed in what it has preached, about the role of IT. This is truly the place where ‘IT is used for society’! The Information Technology has percolated down to the common man and his daily life in these places.

The popular ‘Sampark centers’ around the city which are single point centers which processes different types of bills as well as passport applications and a whole lot of other government transactions is the best example.  The estate records are all electronically stored and accessible to the public through a website. The Administration has also launched the innovative programme called Chandigarh Training on Soft Skills, which is aimed at teaching the youth at jobs at call centers.

There is little doubt in the unprecedented growth of the tri cities of Chandigarh, Mohali and Panchkula. The very fact that there has been an amazing average rise in the land value by almost three hundred percent in the last three years is a testimony to this undisputed fact. At the rate at which this is happening, the day is not far when people would rate the area as one of the favorites in the entire world for setting up your business.

And when that happens, perhaps Mumbai would lose the title of being the ‘Economic Capital’ of the country to the Tri City of Chandigarh, Mohali and Panchkula!