Economy
Economy
of Haryana relies on manufacturing, retailing and
information outsourcing. In 2006-07 Haryana received a
foreign direct investment projects of over Rs 11,000 crore
in the state and corporate sector and had a fiscal deficit
of 0.6 per cent in financial year 2006-07 Haryana also toped
the list in terms of per capita investment in the fiscal
year 2007 with an investment of Rs 1,86,045 crore. Haryana
is also considered one of the most industrilised states in
India with many SEZs. New plans for Sezs are of Reliance
Industries which has plans to set up amulti-product special
economic zone in Haryana. At an investment of Rs 40,000
crore, the project will be India's largest SEZ spread over
25,000 acres.
The state
has a developed banking system with over 4500 bank branches.
The two financial hubs of Haryana, Gurgaon and Faridabad lie
on the south west of the state.The contribution of primary,
secondary and tertiary sectors for the Gross State Domestic
Product (GSDP) in 2007-08 is Rs. 21,265.92 crore, Rs.
30,919.95 crore and Rs.49,133.55 crore respectively. Over 3%
of the S&P CNX 500 conglomerates have corporate offices in
Haryana.
Manufacturing
More than a
thousand medium and large industries with a capital
investment of Rs. 2000 billion or $ 40.4 billion have been
established in the state in mainly Gurgaon, Panchkula,
Panipat, Faridabad and Bahadurgarh. As a result, Haryana's
share in national production is 50% of passenger cars, 50%
of motorcycles, 30% of refrigerators, 25% of tractors,
bicycles and sanitary wares, and 20% of the country's export
of scientific instruments. These include Honda Motorcycle &
Scooter India Pvt. Ltd., Hindustan National Glass, , Maruti
Udyog Limited, Escorts, Hero Honda, Alcatel, Sony, Whirlpool
India, Bharti Telecom, Liberty Shoes and Hindustan Machine
Tools. In addition there are more than 80,000 small-scale
industrial units in the state which cumulatively bring in a
substantial income for the state and its people. Yamunanagar
district has a paper mill BILT, Haryana has a large
production of cars, motorcycles, tractors, sanitary ware,
glass container industry, gas stoves and scientific
instruments.
Faridabad
is another big industrial part of Haryana. It is home to
hundreds of large scale companies like Orient fans (C.K.Birla
Group), JCB India Limited, Nirigemes, Agri Machinery Group
(Escorts Limited), India Yamaha Motor Pvt. Ltd., Whirlpool,
ABB, Goodyear Tyres, Knorr Bremse India Pvt. Ltd. There are
thousands of medium and small scale units as well, like
Amrit Enterprises, McAma Industries.
Panipat is
a city of textiles and carpets. It is the biggest centre for
cheap blankets and carpets in India and has a handloom
weaving industry. The pickle "Pachranga International" is
also well known. Panipat also has heavy industry, with a
refinery of the Indian Oil Corporation, a National Thermal
Power Corporation power plant and a National Fertilizers
Limited plant.
Hissar ia
another big city where Jindal company has established.
Jindal steel now increasing there business and open new
factory in other state also.
Service industries
Gurgaon is
considered the best city for setting up a software or BPO
centre in India. This is according to a research on Offshore
Competitiveness conducted by neoIT, an offshoring
consultancy. Gurgaon, has seen emergence of an active
information technology industry in the recent years. With
organisations like Tata Consultancy Services, IBM, NIIT,
Hewitt Associates, Dell, Convergys and United Healthcare
setting up back offices or contact centers in Gurgaon.
Haryana now ranks 3rd among states in software exports from
India. Establishment of Nano City a joint venture between
the Haryana State Industrial and Infrastructure Development
Corporation (HSIIDC) and Nano Works Developers Private Ltd,
a company promoted by Sabeer Bhatia, the much talked about
creator of Hotmail will further boost the state position in
this sector.