Business and Economy of Jamshedpur
The Adityapur industrial estate is the industrial hub of the city, which boasts presence of the most of the above-mentioned small and medium scale industries. Being the largest industrial zones of India it houses more than 1,200 industrial units. Most of the industrial units in Adityapur deals in wide range of heavy products such as steel, commercial vehicles, cement, power, construction equipment, industrial equipment, vehicle engines, tin-plate etc. Located about 8 km from Tatanagar railway station and 8 km from Jamshedpur Airport, this industrial belt is one of the biggest industrial belts of India.
Two major factors have led to the development of the city of Jamshedpur as a full-fledged industrial city. These factors are existence of minerals like coal, manganese, lime and iron ore in plenitude in the areas around Noamundi, Jamadoba, West Bokaro and a major rail network that facilitates accessibility as well as the transportation of raw materials to the city.
Major Industries of Jamshedpur
Tata Steel in Jamshedpur
Established by J.R.D. Tata in 1907, The Tata Steel enjoys the status of being the oldest and largest iron and steel producing plant in India. It is the largest industry in Jamshedpur. Occupying approximately 1/5th portion of the total city area, this industry plays a pivotal role in the development of the economy of the city.
Tata Motors in Jamshedpur
Tata Power in Jamshedpur
BOC Gases in Jamshedpur
Lafarge Cement in Jamshedpur
Usha Martin in Jamshedpur
The list goes on and on with major contributions to the business and economy of Jamshedpur being made by more well-established industries such as Tata Ryerson, Tata Robins Frazer or TRF,Tata Pigments, Telcon, Timken India, Tata Bluescope, TGS, TAYO, JAMIPOL, Tata Tube Division, ISWP, UCIL, and JUSCO.
Banking in Jamshedpur
With the presence of so many industrial units Jamshedpur is ideas placefor banking institutions. Today you can find scores of banks serving different sections of the people. These financial institutions play a pioneering role in strengthening the Economy of Jamshedpur . Be it the State Bank of India or Central Bank of India, Allahabad Bank and Punjab National Bank you can find all and more in this part of Jharkhand. Presence of private banks the HDFC Bank, ICICI with their ATMs across the city is quite commendable.
Business Scenario in JamshedpurBusiness centers around core and heavy industries in Jamshedpur. This is the reason why it is known as an industrial city. Being rich in minerals such as iron ore, coal, mica, granite, copper, bauxite, and chromite, Jamshedpur facilitates the operation and development of industries that require use of these minerals. The major businesses that benefit from this rich resource storehouse of minerals include steel, commercial vehicles, power, cement, construction equipment, industrial equipment, vehicle engines, tin-plate etc. This explains the presence of plethora of heavy products industries in the region. Jamshedpur exports mineral products to various countries such as Saudi Arabia, Bangladesh, South Africa, and Nepal. The mineral resource sector has given a major boost to the economy in Jamshedpur.
Jamshedpur also earns some revenue from the tourism sector. The existence of various places of religious and archaeological significance, lakes, hills, and wildlife attracts the tourists. However, this business sector has not yet been fully exploited.