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Business and Finance in Kolkata

Business and Finance in Kolkata

One of the most developed cities in the country till the late seventies Kolkata experienced an economic stagnation in the eighties and early nineties. However as the saying goes that nothing lasts forever Kolkata once again started gaining momentum from the nineties and today it is back to being one of the most industrially developed regions of the country. Kolkata started welcoming sectors like the BPO and the IT which have contributed in giving the city back its lost glories. Today known as an important SEZ of the country Kolkata is home to some of the most reputed IT Giants like; PWC, HSBC Global Technology, Capgemini, Cognizant, Foster Wheeler and Siemens.

Apart from being an important city from the point of view of art, shopping, food and entertainment Kolkata also means serious business. The most important city of eastern Indian Kolkata is the major financial and business hub of the state. It is also the main port of communication for the states situated in the North eastern part of the country. Kolkata houses the oldest and second largest stock exchange in the country. The biggest manufactures and exporter of Jute in the country Kolkata also manufactures automobiles, textiles, garments and automobiles , railway coaches, steel and engineering. Some important companies headquartered in Kolkata include Bata India, ITC Limited, Damodar Valley Corporation Birla Corporation, Coal India Limited, , United Bank of India, UCO Bank and Allahabad Bank.

Being the third most important metropolitans in the country Kolkata is home to several indigenous and the multinational banks. Be it private or governmental banks the city is dotted with financial institutes in all its corners. Kolkata serves as the headquarters for some of the banks like UCO and the United Bank of India. Even some of the foreign banks have their head offices in the city. The many banks in the city are engaged in financial transaction in local areas and also overseas, which directly boost the economic growth of the city and the nation.

Kolkata also has numerous industrial estates that are spread around the city. Huge amount of goods especially leather and textiles are produced and exported in Bulk. These industrial areas are also responsible for providing employment to a major chunk of the population of the city.