Pune : Economy
It was only during the post independence that Pune started bustling with industrial economic activities but agriculture still formed an integral part of the people’s lives. The economic scenario underwent a major transition with the establishment of automobile industry in Pune few decades back. Some of the largest national and international automotive companies like Bajaj Auto, Tata Motors, Mahindra & Mahindra, General Motors, Ford etc have set up their bases here. As a result, some prominent automotive component manufacturing companies like Tata Autocomp Systems, Saint - Gobain Sekurit and Robert Bosch GmbH too have found their roots in Pune. The Automative Research Association of India also contributed to the growth of this industry in Pune. Within no time, Pune was nicknamed as the "Motor City" of India. Currently almost all types of two wheelers, three wheelers and four wheelers vehicles are either assembled or manufactured in Pune.
The largest Indian engineering house, Kirloskar Group, put Pune high on industrial map by setting up Kirloskar Oil Engines in Pune. Gradually many other engineering and manufacturing companies followed the route. Bharat Forge Ltd, the world's second largest forging company is also located in Pune. Cummins Engines Co. Ltd. has established its research and technology India unit here along with its manufacturing plant. Other engineering companies which have their manufacturing units in Pune are Alfa Laval, Sandvik Asia, Thyssen Krupp (formerly Backau Wolf), KSB Pumps, Finolex, Greaves India, Forbes Marshall, etc. Pune has been the hot spot for many German companies for over 60 years now.
Due to the rapid industrial growth, the real estate, infrastructure and transport industries also grew by leaps and bounds. The city emerged as a pioneer educational hub with well equipped educational facilities. The entertainment sector too flourished in its full swing due to various art and cultural events that take place in Pune throughout the year. This eventually led to the development of travel, tourism and allied services.
Important Industrial Sectors in Pune
But Pune went through a completely new phase of economic development when it opened its doors to the IT sector. Soon, this city became a favourite destination for several national and multinational IT companies like IBM, AMDOCS, Xansa, TCS, Infosys, Wipro, Satyam, KPIT Cummins, Persistent Systems, Kanbay and many more. In fact, Pune is known for initiating giant IT parks to boost the growth of software industry. Various companies like HSBC Global Technology, IBM, Siemens, EDS, I-Flex, Cognizant, Symantec and Zensar have established IT parks in Pune. But the most famous of all is the Hinjewadi IT park, spread over 2800 acres near Mumbai Pune Express Highway.
The technological developments has played an important role in the progress of Business Processing Outsourcing (BPO) centres like Convergys, WNS, Progeon, EXL and Mphasis.
The trade and commerce industry also picked up a great momentum which is clearly visible in the increasing number of retail outlets, commercial complexes, banks, entertainment hubs and hotels all around the city.
Important Companies in Pune
The overwhelming growth of Pune economy has created abundant employment opportunities, with people from other states preferring to settle here in search of lucrative jobs and a quality lifestyle. It is believed that the average per capital income of Pune is higher than many other global cities.
The government of Maharashtra has launched various industry friendly developmental policies to encourage the entrepreneurs to set up their units in Pune.