The economy of Kochi was worth 49453.29 crores in 2012 - 2013 financial year with a growth of almost 7.5% per annum. [1]
The economy of Kochi can be classified as a business economy with emphasis on the service sector. [2] Major business sectors include construction, manufacturing, shipbuilding, transportation/shipping, seafood and spices exports, chemical industries, information technology (IT), tourism, health services, and banking. The High Court of Kerala is situated in the city. Consequentially, legal services are a major contributor to the economy. To tap the potential of the natural harbour at Kochi further, a marina [3] and an international container transshipment terminal [4] have been built. The city used to house Kerala's stock exchange, the Cochin Stock Exchange. Federal Bank, the fourth largest Private-sector bank in India, is headquartered at Aluva. As in most of Kerala, inward remittances from abroad by Non Resident Indians (NRI) is a major source of income. In the 2009 rankings of ease to start and operate a business, Kochi was ranked sixteenth, above Kolkata [5] Exports and allied activities are also important contributors to the city's economy. Tourism has of late, become a major contributor to the city's income. The Headquarters of the Southern Naval Command of the Indian Navy is situated at Venduruthy about 5 kilometers south of the city centre. The state government has given priority to the establishment of IT and BPO enterprises to exploit the opportunities that have arisen in the field.
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Eloor, situated 17 km north of the city, is an island of 11.21 km2 and is the largest industrial belt in Kerala. There are more than 247 industries viz. Fertilisers and Chemicals Travancore (FACT), Travancore Cochin Chemicals, Indian Rare Earths Limited, Hindustan Insecticides Limited and many others manufacturing a range of products like chemical-petrochemical products, pesticides, rare-earth elements, rubber processing chemicals, fertilizers, zinc/chromium compounds and leather products.
The Cochin Shipyard in Kochi is one of the largest [6] ship building facility in India. [7] Cochin Shipyard was incorporated in the year 1972 as a fully owned Government of India company. In the last three decades the company has emerged as a forerunner in the Indian shipbuilding & Shiprepair industry. This yard can build and repair the largest vessels in India. It can build ships up to 1,100,000 tonnes deadweight (DWT) and repair ships up to 1,250,000 DWT. The yard has delivered two of India's largest double hull Aframax tankers each of 95,000 DWT. CSL has secured shipbuilding orders from internationally renowned companies from Europe & Middle East and is nominated to build the country's first indigenously built Air Defence Ship. The Cochin Shipyard also builds ships for the Indian Navy.
Shipyard commenced ship repair operations in the year 1982 and has undertaken repairs of all types of ships including upgradation of ships of oil exploration industry as well as periodical lay up repairs and life extension of ships of Navy, UTL, Coast Guard, Fisheries and Port Trust besides merchant ships of SCI & ONGC. The yard has, over the years, developed adequate capabilities to handle complex and sophisticated repair jobs. Recently Cochin Shipyard won a major repair orders from ONGC. The order for major repairs of three rigs viz Mobile Offshore Drilling Unit (MODU) Sagar Vijay, Mobile Offshore Drilling Unit (MODU) Sagar Bhushan and Jack Up Rig (JUR) Sagar Kiran was secured by CSL against very stiff international competition.
Bharat Petroleum Corporation Limited Kochi Refinery. Kochi also has an oil refinery – the Kochi Refineries Limited (KRL), in Ambalamugal. Formerly known as Cochin Refineries Ltd., was formally registered on 6 September 1963 at Ernakulam. Philips Petroleum International Corporation was the prime contractors for the construction of the refinery. They entrusted the work to Pacific Procon Limited. Construction work started in March 1964 and the first unit came on stream just after 29 months in September 1966. In accordance with the decision of Govt. of India to sell its stake in Kochi Refineries Ltd., a stand-alone refinery with a capacity of 7.5 million tonnes per year, BPCL has acquired 54.81% shares held by Govt. of India (GOI) in Kochi Refineries Ltd. on 26.03.2001 for a total consideration of Rs. 6591 million. Consequent to the merger Order dated 18 August 2006 issued by Ministry of Company Affairs, the refinery has been amalgamated with Bharat Petroleum Corporation, henceforth to be known as BPCL-Kochi Refinery.
Kochi is the second biggest contributor to Kerala's IT Exports. Kochi is one of the leading Tier-II destination for IT and ITES companies in the country. The availability of 15 Gbit/s bandwidth, through undersea cables such as FLAG, SAFE and SEA ME WE 3 ensures seamless data flow, and lower operational costs compared to other major cities in India, has been to its advantage. The InfoPark promoted by the Government of Kerala is home to companies like TCS, Wipro, IBM, Iqvia, Suyati Technologies, Sayone Technologies, Deulect Technologies, QBurst, Ignitho Technologies, Fragomen, Baker Hughes, Deloitte, Xerox, North Gate Arinso, Ernst & Young, UST Global, Suyati, Cognizant and Qurve Inc, IT exports from InfoPark alone are worth around 3200 crores. A larger technology campus, the SmartCity, Kochi, is under construction, the first phase of which is expected to open by March 2015. [8]
Kochi has a well established electronics industry. V-Guard Industries, the market leader in voltage stabilizers, FCI OEN Connectors and SFO Technologies, the largest manufacturer of photonics devices in India [9] are the largest operators in this field. The Government of Kerala has announced a project to build an industrial park named Electronic City [10] spanning an area of 340 acres, to cater to the electronic hardware industries. The private operator NeST [11] is building a Special Economic Zone specifically for electronics hardware spanning an area of 30 acres.
Kochi is a shopping hub for central Kerala. The higher GDP and per-capita income in the surrounding districts promote the retail business. The major retail ventures in Kochi are gold, textile, furniture, home accessories and home appliances. There are a number of textile stores that exceed 50,000 sq ft (4,600 m2) of retail space.[ citation needed ]. Emmanual Silks in Kochi is the world's largest textile showroom.
Kochi houses the highest number of shopping malls in the state of Kerala. Oberon Mall is the first full format mall in the state. Gold Souk Grande Kochi is a larger mall which is partially open for business. Abad Nucleus Mall & Baypride mall are fully open. Apart from these, the Lulu International Shopping Mall, Kochi, the largest shopping mall in India, is located in Edapally area of Kochi, Kerala. There are many more under construction, like Q1 Mall, Baani Mega Mall, Mall of joy, Central plaza, Unitech great India Place, Forum mall and RDS Rajagiri Mall. Kochi will also be home to India's 1st health mall, BCG Healthsquare (under construction).
Malls in Kochi
U/C
Kochi is home to the International Pepper Exchange, where black pepper is globally traded. The Spices Board of India is also headquartered at Kochi. The Cochin fishing harbour, located at Thoppumpady is a major fishing port in the state and supplies fish to the local and export markets. Central Government establishments like the Coconut Development Board, the Coir Board, the Marine Products Export Development Authority (MPEDA) and the Spices Board are also located in the city. KUFOS (Kerala University of Fisheries and Ocean Studies) first university in India exclusively dedicated to studies in fisheries and allied disciplines is also located in the city.
There are four special economic zones (SEZs) in the city, Cochin Special Economic Zone, InfoPark and SmartCity in Kakkanad, and Puthuvype in Vypin. Electronic City is a proposed SEZ for electronic hardware manufacturing to be built in Kalamassery by NeST Infratech. [12]
Union Government establishments like the Coconut Development Board, the Coir Board and the Marine Products Export Development Authority (MPEDA) have head offices located in the city.
Kochi is the seat of the High Court of Kerala, the highest court of Kerala and the Lakshadweep.
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Cochin was preceded by the Vempalinad fiefdom, which was part of the Kulasekhara empire. [13]
Cochin became independent of the Kulasekhara empire in 1102 AD. [14] It gained prominence as a trading port after the destruction of Muziris in 1341. It attracted Arab, Chinese and European maritime traders. [15] Chinese fishing nets have been in use by the Cochinite fishing industry since 1350. [15]
Portuguese traders built a factory in Cochin after obtaining permission from the Cochinite government in 1500. In return for defending Cochin against invasion by Calicut in 1503, Portugal was permitted to establish a military base in Cochin, and built Fort Emmanuel at the site of what is now Fort Kochi. [13] Cochin became the capital of the newly formed Portuguese India, and the kingdom became a puppet state of Portugal.
In 1662, the Dutch Republic launched an invasion of Cochin during a succession crisis, and completed it by February 1663. The Cochinite king, Rama Varma II (1658–1662) of the Tanur branch, was killed in battle, his successor Goda Varma was deposed, and the Dutch-backed pretender, Vīra Kērala Varma V of the Mutha Tavazhi branch, was installed as the new Raja of Cochin. The Portuguese traders and colonists were expelled from Cochin. On 20 March 1663, Dutch East India Company and the Raja of Cochin signed a treaty under which the company had a monopoly on purchasing on pepper and cinnamon produced in the kingdom. Another treaty in the following year exempted the company from the payment of import taxes. Further treaties eroded the power of the government and turned the kingdom into a puppet state of the company. [16] Bolgatty Palace was built by Dutch traders after the Dutch conquest of Cochin.
After the Mysorean invasion of Cochin, the government of Cochin had to pay a one-off tribute of 1 lakh Ikkeri pagodas, and an annual tribute of 30,000 pagodas and four elephants to Mysore.
Trade in at port increased substantially after the British Empire took control of Cochin. To develop Cochin port, Robert Bristow was brought to Cochin in 1920 by Lord Willingdon, Governor of Madras. [17]
In the early 2000s, the city witnessed heavy investment, [18] [19] and experienced a GDP growth rate of 8.3%. [20]
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Kozhikode, also known in English as Calicut, is a city along the Malabar Coast in the state of Kerala in India. It has a corporation limit population of 609,224 and a metropolitan population of more than 2 million, making it the second largest metropolitan area in Kerala and the 19th largest in India. Kozhikode is classified as a Tier 2 city by the Government of India.
Kochi, also known by its former name Cochin, is a major port city along the Malabar Coast of India bordering the Laccadive Sea. It is part of the district of Ernakulam in the state of Kerala. The city is also commonly referred to as Ernakulam. As of 2011, the Kochi Municipal Corporation had a population of 677,381 within an area of 94.88 km2, and the larger Kochi urban agglomeration had a total population of more than of 2.1 million within an area of 440 km2, making it the largest and the most populous metropolitan area in Kerala. Kochi city is also part of the Greater Cochin development region and is classified as a Tier-II city by the Government of India. The civic body that governs the city is the Kochi Municipal Corporation, which was constituted in the year 1967, and the statutory bodies that oversee its development are the Greater Cochin Development Authority (GCDA) and the Goshree Islands Development Authority (GIDA).
Ernakulam is one of the 14 districts in the Indian state of Kerala, and takes its name from the eponymous city division in Kochi. It is situated in the central part of the state, spans an area of about 2,924 square kilometres (1,129 sq mi), and is home to over 9% of Kerala's population. Its headquarters are located at Kakkanad. The district includes Kochi, also known as the commercial capital of Kerala, which is famous for its ancient Churches, Hindu temples, synagogues and mosques. The district includes the largest metropolitan region of the state: Greater Cochin. Ernakulam is the district that yields the most revenue and the largest number of industries in the state. Ernakulam is the third most populous district in Kerala, after Malappuram and Thiruvananthapuram. The district also hosts the highest number of international and domestic tourists in Kerala state.
Willingdon Island is the largest artificial island in India, which forms part of the city of Kochi, in the state of Kerala. Much of the present Willingdon Island was claimed from the Vembanadu Lake, filling in dredged soil around a previously existing, but tiny, natural island. Willingdon Island is significant as the home for the Port of Kochi as well as the Kochi Naval Base, the Southern Naval Command of the Indian Navy, Plant Quarantine station, Custom House Cochin and Central Institute of Fisheries Technology, a constituent unit of Indian Council of Agricultural Research.
The economy of Kerala is the 9th largest in India, with an annual gross state product (GSP) of ₹9.78 lakh crore in 2020–2021. Per-capita GSP of Kerala during the same period is ₹257,711 (US$3,200), the sixth largest in India. In 2019–20, the tertiary sector contributed around 63% of the state's GSVA, compared to 28% by secondary sector, and 8% by primary sector.
Ernakulam is the central business district of the city of Kochi, Kerala, India. It is the namesake of Ernakulam district. Many major establishments, including the Kerala High Court, the office of the Kochi Municipal Corporation and the Cochin Shipyard are situated here.
Kakkanad is a major industrial and residential region in Thrikkakkara, in the Ernakulam district of Kerala, India. The region is part of the Kochi metropolitan area. Kakkanad houses many IT and industrial projects such as the Cochin Special Economic Zone, Infopark, Smart City and KINFRA Export Promotion Industrial Park. It is also the administrative headquarters of the District of Ernakulam.
Kochi Refinery Limited (KRL) is a crude oil refinery in the city of Kochi in Kerala, India. It is the largest public sector refinery in India with a production capacity of 15.5 million tonnes per year. Formerly known as Cochin Refineries Limited and later renamed as Kochi Refineries Limited, it was acquired by Bharat Petroleum Corporation Limited in the year 2006. The refinery is situated at Ambalamugal, around 12 km (7.5 mi) east of the city centre.
Cochin Shipyard Ltd (CSL) is the largest shipbuilding and maintenance facility in India. It is part of a line of maritime-related facilities in the port-city of Kochi, in the state of Kerala, India. Of the services provided by the shipyard are building platform supply vessels and double-hulled oil tankers. It built the first indigenous aircraft carrier for the Indian Navy, the INS Vikrant. The company has Miniratna status.
The economy of South India after independence in 1947 conformed to a socialist framework, with strict governmental control over private sector participation, foreign trade and foreign direct investment (FDI). Through 1960–1990, South Indian economies experienced mixed economic growth. In the 1960s, Kerala achieved above-average economic growth, while Andhra Pradesh's economy declined during this period. Similarly, Kerala experienced an economic decline in the 1970s while the economies of Tamil Nadu, Andhra Pradesh, and Karnataka consistently exceeded national average growth rates after 1970. South India first started to overtake the rest of India economically in the 1980s. Andhra Pradesh, Tamil Nadu and Karnataka were noted by some to be more reform-oriented in terms of economic policy when compared to other Indian states. Over the last decade South India has grown at 8% annually. Future economic growth will be shackled by a relatively low proportion of the active age population to the number of dependents. Today, South India has about 20% of India's population, and contributes about 31% of India's GDP; it is projected to contribute 35% by 2030.
Cochin Port or Kochi Port is a major port on the Arabian Sea – Laccadive Sea – Indian Ocean sea-route in the city of Kochi in Ernakulam district in the state of Kerala and is one of the largest ports in India. It is also the first transshipment port in India. The port lies on two islands in the Vembanadu Lake Willingdon Island and Vallarpadam, towards the Fort Kochi river mouth opening onto the Laccadive Sea. The International Container Transshipment Terminal (ICTT), part of the Cochin Port, is the largest container transshipment facility in India.
The Kochi Municipal Corporation is the municipal corporation that manages the Indian city of Kochi in the state of Kerala. The Corporation manages 94.88 km2 of Kochi city and has a population of 677,381 within that area. It is the most densely populated city corporation in the state. Kochi Municipal Corporation has been formed with functions to improve the infrastructure of town.
Kochi is a city located in the Ernakulam District in the Indian state of Kerala about 200 km from Trivandrum, the capital of Kerala.
Thiruvankulam is a census town and revenue village in Thrippunithura municipality, in Ernakulam district, Kerala, India. The area is a part of the Kochi metropolitan area. The NH 49 passes through Thiruvankulam. The Karingachira junction is the location of the southern terminus of the Seaport-Airport Road, which connects the Cochin International Airport and the Cochin Port.
Puthuvype is an upcoming major Industrial area in Kochi in the Indian state of Kerala. It is situated 5 km west of High Court Junction.
Mahatma Gandhi Road, popularly known as M. G. Road, is the main artery as well as the commercial high street of the city of Kochi, in the state of Kerala, India. The road lies north-south with its boundaries at the Venduruthy bridge, Thevara in the south, and the Madhava Pharmacy Junction in the north, where it intersects the Banerji Road. The road was earlier part of the NH 47A and was later handed over to Kochi Municipal Corporation. The highway was earlier known as Seventy Feet road. The total distance of the road is 4.5 kilometres (2.8 mi).
Kollam Port is one of the historic ports situated 4 kilometres (2.5 mi) away from Downtown Kollam ,14 km north of Paravur and 24 km north of Varkala Town It is the second largest port in Kerala by volume of cargo handled and facilities. Located on the south-west coast of India, under the name of Quilon Port it became one of the country's most important trade hubs from the ninth to the seventeenth centuries. Kollam was one of the five Indian ports visited by Ibn Battuta.
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Kollam or Quilon is an old seaport and a city on the Laccadive Sea coast in Kerala, India, on Ashtamudi Lake. The city remains notable as the ancient commercial capital of Kerala and the southwestern Indian coast, in addition to its fame as the "Cashew Capital of the World". The Kollam Municipal Corporation has the second largest budget in Kerala in terms of revenue and expenditure.
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