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Surat Economy

 

  • Surat is economic capital of Gujarat and also one of the economic hub of India.Surat is famous for its diamond industry and textile industry, along with silk and chemicals. It is at the heart of India's thriving diamond-polishing industry, which in 2005 cut 92% of the world's diamond pieces and earned India $15 billion in exports. Gujarati diamond cutters emigrating from East Africa established the industry in 1901 and by the 1970s Surat-based diamond cutters began exporting stones to the US for the first time. Though much of the polishing work takes place on small weight stones, Surat's workshops have set their eyes on the lucrative market for finishing larger, pricier stones in the future. It is a major production centre for synthetic textiles in India.


Textiles

  • Surat is known for producing world-class synthetic textiles.It is known as the MANCHESTER OF EAST. Surat has excellent roads according to Business Today Magazine.The November 18, 2008 issue of the Wall Street Journal had an article about the diamond industry in Surat. It claims that 80% of the world's finished diamonds are cut and polished in this city. However the wages of the industry's workers remained flat for years and 250,000 workers, or one-third of the city's diamond industry workforce, has left between 2005–2008, leaving about 500,000. Only after a July 2008 strike did the workers obtain a 20% salary raise, their first in a decade.

 

  • Surti households have been declared the most prosperous in the country by the National Council of Applied Economic Research (NCAER) and Future Capital Research's Roopa Purushothaman in their latest study. The average annual household income (AHI) in the diamond city is Rs 4.57 lakh - the highest in the country. The Patel from the Saurashtra region of Gujarat are the main bussinessman in the city and also in the outcountry. The study says that Surat's AHI is almost equal to China's per capita income of 2007 and double the national per capita income. Even its GDP growth of 11.5 per cent for the many consecutive years is the fastest in the country. Recently Surat's diamond and textile industry faced the recession due to slowdown in US economy but the picture has changed and today Surat is the only city in world not facing recession. The textile industry is boosted ompared to past times and the diamond industry is also in a better condition than in previous times. The oldest business of Surat JARI has made Surat the world embroidery capital. There are approximately 80,000 embroidery units in Surat which makes Surat the embroidery capital too.
  • Surat also has many large industrial units such as Reliance petrochemical plant, Essar's 10 million tonne steel plant, KRIBHCO fertilizer plant, L&T Engineering unit, gas processing plant of ONGC, NTPC gas power plant. All at Hazira and ABG Shipyard (Shipbuilding Yard) and Ambuja Cement (grinding Unit) at Magdalla port where as Torrent mega power plant and GIPCL are located at Kamrej.