Kolkata is known as the Business Capital of eastern India. The city’s economy largely depends on trade and industries. The importance of Kolkata as a trading centre was first recognized by the British East India Company. Despite an economic setback throughout its history, Kolkata upholds a great potential for economic development. A large section of the population of Kolkata is poor and participates |
only in the informal sector of the economy. The informal sector includes laundering, housecleaning, sweeping, plastic salvaging, plumbing, furniture making,
electrical wiring, TV repair, masonry, messaging, hawking, rickshaw pulling, hair design, folk medicine, music and art, tailoring, leather work, shoe making, and food selling. There exists the economic and technical basis necessary for improvement, especially in the IT sector.
The state of West Bengal has now liberalized its industrial policy. As a result of which foreign investors have shown their interests for direct investment. Kolkata has the potential for Foreign Direct investment (FDI) but the sole problem is the lack of infrastructure. The government is trying to overcome the situation by developing various industrial zones. The city’ dual economy has two features – the informal economy helps the poor to survive while the educated mass tries to step into the global economy. The multifaceted financial system of the city is rapidly changing for a rich economy in the near future.
 Kolkata Reserve Bank |
The state of West Bengal has now liberalized its industrial policy. As a result of which foreign investors have shown their interests for direct investment. Kolkata has the potential for Foreign Direct investment (FDI) but the sole problem is the lack of infrastructure. The government is trying to overcome the situation by developing various industrial zones. The city’ dual economy has two features – the informal economy helps the poor to survive while the educated mass tries to step into the global economy. The multifaceted financial system of the city is rapidly changing for a rich economy in the near future.
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