Economy of Surat
Surat is famous for its diamond-polishing industry, which in 2003 made India earn $8 billion in exports. The rich city of Gujarat set up its industry in 1901 and by the 70’s Surat-based diamond cutters contributed immensely in the export of stones to the US. According to one of the articles in 2008 issue of the Wall Street Journal, the biggest economy hub of India Surat is globally known for one reason.About 80% of the world's finished diamonds are cut and polished in this city.
Surat is an industrial hub famous for the production of synthetic fibers and man made fabrics. It contributes almost 28% of India’s total synthetic fiber output. No wonder it is dubbed as the "Manchester of the East" since British colonial period. The trading city of Gujarat happens to be the manufacturer of diamond-studded gold jewellery.
According to the National Council of Applied Economic Research (NCAER) and Future Capital Research's Roopa Purushothaman, Surti households are the richest ones and the most flourishing one in the country. In the diamond city, the average annual income is Rs 4.57 lakh - the highest in the country. The Jari business which is the oldest business of Surat earned it the name of the embroidery capital of the world. There are approximately 80,000 embroidery units in in the city at present.
Home to innumerable industrial Giants such as Reliance petrochemical plant, Essar's 10 million tonne steel plant, KRIBHCO fertilizer plant, L&T Engineering unit, NTPC gas power plant, it contributes heavily to the Indian economy.
