Business and Economy of DurgapurThe city of Durgapur is located in the district of Bardhaman, which has the benefit of earning its economy from both agriculture and industry. While about 58% of the population, draw their economy from the agricultural sector, another whopping 42% of the district’s economy come from the non-agricultural sector. To top it all, The Damodar Valley Project has made a huge difference in the economy of Durgapur, by playing a crucial role in the generation of hydro-electric power.
The large and small scale industries of Durgapur that gave a boost to the economy of the city are as follows:
Durgapur Steel Plant
The Durgapur Steel Plant initially produced about 1 million ton of steel, with the help of British technology. This contributed to a huge amount of export, enhancing the city’s economy. Till date the Steel industry plays a crucial role in the country’s economy as far as the market size, finance, achievement and output is concerned, and also in terms of employment creation.
In the year 2011-12 the city produced the fourth largest crude steel, of about 89 million tons, putting India in the steel map of the world.
Durgapur Alloy Steel PlantThe Durgapur Alloy Steel Plant uses Canadian technology and financial help from the Japanese, and exports the highest amount of alloy steel in the country.
Durgapur Fertilizer ProjectThe Durgapur Fertilizer Project maintained by the Fertilizer Corporation of India, produces fertilizer from naptha, which is the bi product of steel production.
Durgapur Project LimitedThis is a combined unit of a number of plants. It has tar distillation plants, and coke oven with its bi-products.
It also has a thermal power plant catering to the domestic needs as well as to the country’s economy.
Growth and development that contributed to the booming economy:
By the year 2006, the old Grand Trunk Road, commonly known as the Delhi Road was made into the six-lane National Highway. The old, buses that were almost falling apart and in ruins were a great concern for travel. The bumpy ride and the potholes added to the nightmare of the journey.
However, the air-conditioned luxurious Volvo buses brought about a drastic change in the road travel, which became comfortable and easy. Connectivity of Durgapur therefore became as good as it could get, and contributed in elevating the status of Durgapur city.
This soon contributed into making Durgapur a modern city and several big national and international brands lined up to open their outlets, showrooms and shopping malls in the city.
Durgapur as a Technological and Medical Hub
The city of Durgapur has over the years changed into one of the greatest education hub outside Kolkata. The growth of the IT sector has led to the emergence of a township, known as Bidhan Nagar, keeping in line with the Salt Lake sector of Kolkata.
With rapid changes in the field of real estate, information technology and education, the city of Durgapur is fast becoming one of the mega cities of the region. According to sources in the government, the region of Durgapur will soon arise as one of the most sought after places in the state, for investment.