Business in Meerut
Brief Overview of Economy of Meerut
Meerut is well connected by road, railways as well as air, which has fostered the growth of industries in Meerut. As the hub of industrial activity, the city is famed for manufacture of sports goods, scissors, musical instruments, sugar, tyres and pharmaceutical companies. In fact, the scissors manufactured in Meerut have been registered under geographical indications. Several large scale, small and medium scale industries, as well as businesses of all kinds and sizes have their presence in Meerut. The Uttar Pradesh State Industrial Corporation has established two Industrial Estates, Sports Complex and industrial plots to foster the overall growth of industries. Some of the large scale industries present here are Modi Tyres Co. Pvt. Ltd., Mawana Sugar Works, Bajaj Hindustan Ltd., J K Steel Industries.
The district of Meerut is chiefly dependent on agriculture and is the most prosperous agricultural belt in Uttar Pradesh. The regions here grow food grains such as maize, wheat, bajra and cash crops such as sugar potato, barley etc. Fruits like muskmelon, watermelon, citrus fruits, vegetables grow in abundance too. This has led to the development of other allied areas of agriculture such as animal husbandry, food processing units, diary etc. A number of sugar industries have their presence here in Meerut due to large hectares of land growing sugarcane in this region. Some of World's largest sugar companies namely Balrampur Chini, Bajaj Hindustan, Mawana Sugar, Daurala Sugar Works etc., are located here.
Tourism Industry in Meerut
Meerut is popular tourist destination both from the historical and architectural point of view. Some of the popular historical places in and around Meerut are Hastinapur, the Martyr’s Memorial, etc. Tourism-related services such as booking agents, guides, travel agents have benefited from the boom in tourism industry. Also due to a large number of industries present here, business tourism is on the new high in recent times. Luxury hotels, hospitality segment etc., has seen great demand too.
Gold Industry in Meerut
Meerut is a hub of gold industry, which employs close to about 25,000 skilled workers in gold, silver and its allied industries. It is among Asia's largest gold markets that processes 60-70 kilograms of gold daily.
Infrastructure in Meerut
Meerut is witnessing a rapid growth in infrastructure as many developmental activities are carried out all over the city. Development of transport infrastructure in form of flyovers and highways are underway; likewise, construction of newer roads, malls, buildings and housing complexes within the city are also seen. The Delhi-Ghaziabad-Meerut Highway, the Ganga Expressway are some of the ambitious plans undertaken by the Government that would lead to better accessibility and increased connectivity with other towns and cities. On the flip side, however, there is increased traffic congestion and power failures that are creating a hurdle for industrial growth.
Federation and Confederation of Industries in Meerut
A number of State and Central Government associations and federations are involved in increasing growth opportunities in Meerut. Government agencies such as District Industries Centre, NABARD, SIDBI & Commercial Banks, Director of Handicraft & Cottage Industries/Textile/ Fisheries, Coir Board, Horticulture, etc. provide advisory and financial assistance to the industries located here.
- All India Sports Goods Manufacturers Federation - This is a federation of nearly 250 Sports goods manufacturers in the city of Meerut.
- Association of Small Industries of India (FASII) - This is an association of the owners of small and medium industries present in the region.
- The Confederation of Indian Industry (CII) – Delhi-Ghaziabad Meerut Chapter - This is the regional arm of CII which aims at increasing growth of industries in the region and increase investment avenues here.
Investment Opportunities in Meerut
Meerut is ranked as the 63rd fast developing town globally and 14th in India. The city, thus, offers innumerable business and investment opportunities. In the real estate sector, nearly 25 approved projects are underway which are priced between Rs. 1,700 to Rs. 2,300. The city also offers a good range of business opportunities especially in the medium and small scale sector. Some of the business potential here includes manufacturing of food items, seat covers, surgical gloves and poultry feed, distillery industries etc. Affordable housing coupled with good connectivity, urbanization, comfortable living spaces and good growth potential gives immense investment options.
The city has also been ranked as No. 5 in terms of vibrancy. Some of the key determining factors include consumption index, mobilization of savings, proportionate avenues for spending, investment options etc. However, the penetration of finance into the city is disproportionate to its vibrancy. Hence, it is evident to state that there are ample value investment options in Meerut.