Economy
As one of the largest cities of India and major centre of learning with several colleges and universities, Pune is emerging as a prominent location for IT and manufacturing. Pune has the eighth largest metropolitan economy [66] and the sixth highest per capita income in the country.[67]
Automotive companies such as Tata Motors, Mahindra & Mahindra, Mercedes Benz, Force Motors (Firodia-Group), Kinetic Motors, General Motors, Land Rover, Jaguar, Renault, Volkswagen, and Fiat have set up greenfield facilities near Pune, leadingThe Independent to cite Pune as India's "Motor City".[68]
The Kirloskar Group, was the first to bring industry to Pune by setting up Kirloskar Oil Engines Ltd. in 1945 at Kirkee in Pune. The Group was originally set up in Kirloskarwadi.[69] Kirloskar Brothers Limited (India's largest manufacturer and exporter of pumps and the largest infrastructure pumping project contractor in Asia[70]), Kirloskar Oil Engines (India's largest diesel enginecompany[71]), Kirloskar Pneumatics Co. Ltd., and other Kirloskar companies are based in Pune.
The Hinjewadi IT Park (officially called the Rajeev Gandhi IT Park) is a project being started by MIDC to house the IT sector in Pune. When completed, the Hinjawadi IT Park is expected to encompass an area of about 2,800 acres (11 km2). The estimated investment in the project is ₹600 billion (US$8.9 billion).[72] To facilitate economic growth, the government made liberal incentives in its IT and ITES Policy, 2003 and leased properties on MIDC land.[73] The IT sector employs more than 70,000 people. Software giant Microsoft intends to set up a ₹7 billion (US$100 million) project in Hinjewadi.[73]
Pune Food Cluster development project is an initiative funded by the World Bank. It is being implemented with the help of SIDBI, Cluster Craft to facilitate the development of the fruit and vegetable processing industries in and around Pune.[74][75]
Pune has also emerged as a new startup hub in India with tech startups like Pubmatic, Firstcry.com, Storypick.com,TripHobo,[76] TastyKhana.com (acquired by Foodpanda),[77] Swipe setting up base in Pune.[78] NASSCOM in association withMIDC have started a co-working space for city based startups under its '10,000 startup' initiative at Kharadi MIDC.[79] It will incubate startup such as Kandawale from OhMyDealer in first batch.
The Meetings, Incentives, Conferencing, Exhibitions trade is expected to get a boost once the Pune International Exhibition and Convention Centre (PIECC) completes in 2017. The 97-hectare PIECC will boast a seating capacity of 20,000 with a floor area of 13,000 m2 (139,931 sq ft). It will have seven exhibition centres, a convention centre, a golf course, a five-star hotel, a business complex, shopping malls, and residences. The US$115 million project is developed by the Pimpri-Chinchwad New Town Development Authority.[80] Nowadays a growing number of automotive dealerships are springing up all over the city. They include luxury car makers like Jaguar Land Rover, Mercedes Benz, BMW, Audi, and motorcycle manufacturers like Kawasaki,KTM, and Harley Davidson.
Industry[edit]
The emergence of industrial Pune began in the early 1960s, with mechanical engineering industries arriving. Pune's proximity to Mumbai, good climate, and availability of talent made it a destination for large firms like Tata Motors (TELCO then), Thermax, Buckau Wolf (ThyssenKrupp now), Kirloskar Group, KSB Pumps, Cummins, Hindustan Antibiotics, and several others. Serum Institute of India, the world's fifth largest vaccine producer by volume has a manufacturing plant located in Pune.[81]
Pune is the largest hub in India for German companies.[82] According to the Indo-German Chamber of Commerce, Pune has been the single largest hub for German companies for the last 60 years. Over 225 German companies have set up their businesses here.[83]