Turning to the industrial sector the picture is rather favored. The Maharashtra Industrial Development Corporation (MIDC) has developed two industrial estates in the immediate vicinity of Pune on the lines of the Industrial Parks of the United Kingdom. One such area is located at Parvati while the other is at Bhosari, near the already sprawling industrial area of Pimpri, Chinchwad, and Pradhikaran. MIDC provides subsidised rates for land, fuel, water, and select raw materials in its industrial estates.
Fast emerging as an InfoTech hub, Pune has become a top contender for the ‘Silicon Valley of India’ slot. The city has become a full-fledged business base for well-known software giants such as Wipro, Infosys, Satyam, Tata Technologies, TCS, Kanbay, Veritas, Cognizant, PCS, and Mahindra British Telecom. With the influx of leading software companies and Multinational Corporations, along with major Indian companies from the IT & IT-eS sector to Pune, one can only look forward to a bright future. Pune has emerged as a leader in high-end engineering design and product development carried out of Multinational Corporations and R&D outposts, surpassing Bangalore. According to the Maturity Benchmarking Study carried out by IT advisory firm Zinnov, almost 12% of product teams based out of Pune are involved in carrying out high value product development work, as compared to only 8% in Bangalore. The study surveyed 220 product teams across 30 Multinational and R&D firms in the country.
Product teams based in Pune no longer play second fiddle to their global teams, supporting them with coding, testing and quality assurance. They have moved up the maturity curve, efficiently balancing the product pipeline, customer interface, and channel partnerships.
This has resulted in greater mindshare, in turn leading to high-value work globally. With over 40,300 Multinational R&D workforce, Pune is second only to Bangalore and is akin to a leader in Multinational R&D in the coming years. Pune has turned up as the most favorable destination for product development leveraging on its skilled workforce in executing product design and engineering capabilities.
Pune leads the Core Engineering R&D sector, surging far ahead of Bangalore and Chennai. Kirloskar Electric Company Ltd. laid the cornerstone of engineering and industrial revolution in Pune in 1946. Telco, Bajaj, Kinetic, Bharat Forge and many others established their core plants in the coming decades. With the setup of the Mercedes Plant in 1996 and THE Mumbai Pune Expressway project, the engineering sector received a multifold boost. Some OF Pune’S major companies are Phillips India, Kirloskar Cummins, Kirloskar Filters, Kalyani Sharp, Hindustan Antibiotics, Tata Electric, Kirloskar Oil Engines, Indian card Clothing, Alfa Laval, SKF Bearings. With more than 100 educational institutes and 9 universities, skilled human resource is easily available across the engineering sector.
Out of a large engineering industry, Pune has become the hub of the automobile sector-the largest in India- accounting for just less than half of the automotive Multinational R&D centers. Some of the major automobile companies in and around Pune are, Tata Motors, Premier Automobiles, Jaguar and Land Rover, Jeep, JCB, Bajaj Auto, Mahindra and Mahindra, Mercedes Benz India Ltd, Volkswagen, GE, Kinetic, Force Motors, etc., in addition to a host of other engineering and manufacturing companies such as Cummins India, Weikfield, Thermax, Duroshox, Kirloskar Group, Finolex, etc.
The city is also equally popular for trade and commerce and the emergence of the banking and financial sectors. The city is home to major public and private sector banks such as Bank of India, State Bank of India, Bank of Baroda, Syndicate Bank, Central Bank, Bank of Maharashtra, HDFC, ICICI, Axis Bank, Standard Chartered, etc. in addition to prominent cooperative banks.
Pune can thus be seen as a pool of extensive economic activity, spread across trade, commerce and manufacturing. Sale and purchase of services is also a rampant trend here and the city’s proximity to the financial capital – Mumbai only adds to its entrepreneurial and industrial ecosystem.
The average earning is quite high in Pune as compared to other cities in India. Both saving and spending is continuously on the rise. Volume of transactions are also on a relentless rise. The future of Pune as a city of economic strength is in fact reasonably bright.