Business and Economy of Howrah
Economic History of HowrahHowrah has a pretty rich economic history. Since the city is located on the banks of River Hooghly, a lot of factories have sprung up since the British days. Howrah had India’s first cotton mill built in the year 1817. Since then, a large number of cotton and jute mills have been established in this district. These industries need a lot of raw material which were transported over the River Hooghly from other places.
In recent years, after the independence of India, a lot of iron and steel industries have also been established in this district. The growth of business and industries was such that Howrah was known as the ‘Sheffield of the east’ in the past. Though quite a few factories have close down in the last few years, the business and economic prospects of the district are still quite robust in nature.
Business Sectors in HowrahIn earlier days, the jute industry was a very flourishing sector in Howrah. Due to the fact that Howrah is on the banks of River Hooghly, a lot of jute mills were established along the banks of the river. Likewise, cotton mills came up as well.
As time went by, the local business men diversified to other sectors of business like iron and steel. There are big iron and steel factories in Howrah. Everyday huge amounts of business are being carried out.
The real estate sector has seen a recent spurt as well. As Howrah is very close to Kolkata, the land prices are shooting up quickly. Many prime real estate developers have entered the fray in Howrah.
Shopping malls have come up in the last few years as well. The urban people are changing their lifestyle and getting used to the western culture of shopping malls and entertainment. The shopping malls have been doing great business as well.