Economy of Aurangabad

While Aurangabad is popular for being the tourism hub in Maharashtra it also contributes to the economy of the state through other sectors. Trade is an important part of Aurangabad’s economy and therefore many traders from across the state and India come here to get the best deals that they can find in their business. One of the reasons why Aurangabad was always preferred by Mughals and Nizams is because it was a convenient city and trading hub in the past. The city resides on a popular trade route that connects the northern states of India with the southern states and that actually attracts more traders to this city.

Aurangabad has always remained popular for being a center for silk and cotton textiles in the past and it still remains one of the important cities where silk and cotton textiles prosper. Aurangabad offers a combination of silk and cotton better known as Himroo textile. Although, this art originated in Persia, but it was brought to Aurangabad by Mohammed Tughlaq when he shifted his capital from Delhi to Aurangabad. Today, Himroo shawls are immensely popular not only in Maharashtra, but also across India and globally as well. On the other hand Aurangabad is also quite popular for Paithani silk sarees that are made locally.

Development of MIDC Industrial Estates

While silk and cotton textiles saw lot of development in the city, it was only after the introduction of better railway system that Aurangabad got the kind of economic boost that it required. It was only after 1960 that Maharashtra Industrial Development Corporation set up industrial estates allowing the state government to boost industrialization in the city. At the same time Aurangabad also got the right boost that it required in the financial and banking sector allowing more banks to open up and provide services to individuals and also to companies and industries allowing them to grow positively. Today, almost every public sector and private sector banks are present in Aurangabad providing their services to the companies that need financial support to back up their industrial activities.

Economic Growth of Aurangabad

In the past few decades, Aurangabad has managed to expand its industrial strength as more industrial estates have come up. The major industrial areas in Aurangabad are Chikalthana MIDC, Shendra MIDC and Waluj MIDC. Currently, a new industrial belt is coming up also known as Shendra-Bidkin Industrial Park. These new industrial estates have not only attracted local Indian companies but many multinationals from around the world.

Some of the top companies like Siemens and BMW and Mercedes Benz have their manufacturing units here in Aurangabad. In recent times, Aurangabad has also come up as one of the major auto manufacturing cities in Maharashtra. International auto companies like BMW and Mercedes Benz have their manufacturing plants here which contribute immensely to the economy of the city. Apart from that Aurangabad is home to many other companies in the automobile sector like Audi India, Skoda Auto, Bajaj Auto and Goodyear. Aurangabad also has many other companies in seeds manufacturing and pharmaceuticals, breweries, consumer durables and agriculture and biotechnology that adds to the overall economy of the city.