page_title: Kolkata
section_title: Economy
hierarchical_section_title: Kolkata / Economy
caption_attribution_description: English: Reserve Bank of India
context_page_description: Kolkata is the capital of the Indian state of West Bengal, located on the eastern bank of the Hooghly River, approximately 80 kilometres west of the border with Bangladesh. According to the 2011 Indian census, Kolkata is the seventh-most populous city in India, with a population of 4.5 million residents within the city limits, and a population of over 14.1 million residents in the Kolkata Metropolitan Area, making it the third-most populous metropolitan area in India. The Port of Kolkata is India's oldest operating port and its sole major riverine port. Kolkata is known as the "cultural capital of India" for the city's historical and architectural significance. As the principal commercial, cultural, and educational centre of East India, Kolkata has the third-largest urban economy of India.
  In the late 17th century, the three villages that predated Calcutta were ruled by the Nawab of Bengal under Mughal suzerainty. After the Nawab granted the East India Company a trading licence in 1690, the area was developed by the Company into an increasingly fortified trading post. Nawab Siraj ud-Daulah occupied Calcutta in 1756, and the East India Company retook it the following year.
context_section_description: Kolkata is the commercial and financial hub of East and North-East India and home to the Calcutta Stock Exchange. It is a major commercial and military port, and is the only city in eastern India, apart from Bhubaneswar to have an international airport. Once India's leading city, Kolkata experienced a steady economic decline in the decades following India's independence due to steep population increases and a rise in militant trade-unionism, which included frequent strikes that were backed by left-wing parties. From the 1960s to the late 1990s, several factories were closed and businesses relocated. The lack of capital and resources added to the depressed state of the city's economy and gave rise to an unwelcome sobriquet: the "dying city". The city's fortunes improved after the Indian economy was liberalised in the 1990s and changes in economic policy were enacted by the West Bengal state government. Recent estimates of the economy of Kolkata's metropolitan area have ranged from $60 to $150 billion (PPP GDP), and have ranked it third-most productive metro area of India.
  Flexible production has been the norm in Kolkata, which has an informal sector that employs more than 40% of the labour force. One unorganised group, roadside hawkers, generated business worth ₹ 87.72 billion (US$ 2 billion) in 2005. As of 2001, around 0.81% of the city's workforce was employed in the primary sector (agriculture, forestry, mining, etc.); 15.49% worked in the secondary sector (industrial and manufacturing); and 83.69% worked in the tertiary sector (service industries). As of 2003, the majority of households in slums were engaged in occupations belonging to the informal sector; 36.5% were involved in servicing the urban middle class (as maids, drivers, etc.) and 22.2% were casual labourers. About 34% of the available labour force in Kolkata slums were unemployed.  According to one estimate, almost a quarter of the population live on less than 27 rupees (equivalent to 45 US cents) per day.
  As in many other Indian cities, information technology became a high-growth sector in Kolkata starting in the late 1990s; the city's IT sector grew at 70% per annum—a rate that was twice the national average. The 2000s saw a surge of investments in the real estate, infrastructure, retail, and hospitality sectors; several large shopping malls and hotels were launched. Companies such as ITC Limited, CESC Limited, Exide Industries, Emami, Eveready Industries India, Lux Industries, Rupa Company, Berger Paints, Birla Corporation and Britannia Industries are headquartered in the city. Philips India, PricewaterhouseCoopers India, Tata Global Beverages, Tata Steel have their registered office and zonal headquarters in Kolkata. Kolkata hosts the headquarters of three major public-sector banks: Allahabad Bank, UCO Bank, and the United Bank of India; and a private bank Bandhan Bank. Reserve Bank of India has its eastern zonal office in Kolkata, and India Government Mint, Kolkata is one of the four mints in India. Some of the oldest public sector companies are headquartered in the city such as the Coal India Limited, National Insurance Company, Garden Reach Shipbuilders & Engineers, Tea Board of India, Geological Survey of India, Zoological Survey of India, Botanical Survey of India, Jute Corporation of India, National Test House, Hindustan Copper and the Ordnance Factories Board of the Indian Ministry of Defence.
caption: Reserve Bank of India building, Kolkata
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