Economy of Aurangabad
Silk and Cotton Textiles
Development of MIDC Industrial EstatesWhile 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.
International companies have set up their plants in Aurangabad
Economic Growth of AurangabadIn 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.