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Economy of Jaipur

The economy of Jaipur has seen a boom over the last few years. While the family owned small businesses had been one of the main contributors to its economy over the past several decades, various large scale industries are now being established here. At the same time, Jaipur’s family owned businesses manufacturing traditional Rajasthani goods including Rajasthani clothes, foot wear, handicraft items and the likes are now expanding with most of the business owners setting up their branches in other parts of the country.

Today Jaipur has become a hub of both traditional and contemporary industries. The skilled artisans in the city have helped in the growth of the traditional industries here and the educated youth of today is contributing towards the growth of the modern industries. It has been observed that more and more industries are now setting up in the smaller towns and cities in India as the cost of living in these places is comparatively lower than the metropolitan and the quality of life is better. The infrastructure and work life offered by such cities is also better in comparison with that in the bigger cities. Jaipur is proud to be one of the cities that has attracted several businesses over the years.

Its economic growth has also been a result of the large deposits of precious gems that are found here. It is known to be one of the largest exporters of diamond, gold and stone jewelry. In the year 2012 RBI ranked the city as the ninth largest credit centre and the eleventh largest deposit centre across the country.

Besides the various industries establishing in Jaipur, it has also emerged as a global outsourcing city gradually. Jaipur bagged the 31st position among the 50 Emerging Global Outsourcing cities in the year 2008. Genpact, Infosys and various other big companies have their BPO in the city.

Tourism Industry

It goes without saying that Jaipur’s tourism has also contributed a great deal towards its overall economic growth. Each year several tourists from various parts of the country as well as abroad visit the place because of which its hospitality industry has benefited to a great extent. A number of hotels, resorts, guest houses and lodges have been built in the city and have added to its economic growth and development. It has also given a rise to the food and beverage joints here. Tourists visiting the place seldom go back without shopping and have thus benefited various other industries as well.

Economy of Jaipur
Jaipur is a big market for precious stones

As per survey conducted by City Mayors Foundation, London around 2 years back, Jaipur is the 24th fastest growing city across the globe and 7th fastest growing city in India. Its annual growth is 3.4%. This computation was derived after considering several pointers of growth in as many as 300 cities worldwide and emerging on the 24th position simply shows how well the city has been doing. “The assumptions are based on past growth or decline and forecasts for economic growth by international and national statistics organizations”, elaborated the foundation.

Glad at the way Jaipur is progressing, the city mayor Jyoti Khandelwal expressed his joy and also mentioned that as a mayor he still requires more power to work upon improving the city’s infrastructure.

Jaipur, also known as the Paris of India, has contributed a whopping GDP of $24 billion. It is growing at a good pace and is soon expected to come at par with the other major cities in India.