City drives Haryana’s economic development | india | Hindustan Times
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City drives Haryana’s economic development

india Updated: Oct 31, 2011 23:57 IST
HT Correspondent
HT Correspondent
Hindustan Times
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The Millennium City, the hub of multinationals and outsourcing businesses, contributes a major share of Haryana's industrial production and accounts for over 70% of the state's total export.

Of the total export worth R43,031 crore from the state in 2009-10, Gurgaon’s contribution was more than R30,000 crore, said a report released by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).

“Gurgaon accounts for a sizeable proportion of the number of large, medium and small units operating throughout Haryana, total investment made in these units, and employment generated by them, making the city as one of India's fastest growing commercial hubs," said DS Rawat, secretary general, ASSOCHAM.

Gurgaon houses more than 24,200 tax payers, from whom the income tax department has collected R1,826 crore in 2009-10, about 23% of the total collection in the state under the Haryana VAT Act. Under the Central Sales Tax Act, Gurgaon tax payers contributed R285 core in the state's tax revenue of R4,000 crore.

The district accounted for about 15% of total tax collected under the Passenger and Goods Tax Act with a share of about R51.88 crore. Besides, Gurgaon accounted for about R14 crore, 60% of the total entertainment tax of R25 crore collected in Haryana in 2009-10, the report said.

"The district city contributes substantially to Haryana's overall industrial production across various manufacturing verticals, including automobiles, sports goods, hosiery, water fittings and sewing machine," Rawat said.

The industry body said that major investments in businesses like corporate, asset management, back office functions of banking, insurance, capital markets, and microfinance establishments are fuelling the industrial growth in Gurgaon.

In the past five years, Gurgaon has attracted foreign direct investment (FDI) worth more than R7,000 crore, about 80% of the total FDI of around R9,500 crore in the entire state.

The study said that software firms based out of Gurgaon accounted for a large part of IT/Software exports worth about R22,700 crore from Harayana in 2009-10.