Business and Economy in Patna
Agriculture and Trade in Patna
Patna’s economy largely depends on agriculture and constitutes of a
small industrial sector. As of 2008, there has been a significant
increase in the service sector of the region. Although Bihar has the
lowest GDP per capita in India but Patna’s per capita income is greater
than that of Hyderabad or Bangalore. The World Bank in 2009 ranked Patna
as the second best city to start a business.
Over the years it has been an important agricultural centre of trade. Being a port city, it was considered an important centre for trade. River Ganga is navigable through out the year, hence it is used for the transport of goods round the year. The most common agricultural products that are exported includes grain, sugarcane, sesame, and medium-grained Patna rice. The transport system in Patna is very well established. Patna is well connected with the rest of the country via road, rail and air, which makes it an important transit point during the transport of goods. Patna is one of the most fertile regions of the state. The agricultural products that are grown here include Maize, Pulses, Paddy and Wheat. One third of the total area is used to grow rice. Apart from these, Cash crops like water-melons and vegetables are also grown.
Urban Infrastructure in Patna
Recently Patna is laid with newly constructed roads and flyovers, under the term of Mr Nitish Kumar,
the Chief Minister of the state. This speaks volumes of the economic turnaround in the state. Seven industrial parks will be set up in Bihar and 4,550 acres of land are acquired for this, by the government of Bihar. Mega industrial areas will be constructed by next year. The Government also proposes to set up small industrial areas, in every district. The industrial policy of 2011, was adopted to foster industrial growth and socio economic development of the state. The state government will invest Rs.1.5 lakh crore, in the next five years , which will double productivity in the farms by twofold in the coming ten years. This will have a ripple effect, on the entire agro sector in Bihar.
Industrial Scenario in Patna
In June 2009, the World Bank had ranked Patna as the second-best Indian city to start a business. The real estate industry is also set to boom, with the development of Patna into an industrial hub. The state government is also proving funds for the development of infrastructure, which will further boost the economy of the city. At present, the State government has put in efforts to improve the law and order situation in Patna. This has motivated many companies to set up their branches in the city. As a result there is a real estate boom in Patna. Even during the global recession, the price for residential and commercial complexes in Patna remained high. By the year 2011, Patna’s economy showed sustained economic growth. This growth has been brought about by the increase in Fast Moving Consumer Goods industry, the service sector, and also the Green revolution businesses.
Economic Growth in Patna
Patna has been a major exporter of grain, sesame, sugarcane and medium grained Patna rice. Many sugar mills are located in Patna. The city is an important luxury brand and business center of eastern part of India. It manufactures shoes, electrical goods and cotton yarn. It exports all these manufactured goods, milk and other vegetables.
- The city is a major importer of cotton, iron, wheat, food grains, wool etc.
- Food grains: Patna is a major producer of rice. Maize, pulses, sesame, lentils and wheat are the other food grains that are grown here.
- Non-food crops grown consist mostly of oil-seeds, cash crops such as vegetables, water-melons etc.
This district of Patna is one of the best fishing grounds in the country. Rahu, Katla and Hilsa are found in abundance in the river Ganga. The season for fishing begins in October. The peak time is from early December to February end.The district Fisheries office which is under the administrative control of the Director of Fisheries, Government of Bihar, manages the Fisheries Development Schemes of the districts. The district Fisheries office is located in Patna.