Business and Economy of Latur
Latur is a midsized town in the Indian state of Maharashtra. It lies about 500 kilometers from the capital and financial hub of Mumbai. The city forms the headquarters of the district and is an important center of growth. Today, the town has become a brimming city and a bubbling hub of the Agro industry. From food processing to finance, the town has developed an economic background that bodes well for the future.
Industries in LaturAs far as the industry goes, Latur was not a very well known industrial city until a few years back. It was a desecrate ruin, languishing in backwardness. It was in the early 1990s, that some private companies developed its units in the vicinity of the state. Since then, the trend caught fire. Ideal conditions of agricultural production in the vicinity of the region made it ideal to develop such an industry in Latur. Today, the major corporates of the market and from around the world have set up their base in Latur.
In terms of industry, the city has some specialized industry or mills.
Soyabean: The adjoining areas produce huge volumes of soyabean. The town has become the place from where they are packed and dispatched..
Sugarcane: The district of Latur is an important sugarcane producing area of the country. It has allowed the city to become a major center for the related industries.
Edible oils: The city is amongst the largest centers of production of edible oil like mustard, groundnut and other varieties of oil.
SEZs and food processing units: Multinationals have set up units in the city that packs and exports processed food.
IT Industry in LaturThe city has evolved to become a hub for agricultural activities. It has developed an IT Park as part of the government’s SEZ policy that has helped the town look beyond the food industry.
Financial Setup of LaturThe latest addition in the diverse economy of the city is the finance sector. Growth of food processing industry has made it essential to have a financial setup in place to fund the transactions. Since the last decade or so, the city has seen a number of financial institutes spread its roots in the city. These are the giants of the financial world. Their growth has really given a new face to the economy of Latur.
Impact on other sectorsThe impact that the industries have had in transforming the face of the city is commendable. It is not only just about the number of people that are employed in these industries. It is about the regions around the city that has been transformed as a result of industrialization of Latur.
Development of multifaceted industries in Latur has led to a good network of transport systems to be put in place. These facilitate the smooth delivery of goods and services that are essential.