Economy and Business In BellaryRoots of creation come out of the land of destruction. There is a strong connection between these two. There are many instances to prove this. India, being one of the ancient countries shows how creation and development can be made on a land that was ravaged and destroyed. Bellary in Karnataka is not an exception. Previously, it was known as a historic town with many monuments and antique structures. However, time has changed. This ancient city has come out of this shell and developing rapidly as an industrial town.
Bellary is blessed with huge amount of natural resources that give wide scope for business and financial growth. Due to the presence of several granite hills, the town is growing rapidly in terms of economy and industry. Thus, it has helped much in elevating the city from a destination for unraveling the past to a fast growing industrial center. It shelters many big as well as small industries, thus alluring number of professionals to step into this part of the world.
Agriculture - the mainstream for the localsThe main occupation of Bellary is agriculture. About seventy-five percent of total employed community is dependent on agriculture and farming for livelihood. About fifty percent of the income of the district comes from agricultural sector. The main food crops include maize, paddy, jowar, pulses and bajra. Important commercial crops produced in this part are sugarcane, groundnut, cotton, chillies, sunflower etc.
Per- capita incomePer capita income of this region is much lower than the per capita income of the state. According to the 2002-2003, per capita income of the district is Rs. 19,527.
Minerals - Bliss of NatureThe city is rich in respect of both non-metallic and metallic minerals. The overall development of Bellary district depends largely on the rich natural resources of the cities, especially the city of Bellary. Minerals like gold, iron, manganese ore, copper, lead and red-oxide can be found. Production of iron ore has reached its peak and thus helped in improving the economic state of the region. About 2.75 to 4.5 million tones are produced annually. Bellary has truly become the dreamland for the investors and business enthusiast. It is considered as the second fastest growing city after Bengaluru. Thanks to the business-minded people who have turned this land of ashes into an industrial hub. As a result of rapid business and economic growth, the real estate sector has geared up to make it one of the developed metropolitan cities.
Industries and Economic growthWith the encouragement and approval of Government, many industrialists have invested in small and large sectors. The city is rapidly developing due to the rich natural resources. Mining industry has truly changed the scenario and made the city stand on a secured and strong financial platform. Thousands of people have been employed by this sector.
It is really a matter of pride that the JSW Steel Plant, the second largest steel plant is located in Bellary. The dream project, VADA (Vijayanagar Area Development Authority) has made remarkable changes in the district. The industrialists and government are joining hands to make it India’s Steel hub. More than forty-three villages can benefit from this project.
The City of Bellary is surrounded by many steel and iron plants. This is due to the availability of huge deposits of manganese and iron ore in and around Sanduru hill ranges.
BSAL (Bellary Steels and Alloys Limited) is quite well known for its huge contribution in the economic growth of the city. Shatavahana Ispat, Navakarnataka Steels are located in the outskirts of the city. The famous JWS Ltd. is situated 30 km away from Bellary. It has announced a huge investment of US$2.5 billion on captive power plant and capacity expansion. The 500 MW Bellary Thermal Power Plant is situated 19 km away from the Bellary city. This is Karnataka’s second thermal power plant.